First Citizens Bank & Trust Co. Acquires New Holdings in Snowflake Inc. $SNOW

Key Points

• First Citizens Bank & Trust Co. acquired 4,606 Snowflake shares worth approximately $1.56 million during the third quarter. Institutional investors collectively own 65.1% of the company.
• Wall Street analysts maintain a favorable outlook, with a consensus rating of “Moderate Buy” and an average price target of $414.24; 35 analysts rate the stock Buy.
• Snowflake exceeded quarterly earnings expectations, reporting $0.62 in EPS versus the $0.45 estimate and $1.55 billion in revenue, up 35.1% year over year. However, insiders sold $396.2 million of stock over the past three months.

First Citizens Bank & Trust Co. purchased a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 4,606 shares of the company's stock, valued at approximately $1,564,000.

Other hedge funds also recently made changes to their positions in the company. Basecamp Wealth Advisors LLC increased its position in Snowflake by 140.5% in the first quarter. Basecamp Wealth Advisors LLC now owns 202 shares of the company's stock worth $30,000 after purchasing an additional 118 shares during the last quarter. Emerald Advisers LLC lifted its position in Snowflake by 95.2% during the first quarter. Emerald Advisers LLC now owns 205 shares of the company's stock valued at $31,000 after purchasing an additional 100 shares during the last quarter. MV Capital Management Inc. bought a new position in Snowflake during the fourth quarter valued at $32,000. Copos Capital S.a r.l. bought a new position in Snowflake during the fourth quarter valued at $35,000. Finally, Global Assets Advisory LLC purchased a new position in shares of Snowflake in the 1st quarter worth $37,000. 65.10% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SNOW. Oppenheimer boosted their target price on shares of Snowflake from $400.00 to $475.00 and gave the stock an "outperform" rating in a report on Thursday, September 3rd. Benchmark increased their price target on shares of Snowflake from $290.00 to $360.00 and gave the company a "buy" rating in a report on Tuesday, August 25th. Bank of America increased their price target on shares of Snowflake from $330.00 to $395.00 and gave the company a "buy" rating in a report on Wednesday, August 19th. Citigroup lifted their price target on Snowflake from $395.00 to $490.00 and gave the stock a "buy" rating in a research report on Thursday, September 3rd. Finally, Deutsche Bank Aktiengesellschaft set a $400.00 price objective on Snowflake in a research note on Thursday, September 3rd. Thirty-five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Snowflake has a consensus rating of "Moderate Buy" and a consensus target price of $414.24.

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the company's stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $341.57, for a total value of $5,123,550.00. Following the transaction, the executive vice president owned 313,738 shares of the company's stock, valued at $107,163,488.66. This represents a 4.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael L. Speiser sold 403 shares of the company's stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $344.00, for a total value of $138,632.00. Following the completion of the transaction, the director directly owned 21,767 shares in the company, valued at $7,487,848. This trade represents a 1.82% decrease in their position. 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. Insiders sold 1,246,429 shares of company stock worth $396,227,952 in the last three months. Corporate insiders own 4.80% of the company's stock.

Snowflake Price Performance

SNOW stock opened at $335.81 on Friday. The stock has a market cap of $118.47 billion, a PE ratio of -105.60 and a beta of 1.35. Snowflake Inc. has a 12 month low of $118.30 and a 12 month high of $384.56. The company has a 50-day moving average price of $333.72 and a 200 day moving average price of $254.53. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.06.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, September 2nd. The company reported $0.62 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.17. Snowflake had a negative net margin of 20.07% and a negative return on equity of 46.32%. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period in the prior year, the company posted $0.35 EPS. The firm's revenue for the quarter was up 35.1% on a year-over-year basis. Equities research analysts anticipate that Snowflake Inc. will post -1.44 earnings per share for the current year.

About Snowflake

Snowflake Inc NYSE: SNOW provides a cloud-based data platform that enables organizations to store, process, analyze and share data. Its platform is designed to support data warehousing, data lakes, data engineering, data science, application development and artificial intelligence workloads in a single environment.

Snowflake's services include cloud data storage and computing, data sharing and collaboration tools, governance and security capabilities, and access to third-party data through the Snowflake Marketplace.

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