City State Bank Has $363,000 Stock Position in Snowflake Inc. $SNOW

Key Points

• City State Bank reduced its stake in Snowflake Inc. by 52.5% in Q2, holding 1,621 shares valued at $363,000 at the end of the reporting period.
• Several other institutional investors increased their positions in Snowflake, with Focus Partners Advisor Solutions raising its stake by 64% to 16,850 shares worth $3,770,000.
• Snowflake reported a quarterly revenue of $1.14 billion, exceeding analyst estimates, and has a market cap of $87.36 billion.

City State Bank reduced its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 52.5% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,621 shares of the company's stock after selling 1,793 shares during the period. City State Bank's holdings in Snowflake were worth $363,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Focus Partners Advisor Solutions LLC increased its stake in shares of Snowflake by 64.0% in the 2nd quarter. Focus Partners Advisor Solutions LLC now owns 16,850 shares of the company's stock valued at $3,770,000 after buying an additional 6,578 shares during the period. State of New Jersey Common Pension Fund D grew its stake in shares of Snowflake by 5.6% during the second quarter. State of New Jersey Common Pension Fund D now owns 107,048 shares of the company's stock worth $23,954,000 after purchasing an additional 5,663 shares during the period. Hobart Private Capital LLC acquired a new stake in shares of Snowflake during the second quarter worth $708,000. Washington Trust Advisors Inc. grew its stake in shares of Snowflake by 1.3% during the second quarter. Washington Trust Advisors Inc. now owns 58,133 shares of the company's stock worth $13,008,000 after purchasing an additional 734 shares during the period. Finally, AlphaQuest LLC acquired a new stake in shares of Snowflake during the second quarter worth $792,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CAO Emily Ho sold 1,658 shares of the business's stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $225.25, for a total value of $373,464.50. Following the sale, the chief accounting officer directly owned 31,745 shares in the company, valued at $7,150,561.25. The trade was a 4.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Vivek Raghunathan sold 11,801 shares of the business's stock in a transaction dated 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 completion of the sale, the senior vice president owned 241,854 shares in the company, valued at approximately $53,986,649.88. This trade represents a 4.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,182,434 shares of company stock valued at $270,280,661. Corporate insiders own 6.80% of the company's stock.

Wall Street Analyst Weigh In

SNOW has been the subject of a number of analyst reports. Sanford C. Bernstein lifted their price objective on Snowflake from $191.00 to $221.00 and gave the stock a "market perform" rating in a research note on Thursday, August 28th. JMP Securities reaffirmed a "market outperform" rating and set a $260.00 price objective on shares of Snowflake in a research note on Tuesday, August 26th. KeyCorp lifted their price objective on Snowflake from $250.00 to $275.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Truist Financial lifted their price objective on Snowflake from $235.00 to $270.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Finally, Royal Bank Of Canada boosted their target price on Snowflake from $250.00 to $275.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Two equities research 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 given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $257.24.

Snowflake Stock Performance

Shares of Snowflake stock opened at $257.84 on Friday. The firm has a market cap of $87.36 billion, a price-to-earnings ratio of -62.13 and a beta of 1.21. The stock's 50-day moving average is $227.78 and its 200-day moving average is $205.48. Snowflake Inc. has a one year low of $113.23 and a one year high of $259.75. 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 (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The company's quarterly revenue was up 31.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.18 earnings per share. Equities analysts predict that Snowflake Inc. will post -2.36 earnings per share 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.

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