Cullen Frost Bankers Inc. Purchases 2,271 Shares of Snowflake Inc. (NYSE:SNOW)

Cullen Frost Bankers Inc. increased its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 6.0% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 39,886 shares of the company's stock after purchasing an additional 2,271 shares during the period. Cullen Frost Bankers Inc.'s holdings in Snowflake were worth $5,830,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of SNOW. Brighton Jones LLC grew its stake in Snowflake by 90.0% in the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock worth $9,556,000 after purchasing an additional 29,320 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in Snowflake by 4.9% in the fourth quarter. Commonwealth Equity Services LLC now owns 67,150 shares of the company's stock worth $10,369,000 after purchasing an additional 3,155 shares in the last quarter. Natixis Advisors LLC acquired a new position in Snowflake in the fourth quarter worth about $1,837,000. Envestnet Portfolio Solutions Inc. lifted its holdings in Snowflake by 11.4% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 9,255 shares of the company's stock worth $1,429,000 after acquiring an additional 949 shares during the last quarter. Finally, Corient Private Wealth LLC lifted its holdings in Snowflake by 7.0% in the fourth quarter. Corient Private Wealth LLC now owns 17,891 shares of the company's stock worth $2,763,000 after acquiring an additional 1,165 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Frank Slootman sold 424,852 shares of the stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $219.35, for a total value of $93,191,286.20. Following the completion of the transaction, the director owned 165,507 shares of the company's stock, valued at $36,303,960.45. This represents a 71.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Michael Scarpelli sold 400,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief financial officer directly owned 292,610 shares of the company's stock, valued at $60,090,389.60. This trade represents a 57.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,718,258 shares of company stock valued at $589,762,906 over the last quarter. Corporate insiders own 6.80% of the company's stock.

Snowflake Stock Performance

Shares of SNOW traded up $5.16 during trading hours on Friday, reaching $216.74. 3,383,192 shares of the company traded hands, compared to its average volume of 5,958,228. The stock's fifty day moving average is $206.90 and its 200 day moving average is $178.46. The stock has a market cap of $72.36 billion, a P/E ratio of -51.48 and a beta of 1.22. 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 1-year low of $107.13 and a 1-year high of $226.60.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the prior year, the business posted $0.14 earnings per share. The company's quarterly revenue was up 25.8% compared to the same quarter last year. Equities research analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SNOW. Royal Bank Of Canada raised their target price on shares of Snowflake from $236.00 to $250.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Sanford C. Bernstein reiterated a "market perform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Bank of America boosted their target price on Snowflake from $172.00 to $220.00 and gave the stock a "neutral" rating in a report on Thursday, May 22nd. Morgan Stanley assumed coverage on Snowflake in a report on Tuesday, June 24th. They set an "overweight" rating and a $262.00 target price on the stock. Finally, KeyCorp reaffirmed an "overweight" rating on shares of Snowflake in a report on Wednesday, June 25th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-four have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.