US Bancorp DE Increases Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Key Points

• US Bancorp DE increased its stake in Snowflake Inc. by 17.8%, owning 30,838 shares valued at approximately $4.5 million, according to recent SEC filings.
• Insider sales included significant transactions by EVP Christian Kleinerman and Director Michael L. Speiser, with Kleinerman selling 10,000 shares for over $2.16 million, reflecting a decline in their ownership percentages.
• Analysts have mixed ratings on Snowflake, with price targets ranging from $220 to $245, and an average rating of "Moderate Buy" with a consensus target of $226.73.

US Bancorp DE grew its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 17.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,838 shares of the company's stock after buying an additional 4,669 shares during the quarter. US Bancorp DE's holdings in Snowflake were worth $4,507,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Lyell Wealth Management LP increased its position in shares of Snowflake by 5.1% during the first quarter. Lyell Wealth Management LP now owns 60,685 shares of the company's stock valued at $8,870,000 after acquiring an additional 2,955 shares during the last quarter. Natixis Advisors LLC boosted its stake in Snowflake by 16.1% in the first quarter. Natixis Advisors LLC now owns 13,808 shares of the company's stock valued at $2,018,000 after acquiring an additional 1,914 shares during the last quarter. Modera Wealth Management LLC grew its position in shares of Snowflake by 21.5% during the 1st quarter. Modera Wealth Management LLC now owns 2,385 shares of the company's stock valued at $349,000 after acquiring an additional 422 shares during the period. Bayforest Capital Ltd purchased a new stake in shares of Snowflake during the 1st quarter worth approximately $387,000. Finally, Vestcor Inc raised its holdings in shares of Snowflake by 242.2% in the 1st quarter. Vestcor Inc now owns 20,277 shares of the company's stock worth $2,964,000 after purchasing an additional 14,351 shares during the period. Hedge funds and other institutional investors own 65.10% of the company's stock.

Insider Buying and Selling

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $216.00, for a total value of $2,160,000.00. Following the sale, the executive vice president owned 537,336 shares of the company's stock, valued at $116,064,576. This trade represents a 1.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael L. Speiser sold 403 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $208.69, for a total transaction of $84,102.07. Following the transaction, the director directly owned 26,136 shares of the company's stock, valued at approximately $5,454,321.84. This trade represents a 1.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,014,642 shares of company stock worth $657,325,186. Company insiders own 6.80% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on SNOW shares. Stifel Nicolaus increased their price objective on Snowflake from $210.00 to $220.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. Hsbc Global Res lowered shares of Snowflake from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Cantor Fitzgerald lifted their target price on shares of Snowflake from $183.00 to $242.00 and gave the stock an "overweight" rating in a research note on Thursday, May 22nd. Monness Crespi & Hardt upped their price target on shares of Snowflake from $230.00 to $245.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. Finally, Loop Capital lifted their price objective on shares of Snowflake from $220.00 to $245.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have given a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Snowflake has an average rating of "Moderate Buy" and an average price target of $226.73.

Snowflake Trading Up 2.3%

Shares of SNOW traded up $4.82 during mid-day trading on Wednesday, reaching $210.59. The company's stock had a trading volume of 3,233,658 shares, compared to its average volume of 3,513,548. 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 52 week low of $107.13 and a 52 week high of $229.27. The company's fifty day moving average price is $214.04 and its two-hundred day moving average price is $183.36. The stock has a market cap of $70.31 billion, a PE ratio of -50.02 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last issued its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.02. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The company had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.01 billion. During the same period in the prior year, the business posted $0.14 EPS. Snowflake's quarterly revenue was up 25.8% compared to the same quarter last year. On average, analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

About Snowflake

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.