Truist Financial Corp Increases Stock Position in Snowflake Inc. $SNOW

Key Points

• Truist Financial Corp increased its stake in Snowflake Inc. by 8.8%, owning a total of 54,137 shares valued at approximately $12.11 million as of their latest SEC filing.
• Insiders at Snowflake have sold a substantial amount of shares, with Director Frank Slootman selling over 710,000 shares for about $163.65 million, marking an 81.1% decrease in his position.
• Several analysts are optimistic about Snowflake's future, with multiple brokerages increasing their price targets, and the stock currently holds an average rating of "Moderate Buy" with a target of $255.53.

Truist Financial Corp grew its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 8.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 54,137 shares of the company's stock after acquiring an additional 4,375 shares during the quarter. Truist Financial Corp's holdings in Snowflake were worth $12,114,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in SNOW. Goldman Sachs Group Inc. lifted its stake in shares of Snowflake by 22.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock worth $524,293,000 after purchasing an additional 650,775 shares during the period. CenterBook Partners LP bought a new position in shares of Snowflake in the 1st quarter worth approximately $2,381,000. Berkshire Capital Holdings Inc. lifted its stake in shares of Snowflake by 71,500.0% in the 1st quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company's stock worth $1,047,000 after purchasing an additional 7,150 shares during the period. Lyell Wealth Management LP lifted its stake in shares of Snowflake by 5.1% in the 1st quarter. Lyell Wealth Management LP now owns 60,685 shares of the company's stock worth $8,870,000 after purchasing an additional 2,955 shares during the period. Finally, ORG Wealth Partners LLC bought a new position in shares of Snowflake in the 1st quarter worth approximately $898,000. Hedge funds and other institutional investors own 65.10% of the company's stock.

Insider Activity at Snowflake

In other Snowflake news, Director Frank Slootman sold 710,083 shares of Snowflake stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the transaction, the director directly owned 165,507 shares of the company's stock, valued at $38,144,398.29. This trade represents a 81.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Vivek Raghunathan sold 11,801 shares of Snowflake stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the completion of the transaction, the senior vice president directly owned 241,854 shares of the company's stock, valued at $53,986,649.88. The trade was a 4.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,601,630 shares of company stock valued at $362,990,571. Insiders own 6.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SNOW. Monness Crespi & Hardt increased their price objective on shares of Snowflake from $245.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Piper Sandler increased their price objective on shares of Snowflake from $215.00 to $285.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. BTIG Research raised their target price on shares of Snowflake from $235.00 to $276.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Stifel Nicolaus upped their price target on shares of Snowflake from $220.00 to $260.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Finally, Bank of America raised shares of Snowflake from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $220.00 to $240.00 in a research note on Wednesday, August 20th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Snowflake currently has an average rating of "Moderate Buy" and an average price target of $255.53.

Snowflake Stock Performance

SNOW opened at $235.42 on Friday. The stock has a market capitalization of $79.76 billion, a price-to-earnings ratio of -56.73 and a beta of 1.21. The company has a fifty day moving average of $215.94 and a 200 day moving average of $195.89. Snowflake Inc. has a fifty-two week low of $111.15 and a fifty-two week high of $249.99. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48.

Snowflake (NYSE:SNOW - Get Free Report) last posted its earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.08. The company had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. Snowflake's quarterly revenue was up 31.8% on a year-over-year basis. During the same period last year, the company posted $0.18 earnings per share. As a group, sell-side analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Snowflake 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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