Bank of America Corp DE Has $85.83 Million Stock Position in Snowflake Inc. (NYSE:SNOW)

Posted by Defense World Staff on Jun 4th, 2023

Bank of America Corp DE decreased its stake in Snowflake Inc. (NYSE:SNOW – Get Rating) by 32.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 597,963 shares of the company’s stock after selling 287,152 shares during the period. Bank of America Corp DE owned approximately 0.19% of Snowflake worth $85,832,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. BlackRock Inc. boosted its stake in Snowflake by 25.7% during the third quarter. BlackRock Inc. now owns 12,567,822 shares of the company’s stock worth $2,136,029,000 after buying an additional 2,569,953 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Snowflake by 8.3% during the third quarter. Vanguard Group Inc. now owns 17,293,889 shares of the company’s stock valued at $2,939,269,000 after acquiring an additional 1,327,410 shares during the period. State Street Corp lifted its holdings in shares of Snowflake by 30.6% during the third quarter. State Street Corp now owns 5,657,938 shares of the company’s stock valued at $961,623,000 after acquiring an additional 1,324,033 shares during the period. Renaissance Technologies LLC bought a new position in shares of Snowflake during the first quarter valued at $176,499,000. Finally, Bank of Montreal Can lifted its holdings in shares of Snowflake by 11,112.4% during the fourth quarter. Bank of Montreal Can now owns 761,993 shares of the company’s stock valued at $109,376,000 after acquiring an additional 755,197 shares during the period. Institutional investors and hedge funds own 65.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on SNOW shares. JMP Securities cut their price objective on Snowflake from $215.00 to $200.00 in a report on Thursday, May 25th. Morgan Stanley cut their price target on Snowflake from $225.00 to $215.00 and set an “overweight” rating for the company in a report on Friday, March 3rd. Wolfe Research cut Snowflake from an “outperform” rating to a “peer perform” rating in a report on Thursday, May 25th. Wells Fargo & Company lifted their price target on Snowflake from $170.00 to $200.00 in a report on Tuesday, May 23rd. Finally, Sanford C. Bernstein cut their price target on Snowflake from $157.00 to $148.00 in a report on Friday, May 26th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $183.17.

Insider Buying and Selling at Snowflake

In other Snowflake news, CEO Frank Slootman sold 1,701 shares of the company’s stock in a transaction on 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 this link. In other news, insider Benoit Dageville sold 13,182 shares of the stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $180.00, for a total transaction of $2,372,760.00. Following the sale, the insider now directly owns 43,063 shares of the company’s stock, valued at approximately $7,751,340. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Frank Slootman sold 1,701 shares of the stock in a transaction on Thursday, March 9th. The stock was sold at an average price of $141.38, for a total value of $240,487.38. Following the sale, the chief executive officer now directly owns 130,241 shares in the company, valued at $18,413,472.58. The disclosure for this sale can be found here. Insiders have sold a total of 299,248 shares of company stock valued at $42,726,358 in the last ninety days. 8.30% of the stock is currently owned by corporate insiders.

Snowflake Stock Performance

SNOW opened at $175.21 on Friday. The stock’s fifty day simple moving average is $154.13 and its 200 day simple moving average is $148.70. Snowflake Inc. has a 1-year low of $110.26 and a 1-year high of $205.66.

Snowflake (NYSE:SNOW – Get Rating) last issued 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). Snowflake had a negative net margin of 37.78% and a negative return on equity of 14.72%. The firm had revenue of $589.01 million during the quarter, compared to analyst estimates of $571.57 million. As a group, research analysts expect that Snowflake Inc. will post -1.48 earnings per share for the current fiscal 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.