First Hawaiian Bank Cuts Stock Position in Snowflake Inc. (NYSE:SNOW)

First Hawaiian Bank lowered its stake in Snowflake Inc. (NYSE:SNOW) by 7.7% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,931 shares of the company’s stock after selling 243 shares during the period. First Hawaiian Bank’s holdings in Snowflake were worth $428,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Neville Rodie & Shaw Inc. boosted its stake in Snowflake by 30.5% during the 1st quarter. Neville Rodie & Shaw Inc. now owns 2,610 shares of the company’s stock valued at $381,000 after purchasing an additional 610 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in Snowflake by 77.4% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 337 shares of the company’s stock valued at $49,000 after purchasing an additional 147 shares during the last quarter. Wellington Management Group LLP boosted its stake in Snowflake by 1,325.2% during the 4th quarter. Wellington Management Group LLP now owns 108,527 shares of the company’s stock valued at $16,758,000 after purchasing an additional 100,912 shares during the last quarter. 111 Capital purchased a new stake in Snowflake during the 4th quarter valued at $578,000. Finally, NorthCrest Asset Manangement LLC boosted its stake in Snowflake by 12.7% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 7,785 shares of the company’s stock valued at $1,202,000 after purchasing an additional 875 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, CAO Emily Ho sold 5,027 shares of Snowflake stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $199.06, for a total value of $1,000,674.62. Following the completion of the transaction, the chief accounting officer now owns 40,608 shares in the company, valued at approximately $8,083,428.48. This trade represents a 11.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $171.75, for a total value of $2,576,250.00. Following the transaction, the executive vice president now owns 594,975 shares of the company’s stock, valued at $102,186,956.25. This trade represents a 2.46% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 849,779 shares of company stock valued at $158,838,193. 7.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Oppenheimer reiterated an “outperform” rating and set a $225.00 target price (up from $210.00) on shares of Snowflake in a research note on Thursday, May 22nd. HSBC downgraded Snowflake from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Hsbc Global Res downgraded Snowflake from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 22nd. DA Davidson raised their price target on Snowflake from $200.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, May 22nd. Finally, JPMorgan Chase & Co. raised their price target on Snowflake from $210.00 to $225.00 and gave the stock an “overweight” rating in a research note on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, thirty-one have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and a consensus price target of $217.33.

Snowflake Price Performance

NYSE:SNOW opened at $205.69 on Monday. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The business’s 50-day simple moving average is $163.63 and its two-hundred day simple moving average is $166.86. The stock has a market cap of $68.67 billion, a PE ratio of -60.68 and a beta of 1.11. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $209.80.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the previous year, the firm posted $0.14 earnings per share. The business’s revenue was up 25.8% compared to the same quarter last year. As a group, analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Snowflake 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.