Snowflake Inc. $SNOW Stock Holdings Lifted by Huntington National Bank

Huntington National Bank raised its position in shares of Snowflake Inc. (NYSE:SNOW) by 38.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 245,998 shares of the company’s stock after purchasing an additional 68,224 shares during the quarter. Huntington National Bank owned 0.07% of Snowflake worth $55,047,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in SNOW. Brighton Jones LLC raised its stake in Snowflake by 90.0% during the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock valued at $9,556,000 after purchasing an additional 29,320 shares during the period. Concurrent Investment Advisors LLC boosted its holdings in Snowflake by 10.0% in the first quarter. Concurrent Investment Advisors LLC now owns 2,376 shares of the company’s stock worth $347,000 after purchasing an additional 216 shares in the last quarter. Cloud Capital Management LLC bought a new stake in Snowflake in the first quarter worth $83,000. Envestnet Asset Management Inc. boosted its holdings in Snowflake by 12.1% in the first quarter. Envestnet Asset Management Inc. now owns 294,981 shares of the company’s stock worth $43,114,000 after purchasing an additional 31,908 shares in the last quarter. Finally, TD Private Client Wealth LLC boosted its holdings in Snowflake by 8.9% during the first quarter. TD Private Client Wealth LLC now owns 832 shares of the company’s stock valued at $122,000 after acquiring an additional 68 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Frank Slootman sold 7,551 shares of the firm’s stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total value of $1,670,583.24. Following the transaction, the director directly owned 153,226 shares of the company’s stock, valued at approximately $33,899,720.24. This trade represents a 4.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $250.00, for a total transaction of $1,250,000.00. Following the completion of the transaction, the executive vice president directly owned 43,568 shares in the company, valued at approximately $10,892,000. The trade was a 10.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 865,647 shares of company stock valued at $199,370,673 over the last three months. Insiders own 6.80% of the company’s stock.

Analyst Upgrades and Downgrades

SNOW has been the subject of a number of recent analyst reports. Macquarie upped their price target on shares of Snowflake from $210.00 to $235.00 and gave the company a “neutral” rating in a report on Thursday, August 28th. DA Davidson reissued a “buy” rating and issued a $250.00 price target on shares of Snowflake in a research report on Monday, August 25th. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 price target on shares of Snowflake in a research report on Friday, October 17th. Raymond James Financial increased their price target on shares of Snowflake from $212.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. Finally, The Goldman Sachs Group upped their price objective on shares of Snowflake from $230.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and a consensus price target of $258.95.

Snowflake Price Performance

SNOW opened at $277.08 on Tuesday. Snowflake Inc. has a one year low of $113.23 and a one year high of $280.67. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The company’s 50 day simple moving average is $236.88 and its 200-day simple moving average is $212.08. The stock has a market capitalization of $93.87 billion, a P/E ratio of -66.77 and a beta of 1.23.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.09 billion. During the same period in the prior year, the firm earned $0.18 earnings per share. Snowflake’s revenue was up 31.8% compared to the same quarter last year. Sell-side analysts anticipate that Snowflake Inc. will post -2.36 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.