Hershey Trust Co. Grows Stock Position in Snowflake Inc. $SNOW

Key Points

• Hershey Trust Co. increased its stake in Snowflake Inc. by 315.1% in the first quarter, adding 24,546 shares for a total of 32,336 shares valued at approximately $4.73 million.
• Major investors like Vanguard Group, Price T Rowe Associates, and Goldman Sachs have also increased their holdings in Snowflake, indicating strong interest from institutional investors.
• Insider trading is notable, as Director Frank Slootman sold over 256,000 shares, reducing his holdings by 60.74%, while insiders collectively sold shares worth about $555.7 million in the last ninety days.

Hershey Trust Co. boosted its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 315.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 32,336 shares of the company's stock after purchasing an additional 24,546 shares during the quarter. Snowflake comprises 0.0% of Hershey Trust Co.'s holdings, making the stock its 4th largest holding. Hershey Trust Co.'s holdings in Snowflake were worth $4,726,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Snowflake by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company's stock valued at $3,974,705,000 after buying an additional 316,573 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Snowflake by 19.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company's stock valued at $691,693,000 after purchasing an additional 763,673 shares in the last quarter. Nuveen LLC bought a new position in Snowflake during the 1st quarter valued at approximately $555,847,000. Goldman Sachs Group Inc. boosted its stake in Snowflake by 22.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock valued at $524,293,000 after purchasing an additional 650,775 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Snowflake by 26.5% in the 1st quarter. Invesco Ltd. now owns 3,088,288 shares of the company's stock worth $451,384,000 after buying an additional 647,176 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Frank Slootman sold 256,046 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $227.15, for a total value of $58,160,848.90. Following the completion of the sale, the director directly owned 165,507 shares of the company's stock, valued at $37,594,915.05. This trade represents a 60.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Teresa Briggs sold 1,146 shares of the business's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $217.74, for a total value of $249,530.04. Following the completion of the transaction, the director directly owned 4,474 shares of the company's stock, valued at approximately $974,168.76. This trade represents a 20.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,516,826 shares of company stock worth $555,691,052 in the last ninety days. 6.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on SNOW shares. JPMorgan Chase & Co. lifted their price objective on Snowflake from $210.00 to $225.00 and gave the company an "overweight" rating in a research report on Thursday, May 22nd. Barclays reaffirmed an "overweight" rating and set a $219.00 target price (up previously from $203.00) on shares of Snowflake in a research note on Thursday, May 22nd. KeyCorp reiterated an "overweight" rating on shares of Snowflake in a report on Wednesday, June 25th. HSBC downgraded Snowflake from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, Jefferies Financial Group boosted their price objective on shares of Snowflake from $220.00 to $250.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Three research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Snowflake presently has a consensus rating of "Moderate Buy" and an average price target of $230.22.

Snowflake Stock Performance

NYSE SNOW opened at $195.1170 on Tuesday. The stock has a 50-day moving average of $210.82 and a two-hundred day moving average of $184.98. The company has a market cap of $65.14 billion, a P/E ratio of -46.35 and a beta of 1.22. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $229.27. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58.

About Snowflake

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.

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