Bank of Nova Scotia Grows Holdings in Snowflake Inc. (NYSE:SNOW)

Posted by Defense World Staff on May 24th, 2023

Bank of Nova Scotia increased its stake in Snowflake Inc. (NYSE:SNOW – Get Rating) by 56.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,445 shares of the company’s stock after buying an additional 1,960 shares during the period. Bank of Nova Scotia’s holdings in Snowflake were worth $782,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. lifted its position in shares of Snowflake by 79.2% during the first quarter. PNC Financial Services Group Inc. now owns 4,293 shares of the company’s stock worth $984,000 after purchasing an additional 1,897 shares during the last quarter. MetLife Investment Management LLC acquired a new position in shares of Snowflake in the 1st quarter worth approximately $2,880,000. Panagora Asset Management Inc. raised its position in shares of Snowflake by 24.8% during the 1st quarter. Panagora Asset Management Inc. now owns 2,718 shares of the company’s stock valued at $623,000 after acquiring an additional 540 shares in the last quarter. Raymond James Trust N.A. bought a new position in Snowflake during the first quarter worth $362,000. Finally, Cibc World Market Inc. boosted its holdings in Snowflake by 37.2% in the first quarter. Cibc World Market Inc. now owns 13,959 shares of the company’s stock worth $3,198,000 after purchasing an additional 3,783 shares during the period. 65.31% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SNOW has been the subject of several research reports. TD Cowen decreased their price target on shares of Snowflake from $225.00 to $205.00 and set an “outperform” rating for the company in a report on Thursday, March 2nd. Mizuho dropped their price target on Snowflake from $195.00 to $185.00 and set a “buy” rating on the stock in a research report on Thursday, March 2nd. StockNews.com assumed coverage on Snowflake in a research report on Thursday, May 18th. They set a “sell” rating for the company. Morgan Stanley lowered their price objective on Snowflake from $225.00 to $215.00 and set an “overweight” rating for the company in a research note on Friday, March 3rd. Finally, JMP Securities reiterated a “market outperform” rating and issued a $215.00 target price on shares of Snowflake in a research note on Thursday, March 2nd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-eight have given a buy rating to the company. According to MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and an average price target of $186.00.

Insider Activity at Snowflake

In other Snowflake news, CEO Frank Slootman sold 1,701 shares of the stock in a transaction that occurred on Thursday, March 9th. The shares were sold at an average price of $141.38, for a total value of $240,487.38. Following the completion of the sale, the chief executive officer now owns 130,241 shares in the company, valued at approximately $18,413,472.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Snowflake news, CEO Frank Slootman sold 1,701 shares of the company’s stock in a transaction dated Thursday, March 9th. The stock was sold at an average price of $141.38, for a total value of $240,487.38. Following the transaction, the chief executive officer now directly owns 130,241 shares of the company’s stock, valued at approximately $18,413,472.58. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Benoit Dageville sold 13,182 shares of Snowflake stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $180.00, for a total value of $2,372,760.00. Following the sale, the insider now owns 43,063 shares of the company’s stock, valued at $7,751,340. The disclosure for this sale can be found here. Over the last three months, insiders have sold 309,301 shares of company stock valued at $44,133,577. Corporate insiders own 8.90% of the company’s stock.

Snowflake Stock Down 1.9 %

Shares of Snowflake stock opened at $175.16 on Wednesday. Snowflake Inc. has a 12 month low of $110.26 and a 12 month high of $205.66. The business has a fifty day simple moving average of $150.37 and a 200-day simple moving average of $147.77.

Snowflake (NYSE:SNOW – Get Rating) last announced its quarterly earnings data on Wednesday, March 1st. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.12). The business had revenue of $589.01 million for the quarter, compared to analyst estimates of $571.57 million. Snowflake had a negative return on equity of 13.87% and a negative net margin of 38.57%. As a group, equities research analysts expect that Snowflake Inc. will post -1.63 EPS for the current year.

Snowflake Company Profile

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Snowflake Inc provides a cloud-based data platform in the United States and internationally. The company's 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. Its platform is used by various organizations of sizes in a range of industries.