Bangor Savings Bank Cuts Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Bangor Savings Bank trimmed its position in Snowflake Inc. (NYSE:SNOW) by 2.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,868 shares of the company’s stock after selling 212 shares during the quarter. Bangor Savings Bank’s holdings in Snowflake were worth $1,133,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of SNOW. Vanguard Group Inc. lifted its position in Snowflake by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock valued at $3,439,842,000 after acquiring an additional 297,428 shares during the period. Jennison Associates LLC lifted its stake in Snowflake by 3.7% during the 1st quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock valued at $1,132,568,000 after acquiring an additional 249,249 shares during the period. Legal & General Group Plc boosted its holdings in shares of Snowflake by 11.5% during the 2nd quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock valued at $293,838,000 after acquiring an additional 223,936 shares during the last quarter. Swedbank AB bought a new stake in shares of Snowflake in the first quarter worth approximately $258,957,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of Snowflake by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 1,599,983 shares of the company’s stock valued at $216,142,000 after purchasing an additional 8,743 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

Insider Buying and Selling

In related news, EVP Christian Kleinerman sold 861 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total value of $95,924.01. Following the completion of the sale, the executive vice president now directly owns 751,755 shares in the company, valued at $83,753,024.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Snowflake news, Director Frank Slootman sold 1,606 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the transaction, the director now directly owns 218,246 shares in the company, valued at $23,998,330.16. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 861 shares of Snowflake stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $111.41, for a total value of $95,924.01. Following the sale, the executive vice president now directly owns 751,755 shares of the company’s stock, valued at approximately $83,753,024.55. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,538 shares of company stock worth $3,449,994. Corporate insiders own 7.80% of the company’s stock.

Analysts Set New Price Targets

SNOW has been the subject of a number of research analyst reports. Loop Capital cut their target price on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a research report on Wednesday, August 21st. Wells Fargo & Company cut their price objective on Snowflake from $130.00 to $125.00 and set an “equal weight” rating for the company in a report on Thursday, August 22nd. UBS Group lowered their target price on Snowflake from $155.00 to $125.00 and set a “neutral” rating on the stock in a report on Tuesday, September 24th. Evercore ISI dropped their price objective on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Finally, Morgan Stanley restated an “equal weight” rating and set a $175.00 target price on shares of Snowflake in a research report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, Snowflake has a consensus rating of “Moderate Buy” and an average target price of $174.74.

Snowflake Price Performance

NYSE SNOW opened at $113.82 on Tuesday. The stock has a market capitalization of $38.11 billion, a PE ratio of -40.65 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 business has a 50 day simple moving average of $117.12 and a two-hundred day simple moving average of $135.75.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The company had revenue of $868.80 million for the quarter, compared to the consensus estimate of $851.72 million. During the same quarter in the prior year, the firm earned ($0.52) earnings per share. Snowflake’s revenue was up 28.9% on a year-over-year basis. On average, analysts anticipate that Snowflake Inc. will post -2.41 EPS for the current fiscal year.

Snowflake Company 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.