Chevy Chase Trust Holdings LLC Increases Stock Holdings in Snowflake Inc. $SNOW

Key Points

• Chevy Chase Trust Holdings LLC increased its stake in Snowflake Inc. by 1.5%, acquiring a total of 334,566 shares worth approximately $74.87 million.
• Insider trading activity includes CAO Emily Ho and Director Michael L. Speiser selling shares, with insiders having sold a total of over 1.18 million shares in the last 90 days.
• Wall Street analysts have recently raised price targets for Snowflake, with UBS Group increasing its target from $285 to $310, reflecting strong investor confidence.

Chevy Chase Trust Holdings LLC increased its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 1.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 334,566 shares of the company's stock after acquiring an additional 5,090 shares during the quarter. Chevy Chase Trust Holdings LLC owned approximately 0.10% of Snowflake worth $74,866,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of SNOW. Trust Co. of Toledo NA OH bought a new stake in Snowflake during the second quarter worth $25,000. Golden State Wealth Management LLC lifted its holdings in Snowflake by 748.0% during the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock worth $31,000 after acquiring an additional 187 shares during the period. Tradewinds Capital Management LLC lifted its holdings in Snowflake by 53.1% during the first quarter. Tradewinds Capital Management LLC now owns 245 shares of the company's stock worth $36,000 after acquiring an additional 85 shares during the period. Alpine Bank Wealth Management bought a new stake in Snowflake during the first quarter worth $43,000. Finally, MRP Capital Investments LLC bought a new stake in Snowflake during the first quarter worth $44,000. 65.10% of the stock is currently owned by institutional investors.

Insider Activity at Snowflake

In related news, CAO Emily Ho sold 1,658 shares of the business's stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $225.25, for a total transaction of $373,464.50. Following the sale, the chief accounting officer directly owned 31,745 shares in the company, valued at approximately $7,150,561.25. The trade was a 4.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael L. Speiser sold 2,976 shares of the business's stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $236.01, for a total value of $702,365.76. Following the sale, the director owned 34,436 shares in the company, valued at approximately $8,127,240.36. The trade was a 7.95% 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 worth $270,280,661 in the last 90 days. 6.80% of the stock is owned by company insiders.

Snowflake Stock Performance

Shares of SNOW opened at $240.20 on Friday. The firm has a market cap of $81.38 billion, a PE ratio of -57.88 and a beta of 1.21. The stock's fifty day moving average price is $221.40 and its two-hundred day moving average price is $201.00. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. Snowflake Inc. has a 1 year low of $113.23 and a 1 year high of $255.39.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The company 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 company posted $0.18 EPS. The firm's revenue for the quarter was up 31.8% compared to the same quarter last year. On average, equities research analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on SNOW shares. UBS Group lifted their price target on Snowflake from $285.00 to $310.00 and gave the stock a "buy" rating in a report on Wednesday, October 8th. Barclays lifted their price target on Snowflake from $219.00 to $255.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. JMP Securities reiterated a "market outperform" rating and set a $260.00 price target on shares of Snowflake in a report on Tuesday, August 26th. Macquarie boosted their target price on Snowflake from $210.00 to $235.00 and gave the company a "neutral" rating in a research note on Thursday, August 28th. Finally, Jefferies Financial Group boosted their target price on Snowflake from $250.00 to $270.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $256.18.

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.

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