Central Pacific Bank Trust Division Purchases New Position in Snowflake Inc. (NYSE:SNOW)

Central Pacific Bank Trust Division bought a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,630 shares of the company's stock, valued at approximately $531,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Neville Rodie & Shaw Inc. lifted its holdings in shares of Snowflake by 30.5% during the first quarter. Neville Rodie & Shaw Inc. now owns 2,610 shares of the company's stock worth $381,000 after purchasing an additional 610 shares during the period. MassMutual Private Wealth & Trust FSB raised its stake in shares of Snowflake by 77.4% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 337 shares of the company's stock worth $49,000 after buying an additional 147 shares during the last quarter. Wellington Management Group LLP raised its stake in Snowflake by 1,325.2% in 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 acquired a new position in Snowflake in the 4th quarter valued at about $578,000. Finally, NorthCrest Asset Manangement LLC grew its holdings in Snowflake by 12.7% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 7,785 shares of the company's stock valued at $1,202,000 after buying an additional 875 shares during the period. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snowflake

In related news, Director Frank Slootman sold 1,783 shares of the firm's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $147.24, for a total transaction of $262,528.92. Following the completion of the transaction, the director now directly owns 192,511 shares of the company's stock, valued at $28,345,319.64. This trade represents a 0.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michael Scarpelli sold 400,000 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total value of $82,144,000.00. Following the sale, the chief financial officer now owns 292,610 shares of the company's stock, valued at approximately $60,090,389.60. The trade was a 57.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 834,779 shares of company stock valued at $156,261,943. 6.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SNOW shares. Needham & Company LLC boosted their price target on Snowflake from $215.00 to $230.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Truist Financial upped their price objective on Snowflake from $210.00 to $235.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Guggenheim reissued a "neutral" rating on shares of Snowflake in a research note on Thursday, February 27th. Stifel Nicolaus increased their price target on Snowflake from $210.00 to $220.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Finally, Citigroup reissued an "outperform" rating on shares of Snowflake in a research note on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, thirty-one have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $217.33.

Snowflake Stock Down 0.4%

SNOW traded down $0.87 on Tuesday, hitting $209.30. 4,021,316 shares of the company were exchanged, compared to its average volume of 5,593,559. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $210.82. The company has a market cap of $69.88 billion, a PE ratio of -61.74 and a beta of 1.21. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The stock's fifty day moving average is $164.64 and its 200-day moving average is $167.45.

Snowflake (NYSE:SNOW - Get Free Report) last posted its earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.22 by $0.02. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The firm's revenue for the quarter was up 25.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.14 earnings per share. Equities research analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

About Snowflake

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.