Huntington National Bank Acquires 68,224 Shares of Snowflake Inc. $SNOW

Huntington National Bank raised its holdings in Snowflake Inc. (NYSE:SNOW) by 38.4% during the second quarter, Holdings Channel.com reports. The fund owned 245,998 shares of the company’s stock after purchasing an additional 68,224 shares during the period. Huntington National Bank’s holdings in Snowflake were worth $55,047,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of SNOW. Trust Co. of Toledo NA OH acquired a new stake in Snowflake in the second quarter worth $25,000. Avion Wealth raised its holdings in Snowflake by 76.6% in the second quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after purchasing an additional 49 shares during the period. Rossby Financial LCC raised its holdings in Snowflake by 4,233.3% in the second quarter. Rossby Financial LCC now owns 130 shares of the company’s stock worth $29,000 after purchasing an additional 127 shares during the period. Whittier Trust Co. raised its holdings in Snowflake by 149.1% in the second quarter. Whittier Trust Co. now owns 137 shares of the company’s stock worth $31,000 after purchasing an additional 82 shares during the period. Finally, LGT Financial Advisors LLC acquired a new stake in Snowflake in the second quarter worth $36,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Stephens assumed coverage on shares of Snowflake in a report on Friday, July 18th. They issued an “overweight” rating and a $261.00 target price on the stock. Needham & Company LLC raised their price objective on shares of Snowflake from $230.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Macquarie raised their price objective on shares of Snowflake from $210.00 to $235.00 and gave the stock a “neutral” rating in a report on Thursday, August 28th. Cantor Fitzgerald raised their price objective on shares of Snowflake from $242.00 to $275.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Finally, UBS Group raised their price objective on shares of Snowflake from $285.00 to $310.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $258.95.

Snowflake Stock Up 0.8%

Shares of SNOW stock opened at $277.08 on Tuesday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. Snowflake Inc. has a 1 year low of $113.23 and a 1 year high of $280.67. The firm’s fifty day moving average price is $236.88 and its two-hundred day moving average price is $212.08. The firm has a market capitalization of $93.87 billion, a P/E ratio of -66.77 and a beta of 1.23.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results 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. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same period in the previous year, the business earned $0.18 EPS. The company’s revenue was up 31.8% compared to the same quarter last year. On average, equities analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Activity

In related news, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction dated 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 sale, the executive vice president owned 527,336 shares of the company’s stock, valued at approximately $123,132,956. The trade was a 1.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Vivek Raghunathan sold 11,801 shares of Snowflake stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the sale, the senior vice president directly owned 241,854 shares of the company’s stock, valued at $53,986,649.88. The trade was a 4.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 865,647 shares of company stock worth $199,370,673. Insiders own 6.80% of the company’s stock.

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.