Chevy Chase Trust Holdings LLC Acquires 108,310 Shares of Snowflake Inc. (NYSE:SNOW)

Chevy Chase Trust Holdings LLC raised its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 49.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 329,476 shares of the company's stock after buying an additional 108,310 shares during the period. Chevy Chase Trust Holdings LLC owned 0.10% of Snowflake worth $48,156,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. ORG Wealth Partners LLC purchased a new position in shares of Snowflake in the 1st quarter worth about $898,000. Kirtland Hills Capital Management LLC raised its position in Snowflake by 40.1% in the fourth quarter. Kirtland Hills Capital Management LLC now owns 15,920 shares of the company's stock worth $2,458,000 after acquiring an additional 4,559 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Snowflake by 455.1% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 124,178 shares of the company's stock valued at $19,174,000 after acquiring an additional 101,806 shares during the last quarter. SPX Gestao de Recursos Ltda bought a new position in shares of Snowflake during the 4th quarter valued at approximately $3,088,000. Finally, GraniteShares Advisors LLC bought a new position in shares of Snowflake during the 4th quarter valued at approximately $781,000. Institutional investors own 65.10% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SNOW shares. BTIG Research reissued a "buy" rating on shares of Snowflake in a report on Thursday, May 22nd. Piper Sandler reaffirmed an "overweight" rating and set a $215.00 price target (up previously from $175.00) on shares of Snowflake in a research report on Wednesday, May 21st. Loop Capital increased their price target on Snowflake from $220.00 to $245.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Citigroup restated an "outperform" rating on shares of Snowflake in a research note on Thursday, May 22nd. Finally, Truist Financial upped their price objective on shares of Snowflake from $210.00 to $235.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, thirty-four have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $225.22.

Snowflake Price Performance

Shares of SNOW traded down $1.35 during midday trading on Wednesday, reaching $221.79. The stock had a trading volume of 3,545,989 shares, compared to its average volume of 6,161,449. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $74.05 billion, a price-to-earnings ratio of -52.68 and a beta of 1.21. The company's 50-day moving average is $186.03 and its 200 day moving average is $172.43. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $225.53.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. The business had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.01 billion. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The business's quarterly revenue was up 25.8% on a year-over-year basis. During the same period last year, the business earned $0.14 earnings per share. On average, equities analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Michael L. Speiser sold 403 shares of the firm's stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $129.25, for a total transaction of $52,087.75. Following the transaction, the director now directly owns 26,375 shares in the company, valued at $3,408,968.75. This trade represents a 1.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Emily Ho sold 2,599 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $210.07, for a total value of $545,971.93. Following the completion of the sale, the chief accounting officer now owns 37,763 shares of the company's stock, valued at $7,932,873.41. The trade was a 6.44% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 597,248 shares of company stock worth $121,549,799 in the last 90 days. 6.80% of the stock is owned by company insiders.

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.