Fifth Third Bancorp Grows Holdings in Snowflake Inc. $SNOW

Key Points

• Fifth Third Bancorp increased its Snowflake stake by 963.5% in the first quarter, ending with 35,224 shares valued at about $5.31 million.
• Institutional interest remains high, with 65.10% of Snowflake shares owned by hedge funds and other institutions, even as several insiders recently sold stock under pre-arranged trading plans.
• Snowflake reported better-than-expected quarterly results, posting EPS of $0.39 on revenue of $1.39 billion, while analysts have turned more bullish and raised price targets, including RBC to $313 and KeyCorp to $325.

Fifth Third Bancorp raised its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 963.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 35,224 shares of the company's stock after buying an additional 31,912 shares during the period. Fifth Third Bancorp's holdings in Snowflake were worth $5,312,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Kemnay Advisory Services Inc. purchased a new stake in Snowflake during the 4th quarter worth approximately $28,000. Greenline Wealth Management LLC purchased a new position in shares of Snowflake during the 4th quarter valued at approximately $29,000. GoalVest Advisory LLC grew its position in shares of Snowflake by 221.4% during the fourth quarter. GoalVest Advisory LLC now owns 135 shares of the company's stock worth $30,000 after buying an additional 93 shares in the last quarter. Physician Wealth Advisors Inc. increased its stake in shares of Snowflake by 56.0% in the fourth quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company's stock worth $31,000 after buying an additional 51 shares during the last quarter. Finally, MV Capital Management Inc. bought a new stake in shares of Snowflake in the fourth quarter worth $32,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction on Friday, May 1st. The stock was sold at an average price of $141.60, for a total transaction of $7,127,860.80. Following the transaction, the director owned 28,556 shares in the company, valued at approximately $4,043,529.60. The trade was a 63.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 437,076 shares of the business's stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the transaction, the director directly owned 38,046 shares in the company, valued at $9,603,951.78. The trade was a 91.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 1,802,015 shares of company stock valued at $421,739,629. Company insiders own 4.80% of the company's stock.

Snowflake Price Performance

Shares of Snowflake stock opened at $268.85 on Friday. Snowflake Inc. has a 52 week low of $118.30 and a 52 week high of $284.99. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18. The stock has a market cap of $93.18 billion, a PE ratio of -76.38 and a beta of 1.35. The company's 50-day moving average price is $227.43 and its two-hundred day moving average price is $193.65.

Snowflake (NYSE:SNOW - Get Free Report) last released its earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping analysts' consensus estimates of $0.32 by $0.07. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The business had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm earned $0.24 EPS. The business's revenue for the quarter was up 33.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Snowflake Inc. will post -1.84 EPS for the current fiscal year.

Snowflake News Summary

Here are the key news stories impacting Snowflake this week:

• Positive Sentiment: Royal Bank of Canada raised its price target on Snowflake to $313 from $284 and reiterated an outperform rating, signaling confidence in further upside. Article
• Positive Sentiment: KeyCorp lifted its target to $325 from $285 and kept an overweight rating, adding to the bullish analyst sentiment around SNOW. Article
• Positive Sentiment: RBC said CEO Sridhar Ramaswamy’s performance-based stock award is another positive sign for Snowflake’s AI growth strategy, suggesting management incentives are aligned with long-term value creation. Article
• Positive Sentiment: Media coverage highlighted Snowflake as one of the “hypergrowth” or “surprise” stocks to watch for 2026, reinforcing investor interest in the company’s AI and cloud growth narrative. Article
• Neutral Sentiment: Snowflake also unveiled a large CEO pay plan tied to ambitious long-term stock-price goals, which may be viewed as a commitment to growth but could draw scrutiny over compensation levels. Article
• Neutral Sentiment: Snowflake’s recent article coverage also noted continued product progress, including secure AI workflows for financial-data customers through Rogo, supporting the company’s broader AI adoption story. Article

Analyst Ratings Changes

A number of research analysts have commented on SNOW shares. Morgan Stanley increased their price objective on shares of Snowflake from $245.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, May 28th. Truist Financial upped their target price on shares of Snowflake from $275.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, June 5th. Monness Crespi & Hardt increased their price target on shares of Snowflake from $282.00 to $320.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Sanford C. Bernstein lifted their price target on Snowflake from $195.00 to $250.00 and gave the stock a "market perform" rating in a research note on Thursday, May 28th. Finally, Scotiabank boosted their price objective on Snowflake from $285.00 to $320.00 and gave the company a "sector outperform" rating in a report on Monday, June 8th. Thirty-four analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $296.00.

Snowflake Company 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.

Want to see what other hedge funds are holding SNOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snowflake Inc. (NYSE:SNOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.