PNC Financial Services Group Inc. Trims Stock Position in Snowflake Inc. (NYSE:SNOW)

PNC Financial Services Group Inc. trimmed its holdings in Snowflake Inc. (NYSE:SNOW) by 24.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. 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 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Snowflake during the 3rd quarter valued at approximately $1,292,000. Swiss National Bank increased its holdings in Snowflake by 0.4% in the third quarter. Swiss National Bank now owns 894,300 shares of the company’s stock valued at $102,719,000 after buying an additional 3,800 shares in the last quarter. Empowered Funds LLC raised its position in shares of Snowflake by 8.8% in the third quarter. Empowered Funds LLC now owns 6,013 shares of the company’s stock worth $691,000 after acquiring an additional 487 shares during the period. CIBC Asset Management Inc boosted its stake in shares of Snowflake by 4.9% during the 3rd quarter. CIBC Asset Management Inc now owns 11,705 shares of the company’s stock worth $1,344,000 after acquiring an additional 544 shares in the last quarter. Finally, OneDigital Investment Advisors LLC grew its position in shares of Snowflake by 24.2% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,154 shares of the company’s stock valued at $362,000 after acquiring an additional 614 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 45,896 shares of Snowflake stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $176.06, for a total value of $8,080,449.76. Following the completion of the transaction, the director now owns 208,735 shares in the company, valued at approximately $36,749,884.10. This trade represents a 18.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CRO Christopher William Degnan sold 76,692 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $168.42, for a total transaction of $12,916,466.64. Following the sale, the executive now owns 346,741 shares in the company, valued at $58,398,119.22. The trade was a 18.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 182,126 shares of company stock worth $28,058,461. Corporate insiders own 7.80% of the company’s stock.

Snowflake Price Performance

Shares of NYSE:SNOW opened at $171.19 on Wednesday. The firm has a market capitalization of $57.38 billion, a PE 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. The firm’s 50-day moving average is $122.43 and its two-hundred day moving average is $128.01.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Wells Fargo & Company increased their price target on Snowflake from $125.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 21st. KeyCorp increased their target price on Snowflake from $150.00 to $185.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Rosenblatt Securities restated a “buy” rating and set a $180.00 price objective on shares of Snowflake in a research report on Tuesday, November 19th. JMP Securities decreased their price objective on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating on the stock in a report on Thursday, August 22nd. Finally, HSBC raised shares of Snowflake from a “reduce” rating to a “hold” rating and boosted their target price for the stock from $119.00 to $121.00 in a research note on Friday, August 23rd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus target price of $181.09.

Snowflake 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.