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

PNC Financial Services Group Inc. boosted its position in shares of Snowflake Inc. (NYSE:SNOW) by 20.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,587 shares of the company’s stock after buying an additional 4,428 shares during the quarter. 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.

Several other institutional investors and hedge funds also recently bought and sold shares of SNOW. Yousif Capital Management LLC boosted its stake in Snowflake by 5.7% during the third quarter. Yousif Capital Management LLC now owns 2,972 shares of the company’s stock worth $454,000 after buying an additional 160 shares during the period. Private Advisor Group LLC lifted its position in shares of Snowflake by 27.3% during the third quarter. Private Advisor Group LLC now owns 15,297 shares of the company’s stock worth $2,337,000 after purchasing an additional 3,277 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Snowflake by 3.3% during the third quarter. Victory Capital Management Inc. now owns 335,916 shares of the company’s stock worth $51,318,000 after purchasing an additional 10,592 shares during the last quarter. Picton Mahoney Asset Management lifted its position in shares of Snowflake by 0.9% during the third quarter. Picton Mahoney Asset Management now owns 18,981 shares of the company’s stock worth $2,901,000 after purchasing an additional 162 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Snowflake by 43.2% during the third quarter. Assenagon Asset Management S.A. now owns 47,209 shares of the company’s stock worth $7,212,000 after purchasing an additional 14,242 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Mark D. Mclaughlin acquired 3,030 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were acquired at an average price of $165.45 per share, with a total value of $501,313.50. Following the purchase, the director now directly owns 11,687 shares of the company’s stock, valued at $1,933,614.15. The purchase was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Mark D. Mclaughlin acquired 3,030 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were acquired at an average price of $165.45 per share, with a total value of $501,313.50. Following the purchase, the director now directly owns 11,687 shares of the company’s stock, valued at $1,933,614.15. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Emily Ho sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $156.98, for a total transaction of $235,470.00. Following the sale, the chief accounting officer now directly owns 28,393 shares in the company, valued at approximately $4,457,133.14. The disclosure for this sale can be found here. In the last quarter, insiders have sold 62,380 shares of company stock worth $9,803,625. 8.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SNOW shares. Royal Bank of Canada decreased their target price on Snowflake from $246.00 to $220.00 and set an “outperform” rating for the company in a research report on Monday, May 20th. Wedbush reiterated a “neutral” rating and set a $210.00 target price on shares of Snowflake in a research report on Wednesday. Evercore ISI decreased their target price on Snowflake from $250.00 to $225.00 and set an “outperform” rating for the company in a research report on Thursday, February 29th. Barclays lifted their target price on Snowflake from $188.00 to $191.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Macquarie decreased their price objective on Snowflake from $205.00 to $200.00 and set an “outperform” rating for the company in a report on Friday. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $200.64.

Snowflake Trading Up 1.0 %

Shares of NYSE:SNOW opened at $156.16 on Friday. Snowflake Inc. has a twelve month low of $138.40 and a twelve month high of $237.72. The company’s 50 day moving average is $157.03 and its 200 day moving average is $180.17. The company has a market cap of $52.19 billion, a PE ratio of -55.77 and a beta of 0.90.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, topping the consensus estimate of ($0.49) by $0.05. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.54%. The company had revenue of $774.70 million for the quarter, compared to the consensus estimate of $759.86 million. Equities research analysts predict that Snowflake Inc. will post -1.83 earnings per share for the current fiscal year.

About Snowflake

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.