Next Century Growth Investors LLC Invests $4.52 Million in Snowflake Inc. $SNOW

Key Points

• Next Century Growth Investors LLC has invested approximately $4.52 million in Snowflake Inc., acquiring 30,893 shares in the process.
• Several large investors, including Goldman Sachs and Berkshire Capital Holdings, have increased their stakes in Snowflake, indicating growing institutional confidence in the company.
• Analyst ratings for Snowflake are generally positive, with Cantor Fitzgerald setting a new price target of $242 and a consensus average target of $230.22 among investment analysts.

Next Century Growth Investors LLC bought a new position in Snowflake Inc. (NYSE:SNOW - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 30,893 shares of the company's stock, valued at approximately $4,515,000.

Other large investors have also made changes to their positions in the company. Goldman Sachs Group Inc. increased its holdings in shares of Snowflake by 22.2% in 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 in the last quarter. CenterBook Partners LP purchased a new position in shares of Snowflake in the 1st quarter valued at about $2,381,000. Berkshire Capital Holdings Inc. increased its holdings in shares of Snowflake by 71,500.0% in the 1st quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company's stock valued at $1,047,000 after purchasing an additional 7,150 shares in the last quarter. Lyell Wealth Management LP increased its holdings in shares of Snowflake by 5.1% in the 1st quarter. Lyell Wealth Management LP now owns 60,685 shares of the company's stock valued at $8,870,000 after purchasing an additional 2,955 shares in the last quarter. Finally, ORG Wealth Partners LLC purchased a new position in shares of Snowflake in the 1st quarter valued at about $898,000. Hedge funds and other institutional investors own 65.10% of the company's stock.

Analyst Ratings Changes

SNOW has been the subject of a number of research analyst reports. Cantor Fitzgerald increased their price target on shares of Snowflake from $183.00 to $242.00 and gave the company an "overweight" rating in a report on Thursday, May 22nd. Piper Sandler restated an "overweight" rating and set a $215.00 target price (up from $175.00) on shares of Snowflake in a report on Wednesday, May 21st. Monness Crespi & Hardt raised their target price on shares of Snowflake from $230.00 to $245.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. Robert W. Baird raised their target price on shares of Snowflake from $200.00 to $215.00 and gave the company an "outperform" rating in a report on Thursday, May 22nd. Finally, Hsbc Global Res downgraded shares of Snowflake from a "hold" rating to a "strong sell" rating in a report on Thursday, May 22nd. Three investment 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 assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $230.22.

Snowflake Price Performance

SNOW opened at $200.27 on Thursday. The company's 50 day simple moving average is $210.30 and its 200 day simple moving average is $185.15. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $229.27. The stock has a market capitalization of $66.86 billion, a PE ratio of -47.57 and a beta of 1.22.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 424,852 shares of Snowflake stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the transaction, the director directly owned 165,507 shares of the company's stock, valued at $36,303,960.45. The trade was a 71.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $211.35, for a total transaction of $10,638,936.30. Following the transaction, the director directly owned 37,796 shares in the company, valued at approximately $7,988,184.60. This trade represents a 57.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,516,826 shares of company stock worth $555,691,052. 6.80% of the stock is currently owned by corporate insiders.

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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