30,588 Shares in Snowflake Inc. $SNOW Acquired by OVERSEA CHINESE BANKING Corp Ltd

Key Points

• OVERSEA CHINESE BANKING Corp Ltd has acquired 30,588 shares of Snowflake Inc. valued at approximately $6.84 million in the second quarter, indicating significant institutional interest in the company.
• Multiple analysts have raised their target prices for Snowflake, with Piper Sandler increasing theirs to $285 and UBS Group to $310, reflecting a generally positive outlook for the company's stock.
• Insider activity has been notable, with senior executives selling substantial amounts of shares, including Frank Slootman who sold over 710,000 shares for approximately $163.65 million, indicating a shift in insider confidence.

OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 30,588 shares of the company's stock, valued at approximately $6,845,000.

A number of other large investors have also added to or reduced their stakes in SNOW. Trust Co. of Toledo NA OH acquired a new stake in Snowflake during the second quarter worth approximately $25,000. Avion Wealth boosted its holdings in shares of Snowflake by 76.6% in the 2nd 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. Golden State Wealth Management LLC boosted its holdings in shares of Snowflake by 748.0% in the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock valued at $31,000 after purchasing an additional 187 shares in the last quarter. Whittier Trust Co. boosted its holdings in shares of Snowflake by 149.1% in the 2nd 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, Tradewinds Capital Management LLC boosted its holdings in shares of Snowflake by 53.1% in the 1st quarter. Tradewinds Capital Management LLC now owns 245 shares of the company's stock valued at $36,000 after purchasing an additional 85 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Analyst Ratings Changes

SNOW has been the topic of a number of research analyst reports. Piper Sandler raised their target price on Snowflake from $215.00 to $285.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Royal Bank Of Canada raised their target price on Snowflake from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. UBS Group raised their target price on Snowflake from $285.00 to $310.00 and gave the company a "buy" rating in a report on Wednesday, October 8th. Cowen reaffirmed a "buy" rating on shares of Snowflake in a report on Thursday, August 28th. Finally, Raymond James Financial raised their target price on Snowflake from $212.00 to $230.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued 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 presently has a consensus rating of "Moderate Buy" and a consensus target price of $257.24.

Insider Buying and Selling

In other Snowflake news, 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 transaction, the senior vice president directly owned 241,854 shares of the company's stock, valued at approximately $53,986,649.88. The trade was a 4.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Slootman sold 710,083 shares of Snowflake stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the transaction, the director directly owned 165,507 shares in the company, valued at $38,144,398.29. The trade was a 81.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,182,434 shares of company stock valued at $270,280,661 over the last 90 days. 6.80% of the stock is owned by corporate insiders.

Snowflake Trading Up 1.9%

NYSE SNOW opened at $257.84 on Monday. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. Snowflake Inc. has a twelve month low of $113.23 and a twelve month high of $259.75. The company has a market cap of $87.36 billion, a price-to-earnings ratio of -62.13 and a beta of 1.21. The business's fifty day moving average is $227.78 and its 200 day moving average is $206.36.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.08. The company 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%.Snowflake's revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter last year, the business posted $0.18 EPS. As a group, sell-side analysts expect 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.

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