Wellington Management Group LLP Acquires 85,843 Shares of Snowflake Inc. $SNOW

Key Points

• Wellington Management Group LLP increased its stake in Snowflake Inc. by 79.1%, owning 194,370 shares valued at approximately $28.4 million as of their latest SEC filing.
• Several hedge funds significantly boosted their positions in Snowflake during the 4th quarter, with Brighton Jones LLC increasing its stake by 90.0% and Boothbay Fund Management LLC by 212.5%.
• Wall Street analysts maintain an optimistic outlook for Snowflake, with an average target price of $230.22 and a consensus rating of "Moderate Buy."

Wellington Management Group LLP raised its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 79.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 194,370 shares of the company's stock after buying an additional 85,843 shares during the period. Wellington Management Group LLP owned about 0.06% of Snowflake worth $28,409,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in SNOW. Brighton Jones LLC boosted its position in Snowflake by 90.0% during the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock valued at $9,556,000 after buying an additional 29,320 shares during the period. MGO One Seven LLC boosted its holdings in shares of Snowflake by 34.0% during the fourth quarter. MGO One Seven LLC now owns 2,552 shares of the company's stock worth $394,000 after purchasing an additional 648 shares during the period. Boothbay Fund Management LLC boosted its holdings in shares of Snowflake by 212.5% during the fourth quarter. Boothbay Fund Management LLC now owns 24,067 shares of the company's stock worth $3,716,000 after purchasing an additional 16,365 shares during the period. Oak Wealth Advisors LLC purchased a new stake in shares of Snowflake during the fourth quarter worth about $736,000. Finally, Mission Creek Capital Partners Inc. purchased a new stake in shares of Snowflake during the fourth quarter worth about $4,449,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Stock Down 1.7%

Shares of SNOW traded down $4.07 on Friday, hitting $236.93. 8,738,384 shares of the stock traded hands, compared to its average volume of 5,318,237. The company has a market capitalization of $79.10 billion, a PE ratio of -57.17 and a beta of 1.22. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. The business has a 50 day simple moving average of $210.88 and a 200 day simple moving average of $185.53. Snowflake Inc. has a one year low of $107.13 and a one year high of $249.99.

Wall Street Analyst Weigh In

SNOW has been the subject of a number of analyst reports. Citigroup reiterated an "outperform" rating on shares of Snowflake in a report on Thursday. Wells Fargo & Company increased their target price on shares of Snowflake from $250.00 to $275.00 and gave the stock an "overweight" rating in a report on Thursday. Rosenblatt Securities increased their price target on shares of Snowflake from $210.00 to $250.00 and gave the stock a "buy" rating in a research note on Thursday. UBS Group increased their price target on shares of Snowflake from $250.00 to $285.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, BTIG Research increased their price target on shares of Snowflake from $235.00 to $276.00 and gave the stock a "buy" rating in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Snowflake has a consensus rating of "Moderate Buy" and an average target price of $255.53.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $216.00, for a total value of $2,160,000.00. Following the sale, the executive vice president owned 537,336 shares in the company, valued at approximately $116,064,576. This trade represents a 1.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction on Friday, August 1st. The stock was sold at an average price of $208.69, for a total transaction of $84,102.07. Following the transaction, the director owned 26,136 shares in the company, valued at $5,454,321.84. This represents a 1.52% decrease in their position. 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. Company insiders own 6.80% of the company's stock.

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.