Comerica Bank Takes Position in Snowflake Inc. (NYSE:SNOW)

Comerica Bank acquired a new stake in Snowflake Inc. (NYSE:SNOWGet Rating) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,821 shares of the company’s stock, valued at approximately $339,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Glassman Wealth Services increased its position in Snowflake by 233.3% during the 4th quarter. Glassman Wealth Services now owns 80 shares of the company’s stock valued at $27,000 after purchasing an additional 56 shares during the period. CarsonAllaria Wealth Management Ltd. acquired a new stake in Snowflake during the 4th quarter valued at approximately $34,000. KRS Capital Management LLC acquired a new stake in Snowflake during the 4th quarter valued at approximately $33,000. GW&K Investment Management LLC acquired a new stake in Snowflake during the 4th quarter valued at approximately $34,000. Finally, Earnest Partners LLC acquired a new stake in Snowflake during the 4th quarter valued at approximately $36,000. Institutional investors and hedge funds own 76.67% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. UBS Group cut their price target on Snowflake from $260.00 to $180.00 and set a “buy” rating on the stock in a report on Monday, May 23rd. Jefferies Financial Group upgraded Snowflake from a “hold” rating to a “buy” rating and increased their price target for the stock from $125.00 to $200.00 in a report on Tuesday, June 28th. Oppenheimer cut their price target on Snowflake from $280.00 to $230.00 and set an “outperform” rating on the stock in a report on Thursday, May 26th. Mizuho cut their price target on Snowflake from $225.00 to $200.00 and set a “buy” rating on the stock in a report on Thursday, May 26th. Finally, Rosenblatt Securities upgraded Snowflake from a “neutral” rating to a “buy” rating and cut their price target for the stock from $325.00 to $255.00 in a report on Tuesday, May 24th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Snowflake has a consensus rating of “Moderate Buy” and a consensus price target of $219.27.

Snowflake Stock Performance

Shares of SNOW opened at $149.91 on Monday. The business has a 50-day moving average of $137.97 and a 200 day moving average of $193.35. Snowflake Inc. has a fifty-two week low of $110.26 and a fifty-two week high of $405.00. The firm has a market cap of $47.16 billion, a P/E ratio of -71.05 and a beta of 1.33.

Snowflake (NYSE:SNOWGet Rating) last announced its quarterly earnings data on Wednesday, May 25th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.13). Snowflake had a negative return on equity of 12.39% and a negative net margin of 45.48%. The firm had revenue of $422.37 million during the quarter, compared to analysts’ expectations of $413.01 million. During the same period last year, the business posted ($0.69) EPS. The company’s revenue was up 84.5% compared to the same quarter last year. As a group, research analysts predict that Snowflake Inc. will post -2.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Snowflake news, insider Benoit Dageville sold 727 shares of the firm’s stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $136.18, for a total value of $99,002.86. Following the completion of the transaction, the insider now owns 16,620 shares in the company, valued at approximately $2,263,311.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Snowflake news, insider Benoit Dageville sold 727 shares of the firm’s stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $136.18, for a total value of $99,002.86. Following the completion of the transaction, the insider now owns 16,620 shares in the company, valued at approximately $2,263,311.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Frank Slootman sold 1,727 shares of the firm’s stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $136.18, for a total value of $235,182.86. Following the completion of the transaction, the chief executive officer now owns 138,551 shares of the company’s stock, valued at approximately $18,867,875.18. The disclosure for this sale can be found here. Insiders sold a total of 3,678 shares of company stock worth $524,444 in the last quarter. 8.90% of the stock is owned by company insiders.

About Snowflake

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Snowflake Inc provides a cloud-based data platform in the United States and internationally. The company's 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. Its platform is used by various organizations of sizes in a range of industries.

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Institutional Ownership by Quarter for Snowflake (NYSE:SNOW)

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