Comerica Bank Trims Stock Position in Snowflake Inc. $SNOW

Key Points

• Comerica Bank cut its stake in Snowflake by 56.0% in Q4, selling 25,369 shares and ending the period with 19,956 shares valued at about $4.38 million.
• Insiders have been net sellers recently—394,313 shares worth roughly $67.48 million were sold over the last three months (including sales by SVP Vivek Raghunathan and Director Frank Slootman), leaving insiders with 6.8% ownership.
• Snowflake beat Q results with EPS $0.32 vs. $0.27 forecast and revenue $1.28B (+30.1% YoY) but remains unprofitable (net margin -28.43%, negative ROE); analysts rate it a consensus “Moderate Buy” with a $242.19 price target.

Comerica Bank lessened its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 56.0% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 19,956 shares of the company's stock after selling 25,369 shares during the period. Comerica Bank's holdings in Snowflake were worth $4,378,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC lifted its position in Snowflake by 90.0% during the fourth 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. Intech Investment Management LLC boosted its position in shares of Snowflake by 24.0% in the first quarter. Intech Investment Management LLC now owns 11,202 shares of the company's stock worth $1,637,000 after purchasing an additional 2,167 shares during the period. Geneos Wealth Management Inc. boosted its position in shares of Snowflake by 29.7% in the first quarter. Geneos Wealth Management Inc. now owns 319 shares of the company's stock worth $47,000 after purchasing an additional 73 shares during the period. Flow Traders U.S. LLC purchased a new stake in shares of Snowflake in the second quarter worth $221,000. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Snowflake by 7.2% in the second quarter. The Manufacturers Life Insurance Company now owns 22,603 shares of the company's stock worth $5,055,000 after purchasing an additional 1,521 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

Snowflake Price Performance

Snowflake stock opened at $141.28 on Friday. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.30 and a quick ratio of 1.30. The stock has a market cap of $48.84 billion, a price-to-earnings ratio of -35.77 and a beta of 1.08. The firm has a 50-day moving average of $158.11 and a two-hundred day moving average of $202.73. Snowflake Inc. has a 1 year low of $118.30 and a 1 year high of $280.67.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, February 25th. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.25 billion. Snowflake had a negative net margin of 28.43% and a negative return on equity of 50.61%. The company's revenue was up 30.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.30 earnings per share. On average, research analysts forecast that Snowflake Inc. will post -2.16 earnings per share for the current year.

Insider Transactions at Snowflake

In related news, SVP Vivek Raghunathan sold 3,876 shares of Snowflake stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $152.80, for a total transaction of $592,252.80. Following the transaction, the senior vice president directly owned 273,323 shares of the company's stock, valued at $41,763,754.40. This trade represents a 1.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 11,299 shares of the business's stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $175.25, for a total transaction of $1,980,149.75. Following the completion of the transaction, the director directly owned 38,046 shares of the company's stock, valued at $6,667,561.50. This trade represents a 22.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 394,313 shares of company stock valued at $67,477,780 over the last three months. 6.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

SNOW has been the topic of a number of analyst reports. Argus upgraded shares of Snowflake from a "hold" rating to a "buy" rating and set a $300.00 target price on the stock in a research note on Thursday, January 8th. Guggenheim reiterated a "neutral" rating on shares of Snowflake in a research report on Wednesday, February 18th. Sanford C. Bernstein lowered their target price on shares of Snowflake from $237.00 to $195.00 and set a "market perform" rating on the stock in a report on Thursday, February 26th. Zacks Research upgraded shares of Snowflake from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 4th. Finally, Canaccord Genuity Group cut their target price on shares of Snowflake from $270.00 to $240.00 and set a "buy" rating for the company in a research note on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Snowflake presently has an average rating of "Moderate Buy" and a consensus price target of $242.19.

Snowflake Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.

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