PNC Financial Services Group Inc. Purchases 4,428 Shares of Snowflake Inc. (NYSE:SNOW)

PNC Financial Services Group Inc. raised its position in shares of Snowflake Inc. (NYSE:SNOW) by 20.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,587 shares of the company’s stock after purchasing an additional 4,428 shares during the period. PNC Financial Services Group Inc.’s holdings in Snowflake were worth $5,092,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Snowflake in the 4th quarter worth $8,955,000. Accent Capital Management LLC acquired a new position in Snowflake during the 4th quarter valued at about $25,000. B. Riley Wealth Advisors Inc. increased its position in Snowflake by 38.1% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 28,958 shares of the company’s stock valued at $5,763,000 after buying an additional 7,986 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in Snowflake during the 4th quarter valued at about $8,501,000. Finally, Vanguard Group Inc. increased its position in Snowflake by 8.0% during the 4th quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after buying an additional 1,559,830 shares in the last quarter. 65.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. UBS Group upped their target price on Snowflake from $185.00 to $190.00 and gave the company a “neutral” rating in a research report on Thursday, May 23rd. JPMorgan Chase & Co. increased their price objective on Snowflake from $170.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. Royal Bank of Canada cut their price objective on Snowflake from $226.00 to $183.00 and set an “outperform” rating on the stock in a report on Wednesday, June 5th. Redburn Atlantic reissued a “sell” rating and issued a $125.00 price objective (down from $180.00) on shares of Snowflake in a report on Tuesday, March 19th. Finally, Piper Sandler reissued an “overweight” rating and issued a $240.00 price objective on shares of Snowflake in a report on Wednesday, June 5th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $198.92.

Insider Transactions at Snowflake

In other news, insider Benoit Dageville sold 558 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total transaction of $71,596.98. Following the completion of the transaction, the insider now directly owns 63,222 shares in the company, valued at $8,112,014.82. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Benoit Dageville sold 558 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total transaction of $71,596.98. Following the completion of the transaction, the insider now directly owns 63,222 shares in the company, valued at $8,112,014.82. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Sridhar Ramaswamy purchased 31,542 shares of the stock in a transaction dated Monday, March 25th. The shares were purchased at an average price of $158.52 per share, with a total value of $5,000,037.84. Following the completion of the transaction, the chief executive officer now owns 31,542 shares of the company’s stock, valued at $5,000,037.84. The disclosure for this purchase can be found here. Insiders sold a total of 39,862 shares of company stock worth $5,895,712 over the last ninety days. Company insiders own 7.80% of the company’s stock.

Snowflake Price Performance

SNOW stock opened at $127.60 on Wednesday. The business has a fifty day moving average of $149.47 and a two-hundred day moving average of $176.52. Snowflake Inc. has a 52-week low of $124.69 and a 52-week high of $237.72.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.40). The business had revenue of $828.71 million for the quarter, compared to analyst estimates of $786.95 million. Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. Sell-side analysts forecast that Snowflake Inc. will post -2.27 EPS 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.