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

Truist Financial Corp trimmed its position in shares of Snowflake Inc. (NYSE:SNOW) by 50.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,094 shares of the company’s stock after selling 26,389 shares during the quarter. Truist Financial Corp’s holdings in Snowflake were worth $5,193,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Commonwealth Equity Services LLC grew its position in Snowflake by 6.2% in the 3rd quarter. Commonwealth Equity Services LLC now owns 53,359 shares of the company’s stock worth $8,152,000 after purchasing an additional 3,124 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Snowflake by 28.2% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 89,735 shares of the company’s stock valued at $13,709,000 after acquiring an additional 19,745 shares in the last quarter. Stratos Wealth Partners LTD. increased its position in shares of Snowflake by 139.8% during the third quarter. Stratos Wealth Partners LTD. now owns 4,818 shares of the company’s stock valued at $736,000 after acquiring an additional 2,809 shares during the last quarter. Telemus Capital LLC lifted its holdings in Snowflake by 13.2% during the third quarter. Telemus Capital LLC now owns 2,379 shares of the company’s stock worth $363,000 after acquiring an additional 278 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Snowflake by 3.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 59,244 shares of the company’s stock worth $9,051,000 after purchasing an additional 2,232 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Raymond James lifted their target price on Snowflake from $190.00 to $223.00 and gave the stock an “outperform” rating in a research note on Friday, February 2nd. UBS Group increased their target price on shares of Snowflake from $185.00 to $225.00 and gave the company a “neutral” rating in a research report on Thursday, February 22nd. HSBC reaffirmed a “reduce” rating on shares of Snowflake in a report on Thursday, February 29th. Bank of America reduced their price objective on Snowflake from $265.00 to $212.00 and set a “neutral” rating for the company in a report on Thursday, February 29th. Finally, BNP Paribas raised Snowflake from a “neutral” rating to an “outperform” rating and set a $200.00 price target on the stock in a research report on Thursday. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $202.77.

Snowflake Stock Up 1.0 %

SNOW stock opened at $159.32 on Monday. The firm’s fifty day moving average is $163.20 and its 200 day moving average is $179.12. Snowflake Inc. has a 52 week low of $138.40 and a 52 week high of $237.72.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.05. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. The firm had revenue of $774.70 million for the quarter, compared to analysts’ expectations of $759.86 million. On average, research analysts forecast that Snowflake Inc. will post -1.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Frank Slootman sold 86,078 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $225.13, for a total transaction of $19,378,740.14. Following the completion of the sale, the chief executive officer now owns 180,143 shares of the company’s stock, valued at $40,555,593.59. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, SVP Christian Kleinerman sold 1,500 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $230.00, for a total value of $345,000.00. Following the completion of the sale, the senior vice president now owns 725,067 shares of the company’s stock, valued at $166,765,410. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Frank Slootman sold 86,078 shares of Snowflake stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $225.13, for a total transaction of $19,378,740.14. Following the completion of the sale, the chief executive officer now owns 180,143 shares in the company, valued at approximately $40,555,593.59. The disclosure for this sale can be found here. Insiders have sold 158,458 shares of company stock valued at $31,585,640 in the last ninety days. Company insiders own 8.30% of the company’s stock.

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.