PNC Financial Services Group Inc. Acquires 2,937 Shares of Snowflake Inc. $SNOW

PNC Financial Services Group Inc. raised its stake in shares of Snowflake Inc. (NYSE:SNOW) by 12.6% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 26,213 shares of the company’s stock after purchasing an additional 2,937 shares during the period. PNC Financial Services Group Inc.’s holdings in Snowflake were worth $3,953,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Assetmark Inc. boosted its position in Snowflake by 99.1% in the fourth quarter. Assetmark Inc. now owns 198,655 shares of the company’s stock worth $43,577,000 after purchasing an additional 98,870 shares during the last quarter. Jennison Associates LLC boosted its position in Snowflake by 27.7% during the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock worth $2,545,300,000 after purchasing an additional 2,519,413 shares during the period. Swedbank AB grew its stake in Snowflake by 6.0% in the 4th quarter. Swedbank AB now owns 1,330,415 shares of the company’s stock valued at $291,840,000 after buying an additional 75,419 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of Snowflake by 8.2% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 144,234 shares of the company’s stock worth $31,639,000 after acquiring an additional 10,972 shares during the period. Finally, Cache Advisors LLC grew its position in shares of Snowflake by 175.0% in the fourth quarter. Cache Advisors LLC now owns 11,132 shares of the company’s stock valued at $2,442,000 after purchasing an additional 7,084 shares in the last quarter. 65.10% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on SNOW. Morgan Stanley raised their target price on Snowflake from $245.00 to $300.00 and gave the stock an “overweight” rating in a research note on Thursday, May 28th. Evercore set a $200.00 price target on Snowflake in a research report on Tuesday, April 14th. Loop Capital increased their price target on shares of Snowflake from $290.00 to $320.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Sanford C. Bernstein raised their price objective on shares of Snowflake from $195.00 to $250.00 and gave the company a “market perform” rating in a research report on Thursday, May 28th. Finally, DA Davidson boosted their price objective on shares of Snowflake from $250.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Thirty-four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $296.27.

Snowflake Trading Up 1.8%

Shares of SNOW opened at $272.89 on Tuesday. Snowflake Inc. has a 1-year low of $118.30 and a 1-year high of $284.99. The company has a market capitalization of $94.58 billion, a P/E ratio of -77.52 and a beta of 1.35. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05. The firm’s 50 day simple moving average is $241.28 and its 200 day simple moving average is $195.44.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07. The business had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The business’s quarterly revenue was up 33.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.24 EPS. Sell-side analysts forecast that Snowflake Inc. will post -1.84 earnings per share for the current fiscal year.

Insider Activity at Snowflake

In other Snowflake news, Director Teresa Briggs sold 343 shares of Snowflake stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $255.11, for a total transaction of $87,502.73. Following the completion of the sale, the director owned 5,060 shares of the company’s stock, valued at $1,290,856.60. The trade was a 6.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Emily Ho sold 1,860 shares of the company’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $232.25, for a total value of $431,985.00. Following the completion of the transaction, the chief accounting officer owned 41,283 shares of the company’s stock, valued at $9,587,976.75. The trade was a 4.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,802,015 shares of company stock worth $421,739,629 in the last three months. 4.80% of the stock is owned by insiders.

Snowflake Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.