Snowflake Inc. $SNOW Stock Position Decreased by Wesbanco Bank Inc.

Wesbanco Bank Inc. trimmed its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 23.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,832 shares of the company's stock after selling 4,500 shares during the period. Wesbanco Bank Inc.'s holdings in Snowflake were worth $3,319,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in shares of Snowflake during the 1st quarter worth approximately $555,847,000. AQR Capital Management LLC raised its position in Snowflake by 346.2% in the 1st quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company's stock valued at $456,430,000 after purchasing an additional 2,460,769 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Snowflake by 19.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company's stock worth $691,693,000 after acquiring an additional 763,673 shares during the last quarter. Amundi raised its position in shares of Snowflake by 72.7% during the first quarter. Amundi now owns 1,808,250 shares of the company's stock worth $252,974,000 after acquiring an additional 760,923 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Snowflake by 22.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock valued at $524,293,000 after purchasing an additional 650,775 shares during the last quarter. 65.10% of the stock is owned by institutional investors.

Snowflake Trading Down 1.5%

NYSE:SNOW opened at $221.17 on Monday. The company has a market cap of $74.93 billion, a P/E ratio of -53.29 and a beta of 1.22. Snowflake Inc. has a 1 year low of $108.71 and a 1 year high of $249.99. The stock's fifty day moving average price is $212.83 and its two-hundred day moving average price is $189.20. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48.

Snowflake (NYSE:SNOW - Get Free Report) last announced its earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The firm's quarterly revenue was up 31.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.18 earnings per share. As a group, analysts expect that Snowflake Inc. will post -2.36 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Stifel Nicolaus boosted their target price on Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. JMP Securities restated a "market outperform" rating and issued a $260.00 price objective on shares of Snowflake in a research note on Tuesday, August 26th. Stephens assumed coverage on Snowflake in a research note on Friday, July 18th. They issued an "overweight" rating and a $261.00 price objective on the stock. KeyCorp increased their price target on Snowflake from $250.00 to $275.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Finally, Bank of America raised Snowflake from a "neutral" rating to a "buy" rating and raised their target price for the company from $220.00 to $240.00 in a report on Wednesday, August 20th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Snowflake presently has an average rating of "Moderate Buy" and a consensus target price of $255.53.

Insider Activity at Snowflake

In other Snowflake news, Director Frank Slootman sold 1,938 shares of Snowflake stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $223.86, for a total value of $433,840.68. Following the completion of the sale, the director owned 162,737 shares of the company's stock, valued at approximately $36,430,304.82. This trade represents a 1.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael L. Speiser sold 403 shares of the firm's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $224.84, for a total value of $90,610.52. Following the completion of the transaction, the director owned 25,733 shares in the company, valued at approximately $5,785,807.72. This trade represents a 1.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,224,389 shares of company stock valued at $719,812,350. 6.80% of the stock is owned by insiders.

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.

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