Comerica Bank Sells 4,023 Shares of Snowflake Inc. $SNOW

Key Points

• Comerica Bank has reduced its holdings in Snowflake Inc. by 19.4%, selling 4,023 shares and now owning 16,740 shares valued at approximately $2.45 million.
• Multiple brokerages have recently upgraded Snowflake's stock ratings, with price targets ranging from $240.00 to $275.00, indicating strong market confidence.
• Insider selling was significant, with Director Frank Slootman selling over 710,000 shares valued at approximately $163.7 million, marking an 81.1% decrease in his ownership.

Comerica Bank lessened its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 19.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,740 shares of the company's stock after selling 4,023 shares during the period. Comerica Bank's holdings in Snowflake were worth $2,447,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Opal Wealth Advisors LLC acquired a new stake in shares of Snowflake in the 1st quarter valued at approximately $26,000. CVA Family Office LLC boosted its position in Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after buying an additional 88 shares in the last quarter. Spurstone Advisory Services LLC acquired a new stake in Snowflake in the fourth quarter valued at approximately $31,000. Capital A Wealth Management LLC bought a new stake in shares of Snowflake during the fourth quarter worth $31,000. Finally, Golden State Wealth Management LLC increased its holdings in shares of 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 buying an additional 187 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SNOW. Bank of America upgraded Snowflake from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $220.00 to $240.00 in a research report on Wednesday, August 20th. DA Davidson restated a "buy" rating and set a $250.00 price target on shares of Snowflake in a report on Monday, August 25th. Cantor Fitzgerald upped their price objective on Snowflake from $242.00 to $275.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. Truist Financial raised their price objective on shares of Snowflake from $235.00 to $270.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Finally, Macquarie boosted their target price on shares of Snowflake from $210.00 to $235.00 and gave the stock a "neutral" rating in a report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $255.53.

Snowflake Stock Down 1.0%

Shares of NYSE SNOW opened at $238.69 on Tuesday. The company's 50 day moving average price is $211.91 and its 200-day moving average price is $186.20. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $249.99. The company has a market capitalization of $79.69 billion, a P/E ratio of -57.51 and a beta of 1.22.

Insider Transactions at Snowflake

In other Snowflake news, Director Frank Slootman sold 710,083 shares of the company's stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the sale, the director owned 165,507 shares of the company's stock, valued at approximately $38,144,398.29. This represents a 81.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 3,216,909 shares of company stock valued at $717,287,181 in the last quarter. 6.80% of the stock is owned by insiders.

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.

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