Truist Financial Corp Boosts Stock Position in Snowflake Inc. (NYSE:SNOW)

Truist Financial Corp increased its stake in shares of Snowflake Inc. (NYSE:SNOW) by 33.1% in the fourth quarter, HoldingsChannel reports. The firm owned 41,820 shares of the company’s stock after buying an additional 10,409 shares during the quarter. Truist Financial Corp’s holdings in Snowflake were worth $6,457,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Stonebridge Financial Group LLC purchased a new stake in Snowflake during the 4th quarter worth about $29,000. Groupama Asset Managment purchased a new stake in Snowflake during the 3rd quarter worth about $25,000. Perkins Coie Trust Co increased its position in Snowflake by 136.3% during the 4th quarter. Perkins Coie Trust Co now owns 241 shares of the company’s stock worth $37,000 after purchasing an additional 139 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in Snowflake by 1,437.5% in the 4th quarter. Geneos Wealth Management Inc. now owns 246 shares of the company’s stock valued at $38,000 after buying an additional 230 shares during the period. Finally, Union Bancaire Privee UBP SA purchased a new stake in Snowflake in the 4th quarter valued at about $38,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on SNOW shares. TD Cowen lifted their price target on Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Piper Sandler lifted their price target on Snowflake from $185.00 to $208.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Royal Bank of Canada lifted their price target on Snowflake from $175.00 to $188.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. KeyCorp lifted their price target on Snowflake from $185.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and an average target price of $193.43.

Snowflake Stock Performance

Shares of SNOW opened at $177.79 on Friday. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $235.66. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The firm has a market cap of $58.69 billion, a price-to-earnings ratio of -52.45 and a beta of 1.07. The business’s 50 day moving average is $172.88 and its two-hundred day moving average is $143.96.

Insider Activity

In other news, Director Frank Slootman sold 127,247 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $176.25, for a total value of $22,427,283.75. Following the completion of the sale, the director now directly owns 195,281 shares in the company, valued at approximately $34,418,276.25. The trade was a 39.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $180.00, for a total value of $2,700,000.00. Following the completion of the sale, the executive vice president now owns 691,755 shares of the company’s stock, valued at $124,515,900. This trade represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 394,345 shares of company stock worth $67,286,835. 7.80% of the stock is currently owned by insiders.

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.