SVB Wealth LLC Boosts Stock Position in Snowflake Inc. (NYSE:SNOW)

SVB Wealth LLC increased its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 86.8% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 148,217 shares of the company's stock after purchasing an additional 68,857 shares during the quarter. Snowflake makes up approximately 0.7% of SVB Wealth LLC's investment portfolio, making the stock its 24th largest position. SVB Wealth LLC's holdings in Snowflake were worth $29,495,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its holdings in shares of Snowflake by 79.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,293 shares of the company's stock valued at $984,000 after acquiring an additional 1,897 shares during the last quarter. MetLife Investment Management LLC acquired a new stake in shares of Snowflake in the 1st quarter valued at approximately $2,880,000. Panagora Asset Management Inc. increased its stake in Snowflake by 24.8% in the 1st quarter. Panagora Asset Management Inc. now owns 2,718 shares of the company's stock valued at $623,000 after purchasing an additional 540 shares in the last quarter. Raymond James Trust N.A. purchased a new position in Snowflake in the 1st quarter valued at approximately $362,000. Finally, Cibc World Market Inc. increased its position in Snowflake by 37.2% during the first quarter. Cibc World Market Inc. now owns 13,959 shares of the company's stock worth $3,198,000 after buying an additional 3,783 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. JPMorgan Chase & Co. reduced their price objective on Snowflake from $200.00 to $170.00 and set an "overweight" rating on the stock in a research note on Thursday, February 29th. Citigroup cut their price objective on Snowflake from $290.00 to $240.00 and set a "buy" rating for the company in a research report on Monday, March 4th. Piper Sandler reissued an "overweight" rating and set a $250.00 target price on shares of Snowflake in a research note on Tuesday, February 27th. Guggenheim raised shares of Snowflake from a "sell" rating to a "neutral" rating in a research note on Friday, March 15th. Finally, UBS Group upped their price target on shares of Snowflake from $185.00 to $225.00 and gave the stock a "neutral" rating in a research note on Thursday, February 22nd. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat, Snowflake currently has a consensus rating of "Moderate Buy" and a consensus price target of $202.00.

Insider Buying and Selling

In other news, CEO Sridhar Ramaswamy purchased 31,542 shares of the business's stock in a transaction that occurred on Monday, March 25th. The shares were acquired at an average cost of $158.52 per share, for a total transaction of $5,000,037.84. Following the completion of the acquisition, the chief executive officer now owns 31,542 shares in the company, valued at $5,000,037.84. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Sridhar Ramaswamy purchased 31,542 shares of the company's stock in a transaction on Monday, March 25th. The stock was purchased at an average price of $158.52 per share, with a total value of $5,000,037.84. Following the completion of the purchase, the chief executive officer now directly owns 31,542 shares in the company, valued at approximately $5,000,037.84. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Benoit Dageville sold 8,515 shares of Snowflake stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $156.25, for a total value of $1,330,468.75. Following the completion of the transaction, the insider now owns 55,216 shares in the company, valued at approximately $8,627,500. The disclosure for this sale can be found here. Insiders have sold a total of 180,555 shares of company stock worth $36,918,917 in the last ninety days. Company insiders own 8.30% of the company's stock.

Snowflake Stock Down 4.1 %

Shares of SNOW stock traded down $6.55 during trading on Monday, reaching $152.01. The company's stock had a trading volume of 5,913,806 shares, compared to its average volume of 6,786,549. The company has a market cap of $50.80 billion, a price-to-earnings ratio of -59.61 and a beta of 0.91. The business has a fifty day moving average price of $183.70 and a 200-day moving average price of $179.49. Snowflake Inc. has a one year low of $135.26 and a one year high of $237.72.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, topping analysts' consensus estimates of ($0.49) by $0.05. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. The business had revenue of $774.70 million for the quarter, compared to analyst estimates of $759.86 million. Research analysts anticipate that Snowflake Inc. will post -1.92 EPS for the current 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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