Snowflake Inc. $SNOW Shares Sold by Truist Financial Corp

Key Points

• Truist Financial cut its Snowflake stake by 97.3% in Q4, selling 2,284,436 shares and leaving the firm with 62,453 shares valued at about $13.7 million.
• Corporate insiders have sold 384,313 shares (~$64.3 million) in the past 90 days — including SVP Vivek Raghunathan and Director Michael Speiser — and insiders now own about 6.8% of the stock.
• Analysts maintain a consensus of "Moderate Buy" with an average price target of $242.19, while Snowflake beat Q results (EPS $0.32 vs $0.27; revenue $1.28B, +30.1%) but remains unprofitable (net margin -28.4%).

Truist Financial Corp decreased its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 97.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 62,453 shares of the company's stock after selling 2,284,436 shares during the quarter. Truist Financial Corp's holdings in Snowflake were worth $13,700,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. grew its position in Snowflake by 1.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 732,092 shares of the company's stock worth $165,123,000 after acquiring an additional 8,002 shares during the period. Federated Hermes Inc. raised its position in Snowflake by 13.5% in the third quarter. Federated Hermes Inc. now owns 408,037 shares of the company's stock valued at $92,047,000 after purchasing an additional 48,411 shares during the period. Assetmark Inc. lifted its stake in shares of Snowflake by 99.1% in the 4th quarter. Assetmark Inc. now owns 198,655 shares of the company's stock valued at $43,577,000 after purchasing an additional 98,870 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of Snowflake by 27.7% during the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company's stock worth $2,545,300,000 after purchasing an additional 2,519,413 shares during the period. Finally, William Blair Investment Management LLC acquired a new stake in shares of Snowflake during the 3rd quarter worth about $116,882,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Snowflake

In related news, SVP Vivek Raghunathan sold 3,876 shares of Snowflake stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $152.80, for a total value of $592,252.80. Following the completion of the transaction, the senior vice president directly owned 273,323 shares in the company, valued at approximately $41,763,754.40. This trade represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael L. Speiser sold 50,338 shares of the business's stock in a transaction on Friday, March 6th. The stock was sold at an average price of $175.19, for a total value of $8,818,714.22. Following the transaction, the director directly owned 30,236 shares of the company's stock, valued at $5,297,044.84. The trade was a 62.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 384,313 shares of company stock worth $64,308,373. 6.80% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Cantor Fitzgerald restated an "overweight" rating and issued a $250.00 price objective on shares of Snowflake in a report on Monday, February 23rd. The Goldman Sachs Group dropped their price target on shares of Snowflake from $286.00 to $246.00 and set a "buy" rating for the company in a research report on Wednesday, February 11th. TD Cowen decreased their price objective on shares of Snowflake from $270.00 to $255.00 and set a "buy" rating on the stock in a report on Thursday, February 26th. Mizuho lowered their price objective on shares of Snowflake from $285.00 to $220.00 and set an "outperform" rating for the company in a research report on Tuesday, February 17th. Finally, Barclays dropped their target price on shares of Snowflake from $204.00 to $192.00 and set an "equal weight" rating for the company in a report on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, thirty-three have given a Buy rating, five have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, Snowflake presently has an average rating of "Moderate Buy" and an average price target of $242.19.

Snowflake Stock Up 10.1%

Shares of SNOW opened at $153.91 on Friday. The stock has a market capitalization of $53.20 billion, a PE ratio of -38.96 and a beta of 1.08. Snowflake Inc. has a 1 year low of $118.30 and a 1 year high of $280.67. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.30 and a current ratio of 1.30. The company's 50-day simple moving average is $157.00 and its 200-day simple moving average is $200.44.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.32 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.05. Snowflake had a negative net margin of 28.43% and a negative return on equity of 50.61%. The firm had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.25 billion. During the same quarter in the previous year, the business posted $0.30 earnings per share. The business's quarterly revenue was up 30.1% compared to the same quarter last year. Analysts forecast that Snowflake Inc. will post -2.16 earnings per share for the current fiscal year.

About Snowflake

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.

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