M&T Bank Corp Lowers Holdings in Snowflake Inc. (NYSE:SNOW)

M&T Bank Corp reduced its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 11.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,130 shares of the company's stock after selling 1,802 shares during the period. M&T Bank Corp's holdings in Snowflake were worth $2,065,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in SNOW. ORG Wealth Partners LLC bought a new position in Snowflake in the 1st quarter worth about $898,000. Deutsche Bank AG increased its position in shares of Snowflake by 26.0% in the fourth quarter. Deutsche Bank AG now owns 922,953 shares of the company's stock worth $142,513,000 after purchasing an additional 190,583 shares during the last quarter. Artemis Investment Management LLP purchased a new stake in Snowflake in the first quarter valued at approximately $9,090,000. Ardmore Road Asset Management LP purchased a new stake in Snowflake in the fourth quarter valued at approximately $18,529,000. Finally, Sequoia Financial Advisors LLC grew its stake in Snowflake by 413.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 17,546 shares of the company's stock worth $2,564,000 after buying an additional 14,129 shares in the last quarter. Institutional investors own 65.10% of the company's stock.

Snowflake Stock Performance

Shares of SNOW stock opened at $210.64 on Friday. The company's fifty day moving average price is $203.53 and its 200-day moving average price is $177.12. The stock has a market cap of $70.32 billion, a PE ratio of -50.03 and a beta of 1.22. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $226.60.

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

Analyst Upgrades and Downgrades

SNOW has been the subject of a number of research analyst reports. JMP Securities reaffirmed a "market outperform" rating and set a $245.00 price objective on shares of Snowflake in a report on Wednesday, June 4th. Cantor Fitzgerald lifted their price target on Snowflake from $183.00 to $242.00 and gave the stock an "overweight" rating in a research note on Thursday, May 22nd. JPMorgan Chase & Co. upped their price objective on Snowflake from $210.00 to $225.00 and gave the stock an "overweight" rating in a report on Thursday, May 22nd. Evercore ISI reissued a "buy" rating on shares of Snowflake in a report on Wednesday, June 4th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $230.00 target price on shares of Snowflake in a research note on Thursday, June 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $225.36.

Insider Activity at Snowflake

In other Snowflake news, Director Frank Slootman sold 424,852 shares of the business's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $219.35, for a total value of $93,191,286.20. Following the sale, the director directly owned 165,507 shares of the company's stock, valued at approximately $36,303,960.45. The trade was a 71.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Michael Scarpelli sold 400,000 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total value of $82,144,000.00. Following the transaction, the chief financial officer owned 292,610 shares of the company's stock, valued at $60,090,389.60. The trade was a 57.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,718,258 shares of company stock valued at $589,762,906 in the last 90 days. Corporate insiders own 6.80% of the company's stock.

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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