Citizens Business Bank Purchases 1,694 Shares of Snowflake Inc. $SNOW

Key Points

• Citizens Business Bank increased its stake in Snowflake Inc. by 8.9%, acquiring an additional 1,694 shares in the second quarter, bringing their total holdings to 20,831 shares valued at approximately $4.66 million.
• Several large investors also expanded their positions in Snowflake, with over 65.10% of the stock now owned by institutional investors, reflecting strong confidence in the company's future prospects.
• Wall Street analysts are optimistic, with multiple price target increases and ratings upgrades, resulting in a consensus price target of $256.71 for Snowflake shares.

Citizens Business Bank increased its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 8.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,831 shares of the company's stock after acquiring an additional 1,694 shares during the quarter. Citizens Business Bank's holdings in Snowflake were worth $4,661,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of SNOW. Kingstone Capital Partners Texas LLC bought a new position in shares of Snowflake in the second quarter valued at approximately $3,900,134,000. Nuveen LLC bought a new position in shares of Snowflake in the first quarter valued at approximately $555,847,000. AQR Capital Management LLC boosted its position in shares of Snowflake by 346.2% in the first quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company's stock valued at $456,430,000 after acquiring an additional 2,460,769 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Snowflake by 19.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company's stock valued at $691,693,000 after acquiring an additional 763,673 shares during the period. Finally, Amundi boosted its position in shares of Snowflake by 72.7% in the first quarter. Amundi now owns 1,808,250 shares of the company's stock valued at $252,974,000 after acquiring an additional 760,923 shares during the period. 65.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SNOW has been the subject of a number of analyst reports. Barclays raised their price objective on shares of Snowflake from $219.00 to $255.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Bank of America upgraded shares of Snowflake from a "neutral" rating to a "buy" rating and raised their price objective for the company from $220.00 to $240.00 in a research report on Wednesday, August 20th. Morgan Stanley raised their target price on shares of Snowflake from $262.00 to $272.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. CICC Research started coverage on shares of Snowflake in a research note on Friday, June 20th. They issued an "outperform" rating and a $225.00 target price on the stock. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $295.00 target price on shares of Snowflake in a research note on Friday. Two analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $256.71.

Insiders Place Their Bets

In related news, SVP Vivek Raghunathan sold 11,801 shares of Snowflake stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total value of $2,634,219.22. Following the sale, the senior vice president owned 241,854 shares in the company, valued at $53,986,649.88. The trade was a 4.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Christian Kleinerman sold 5,000 shares of Snowflake stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $250.00, for a total transaction of $1,250,000.00. Following the completion of the sale, the executive vice president owned 43,568 shares in the company, valued at approximately $10,892,000. This trade represents a 10.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,182,434 shares of company stock valued at $270,280,661 over the last quarter. 6.80% of the stock is owned by company insiders.

Snowflake Stock Up 0.3%

Shares of NYSE SNOW opened at $240.68 on Friday. 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 52 week low of $113.23 and a 52 week high of $255.39. The firm's fifty day moving average is $222.38 and its 200 day moving average is $201.63. The company has a market cap of $81.54 billion, a price-to-earnings ratio of -58.00 and a beta of 1.21.

Snowflake (NYSE:SNOW - Get Free Report) last issued its earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping 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 company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the previous year, the firm earned $0.18 earnings per share. The firm's revenue for the quarter was up 31.8% on a year-over-year basis. On average, equities research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current 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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