PNC Financial Services Group Inc. Acquires 3,395 Shares of Snowflake Inc. $SNOW

PNC Financial Services Group Inc. lifted its stake in Snowflake Inc. (NYSE:SNOW) by 19.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,303 shares of the company’s stock after purchasing an additional 3,395 shares during the period. PNC Financial Services Group Inc.’s holdings in Snowflake were worth $4,767,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of SNOW. Trust Co. of Toledo NA OH bought a new stake in Snowflake during the 2nd quarter worth approximately $25,000. Avion Wealth grew its position in shares of Snowflake by 76.6% during the second quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after purchasing an additional 49 shares in the last quarter. Rossby Financial LCC increased its stake in Snowflake by 4,233.3% in the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company’s stock worth $29,000 after acquiring an additional 127 shares during the last quarter. Whittier Trust Co. raised its stake in Snowflake by 149.1% during the second quarter. Whittier Trust Co. now owns 137 shares of the company’s stock valued at $31,000 after purchasing an additional 82 shares in the last quarter. Finally, Golden State Wealth Management LLC lifted its holdings in shares of Snowflake by 417.2% in the 2nd quarter. Golden State Wealth Management LLC now owns 150 shares of the company’s stock valued at $34,000 after acquiring an additional 121 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Snowflake

In related news, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $233.50, for a total transaction of $2,335,000.00. Following the completion of the transaction, the executive vice president owned 527,336 shares in the company, valued at approximately $123,132,956. The trade was a 1.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $224.85, for a total transaction of $11,318,499.30. Following the completion of the transaction, the director owned 35,276 shares in the company, valued at $7,931,808.60. This represents a 58.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 931,388 shares of company stock valued at $216,578,628. 6.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

SNOW has been the topic of a number of analyst reports. Oppenheimer reiterated an “outperform” rating and set a $295.00 price objective on shares of Snowflake in a research report on Friday, October 17th. Macquarie upped their target price on Snowflake from $210.00 to $235.00 and gave the stock a “neutral” rating in a report on Thursday, August 28th. Truist Financial increased their price objective on shares of Snowflake from $235.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Cowen reiterated a “buy” rating on shares of Snowflake in a research note on Thursday, August 28th. Finally, Needham & Company LLC upped their price target on Snowflake from $230.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $262.39.

Snowflake Stock Performance

NYSE SNOW opened at $252.92 on Tuesday. Snowflake Inc. has a 1-year low of $120.10 and a 1-year high of $280.67. 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 stock’s 50 day simple moving average is $244.58 and its 200-day simple moving average is $219.87. The company has a market cap of $85.69 billion, a PE ratio of -60.94 and a beta of 1.23.

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

Snowflake Company Profile

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.