PNC Financial Services Group Inc. Decreases Holdings in Snowflake Inc. (NYSE:SNOW)

PNC Financial Services Group Inc. reduced its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 24.2% in the 3rd quarter, HoldingsChannel reports. The fund owned 16,250 shares of the company’s stock after selling 5,193 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Snowflake were worth $1,866,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Silvercrest Asset Management Group LLC raised its stake in Snowflake by 399.6% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 8,088 shares of the company’s stock worth $1,307,000 after acquiring an additional 6,469 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of Snowflake by 38.4% in the 1st quarter. Tidal Investments LLC now owns 23,065 shares of the company’s stock valued at $3,727,000 after purchasing an additional 6,404 shares during the last quarter. Comerica Bank boosted its position in shares of Snowflake by 17.2% in the 1st quarter. Comerica Bank now owns 29,267 shares of the company’s stock valued at $4,729,000 after purchasing an additional 4,296 shares during the period. iA Global Asset Management Inc. purchased a new position in Snowflake during the 1st quarter worth approximately $3,993,000. Finally, Rokos Capital Management LLP increased its position in Snowflake by 234.1% during the first quarter. Rokos Capital Management LLP now owns 360,187 shares of the company’s stock worth $58,203,000 after buying an additional 252,384 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SNOW. Rosenblatt Securities restated a “buy” rating and set a $180.00 target price on shares of Snowflake in a research report on Tuesday, November 19th. Argus started coverage on shares of Snowflake in a research note on Tuesday, October 1st. They issued a “hold” rating on the stock. Wedbush upgraded shares of Snowflake from a “neutral” rating to an “outperform” rating and set a $190.00 target price for the company in a research note on Monday. KeyCorp boosted their price target on Snowflake from $150.00 to $185.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Finally, UBS Group decreased their price objective on Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty-seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $181.09.

Snowflake Stock Performance

SNOW stock opened at $171.19 on Wednesday. The stock’s 50 day moving average price is $122.43 and its 200 day moving average price is $128.01. The firm has a market cap of $57.38 billion, a P/E ratio of -50.50 and a beta of 0.83. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $237.72.

Insider Activity

In other Snowflake news, insider Benoit Dageville sold 287 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $111.41, for a total value of $31,974.67. Following the transaction, the insider now directly owns 53,250 shares in the company, valued at approximately $5,932,582.50. This represents a 0.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Christian Kleinerman sold 558 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $61,357.68. Following the sale, the executive vice president now directly owns 759,473 shares in the company, valued at $83,511,651.08. This represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 182,126 shares of company stock worth $28,058,461 over the last three months. 7.80% of the stock is currently owned by corporate insiders.

Snowflake Company 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.