US Bancorp DE Acquires 20,773 Shares of Snowflake Inc. (NYSE:SNOW)

US Bancorp DE boosted its stake in Snowflake Inc. (NYSE:SNOW) by 58.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 56,211 shares of the company’s stock after buying an additional 20,773 shares during the period. US Bancorp DE’s holdings in Snowflake were worth $9,084,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Snowflake during the 4th quarter valued at $838,455,000. Vanguard Group Inc. lifted its holdings in shares of Snowflake by 8.0% in the 4th quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after acquiring an additional 1,559,830 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in shares of Snowflake in the 1st quarter valued at about $171,608,000. Trivest Advisors Ltd purchased a new stake in Snowflake in the 4th quarter worth about $173,747,000. Finally, Cibc World Markets Corp purchased a new stake in Snowflake in the 4th quarter worth about $147,120,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Trading Up 1.8 %

NYSE SNOW traded up $2.47 on Tuesday, hitting $136.19. 3,700,486 shares of the stock traded hands, compared to its average volume of 6,588,118. The stock has a 50-day moving average of $142.21 and a 200 day moving average of $168.55. The company has a market capitalization of $45.60 billion, a P/E ratio of -48.40 and a beta of 0.85. Snowflake Inc. has a twelve month low of $122.60 and a twelve month high of $237.72.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, May 22nd. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.40). The company had revenue of $828.71 million for the quarter, compared to the consensus estimate of $786.95 million. Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. As a group, equities research analysts expect that Snowflake Inc. will post -2.28 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SNOW. UBS Group raised their target price on shares of Snowflake from $185.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, May 23rd. Loop Capital lowered their price target on shares of Snowflake from $235.00 to $225.00 and set a “buy” rating on the stock in a research report on Thursday, May 23rd. Piper Sandler decreased their target price on shares of Snowflake from $240.00 to $165.00 and set an “overweight” rating on the stock in a report on Friday. KeyCorp upped their price objective on shares of Snowflake from $185.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. Finally, JPMorgan Chase & Co. upped their target price on shares of Snowflake from $170.00 to $185.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and an average price target of $197.31.

Insider Activity at Snowflake

In other Snowflake news, CRO Christopher William Degnan sold 12,782 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $156.56, for a total transaction of $2,001,149.92. Following the transaction, the executive now owns 354,954 shares of the company’s stock, valued at approximately $55,571,598.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Snowflake news, CRO Christopher William Degnan sold 12,782 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $156.56, for a total transaction of $2,001,149.92. Following the completion of the transaction, the executive now owns 354,954 shares in the company, valued at approximately $55,571,598.24. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Christian Kleinerman sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total transaction of $241,725.00. Following the completion of the sale, the executive vice president now owns 772,597 shares of the company’s stock, valued at $124,504,006.55. The disclosure for this sale can be found here. Insiders have sold 533,460 shares of company stock worth $66,963,450 over the last three months. Company insiders own 7.80% of the company’s stock.

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.