Citizens Financial Group Inc. RI Acquires 25,565 Shares of Snowflake Inc. (NYSE:SNOW)

Key Points

• Citizens Financial Group Inc. significantly increased its stake in Snowflake Inc. by 109.7% during the first quarter, acquiring 25,565 additional shares, bringing its total holdings to 48,868 shares valued at approximately $7.14 million.
• Snowflake's latest quarterly earnings report exceeded expectations, with a revenue of $1.04 billion and earnings per share of $0.24, marking a 25.8% year-over-year increase.
• Several brokerages have raised their price targets for Snowflake, with JMP Securities setting a new target at $260.00 while maintaining a "market outperform" rating.

Citizens Financial Group Inc. RI raised its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 109.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,868 shares of the company's stock after acquiring an additional 25,565 shares during the period. Citizens Financial Group Inc. RI's holdings in Snowflake were worth $7,143,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC boosted its holdings in shares of Snowflake by 90.0% in the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock valued at $9,556,000 after purchasing an additional 29,320 shares in the last quarter. Wellington Management Group LLP boosted its stake in Snowflake by 1,325.2% in the fourth quarter. Wellington Management Group LLP now owns 108,527 shares of the company's stock valued at $16,758,000 after buying an additional 100,912 shares in the last quarter. World Investment Advisors bought a new position in Snowflake in the fourth quarter valued at about $331,000. Envestnet Asset Management Inc. grew its position in Snowflake by 27.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 263,073 shares of the company's stock valued at $40,621,000 after acquiring an additional 57,337 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its stake in Snowflake by 74.6% during the fourth quarter. Quadrant Capital Group LLC now owns 213 shares of the company's stock worth $33,000 after acquiring an additional 91 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Stock Down 7.0%

NYSE:SNOW traded down $14.46 during trading hours on Friday, hitting $191.94. 8,603,458 shares of the company traded hands, compared to its average volume of 3,533,447. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The company has a market cap of $64.08 billion, a PE ratio of -45.59 and a beta of 1.22. The firm's 50-day simple moving average is $213.98 and its 200-day simple moving average is $183.92. Snowflake Inc. has a one year low of $107.13 and a one year high of $229.27.

Snowflake (NYSE:SNOW - Get Free Report) last announced 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. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the company posted $0.14 earnings per share. The firm's revenue for the quarter was up 25.8% on a year-over-year basis. Equities analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Activity at Snowflake

In other news, CFO Michael Scarpelli sold 400,000 shares of Snowflake stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the sale, the chief financial officer directly owned 292,610 shares in the company, valued at $60,090,389.60. The trade was a 57.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Frank Slootman sold 424,852 shares of the firm's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the sale, the director owned 165,507 shares of the company's stock, valued at $36,303,960.45. This trade represents a 71.97% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,014,642 shares of company stock worth $657,325,186. Insiders own 6.80% of the company's stock.

Analyst Upgrades and Downgrades

SNOW has been the topic of a number of research analyst reports. JMP Securities raised their price target on shares of Snowflake from $245.00 to $260.00 and gave the company a "market outperform" rating in a research note on Friday, July 18th. Macquarie raised their target price on shares of Snowflake from $190.00 to $210.00 and gave the company a "neutral" rating in a research report on Wednesday, June 4th. Evercore ISI reiterated a "buy" rating on shares of Snowflake in a report on Wednesday, June 4th. Citigroup reiterated an "outperform" rating on shares of Snowflake in a research note on Thursday, May 22nd. Finally, Oppenheimer restated an "outperform" rating on shares of Snowflake in a research report on Tuesday, June 24th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have assigned a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $226.73.

Snowflake Company 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.