Citizens Financial Group Inc. RI Increases Holdings in Snowflake Inc. $SNOW

Citizens Financial Group Inc. RI grew its holdings in Snowflake Inc. (NYSE:SNOW) by 137.2% during the second quarter, HoldingsChannel reports. The fund owned 115,914 shares of the company’s stock after purchasing an additional 67,046 shares during the period. Citizens Financial Group Inc. RI’s holdings in Snowflake were worth $25,938,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in SNOW. Avantax Advisory Services Inc. raised its holdings in Snowflake by 6.2% during the second quarter. Avantax Advisory Services Inc. now owns 9,351 shares of the company’s stock worth $2,092,000 after purchasing an additional 544 shares in the last quarter. Intech Investment Management LLC boosted its holdings in shares of Snowflake by 52.7% in the 2nd quarter. Intech Investment Management LLC now owns 17,111 shares of the company’s stock valued at $3,829,000 after buying an additional 5,909 shares in the last quarter. Cetera Investment Advisers grew its position in shares of Snowflake by 18.5% in the 2nd quarter. Cetera Investment Advisers now owns 107,869 shares of the company’s stock valued at $24,138,000 after buying an additional 16,867 shares during the last quarter. Creative Planning raised its stake in Snowflake by 23.1% during the 2nd quarter. Creative Planning now owns 168,209 shares of the company’s stock worth $37,640,000 after acquiring an additional 31,543 shares in the last quarter. Finally, Meridian Wealth Management LLC purchased a new stake in Snowflake in the second quarter valued at $567,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Price Performance

Snowflake stock opened at $257.40 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The business has a 50 day simple moving average of $244.05 and a 200-day simple moving average of $218.84. Snowflake Inc. has a 12 month low of $120.10 and a 12 month high of $280.67. The stock has a market capitalization of $87.21 billion, a PE ratio of -62.02 and a beta of 1.23.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. Snowflake’s revenue was up 31.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.18 EPS. Equities analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Activity

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $224.85, for a total value of $11,318,499.30. Following the sale, the director owned 35,276 shares of the company’s stock, valued at approximately $7,931,808.60. The trade was a 58.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank Slootman sold 710,083 shares of the business’s stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the transaction, the director owned 165,507 shares in the company, valued at $38,144,398.29. The trade was a 81.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 931,388 shares of company stock valued at $216,578,628. 6.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Barclays raised their price objective on Snowflake from $219.00 to $255.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Needham & Company LLC raised their price target on Snowflake from $230.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Snowflake in a research report on Wednesday, October 8th. DA Davidson reiterated a “buy” rating and issued a $250.00 price objective on shares of Snowflake in a research note on Monday, August 25th. Finally, Jefferies Financial Group raised their target price on shares of Snowflake from $250.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $259.89.

About Snowflake

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems.