Snowflake Inc. (NYSE:SNOW) Holdings Increased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its stake in shares of Snowflake Inc. (NYSE:SNOW) by 6.2% during the second quarter, Holdings Channel reports. The institutional investor owned 2,878 shares of the company’s stock after acquiring an additional 169 shares during the period. PNC Financial Services Group Inc.’s holdings in Snowflake were worth $697,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. ICONIQ Capital LLC raised its position in shares of Snowflake by 272.4% during the 1st quarter. ICONIQ Capital LLC now owns 32,989,621 shares of the company’s stock worth $7,563,861,000 after buying an additional 24,131,611 shares in the last quarter. Altimeter Capital Management LP raised its position in shares of Snowflake by 239.5% during the 1st quarter. Altimeter Capital Management LP now owns 32,221,080 shares of the company’s stock worth $7,387,649,000 after buying an additional 22,729,505 shares in the last quarter. Morgan Stanley raised its position in shares of Snowflake by 96.7% during the 1st quarter. Morgan Stanley now owns 12,747,746 shares of the company’s stock worth $2,922,804,000 after buying an additional 6,266,942 shares in the last quarter. Coatue Management LLC raised its holdings in shares of Snowflake by 28.9% in the 1st quarter. Coatue Management LLC now owns 5,242,776 shares of the company’s stock worth $1,202,063,000 after purchasing an additional 1,174,865 shares in the last quarter. Finally, SALESFORCE.COM Inc. raised its holdings in shares of Snowflake by 139.3% in the 1st quarter. SALESFORCE.COM Inc. now owns 4,985,061 shares of the company’s stock worth $1,142,975,000 after purchasing an additional 2,901,728 shares in the last quarter. Institutional investors own 62.41% of the company’s stock.

NYSE:SNOW opened at $319.25 on Wednesday. The stock has a market cap of $96.06 billion and a P/E ratio of -104.67. The company has a fifty day moving average price of $280.92 and a 200 day moving average price of $249.71. Snowflake Inc. has a one year low of $184.71 and a one year high of $429.00.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Tuesday, August 24th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.11. The firm had revenue of $272.20 million for the quarter, compared to analyst estimates of $256.74 million. Snowflake had a negative net margin of 89.38% and a negative return on equity of 15.26%. The business’s revenue for the quarter was up 104.5% compared to the same quarter last year. On average, research analysts forecast that Snowflake Inc. will post -2.11 EPS for the current fiscal year.

In other Snowflake news, Director Mark Garrett sold 1,005 shares of the stock in a transaction dated Friday, June 18th. The shares were sold at an average price of $250.00, for a total transaction of $251,250.00. Following the sale, the director now owns 1,005 shares of the company’s stock, valued at approximately $251,250. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Benoit Dageville sold 12,272 shares of the company’s stock in a transaction dated Tuesday, June 22nd. The shares were sold at an average price of $250.00, for a total transaction of $3,068,000.00. The disclosure for this sale can be found here. Insiders sold a total of 1,119,089 shares of company stock worth $308,609,521 in the last three months. Insiders own 11.30% of the company’s stock.

A number of analysts recently commented on SNOW shares. UBS Group boosted their target price on shares of Snowflake from $275.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, June 8th. Barclays boosted their target price on shares of Snowflake from $270.00 to $295.00 and gave the stock an “equal weight” rating in a report on Thursday, August 26th. They noted that the move was a valuation call. Piper Sandler boosted their target price on shares of Snowflake from $290.00 to $305.00 and gave the stock an “overweight” rating in a report on Thursday, August 26th. Loop Capital lifted their target price on shares of Snowflake from $250.00 to $295.00 and gave the stock a “hold” rating in a research report on Thursday, August 26th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Snowflake from $265.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, August 26th. Two equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Snowflake currently has an average rating of “Hold” and an average target price of $296.36.

Snowflake Company Profile

Snowflake Inc provides cloud-based data platform in the United States and internationally. The company's platform offers Data Cloud, an ecosystem that enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data.

Read More: Initial Coin Offering (ICO)

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Institutional Ownership by Quarter for Snowflake (NYSE:SNOW)

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