Pinebridge Investments L.P. increased its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 40.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 69,465 shares of the company's stock after acquiring an additional 19,867 shares during the quarter. Pinebridge Investments L.P.'s holdings in Snowflake were worth $10,726,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the stock. Westside Investment Management Inc. boosted its position in shares of Snowflake by 47.4% in the third quarter. Westside Investment Management Inc. now owns 12,344 shares of the company's stock worth $1,438,000 after buying an additional 3,971 shares during the period. Wilmington Savings Fund Society FSB lifted its position in shares of Snowflake by 50.3% in the third quarter. Wilmington Savings Fund Society FSB now owns 4,659 shares of the company's stock worth $535,000 after buying an additional 1,559 shares during the last quarter. Blankinship & Foster LLC acquired a new stake in shares of Snowflake in the third quarter worth $896,000. Synovus Financial Corp grew its stake in shares of Snowflake by 28.6% in the third quarter. Synovus Financial Corp now owns 6,077 shares of the company's stock worth $698,000 after acquiring an additional 1,352 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Snowflake by 1.4% in the third quarter. Franklin Resources Inc. now owns 536,588 shares of the company's stock worth $66,086,000 after acquiring an additional 7,373 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities research analysts have recently issued reports on the stock. Oppenheimer raised their price objective on shares of Snowflake from $200.00 to $220.00 and gave the stock an "outperform" rating in a research note on Thursday, February 27th. Stifel Nicolaus boosted their target price on shares of Snowflake from $187.00 to $210.00 and gave the company a "buy" rating in a research note on Thursday, February 27th. StockNews.com upgraded shares of Snowflake from a "sell" rating to a "hold" rating in a research note on Friday, February 28th. Mizuho boosted their target price on shares of Snowflake from $195.00 to $205.00 and gave the company an "outperform" rating in a research note on Wednesday, February 12th. Finally, Daiwa America upgraded shares of Snowflake to a "strong-buy" rating in a research note on Tuesday, April 1st. Ten analysts have rated the stock with a hold rating, thirty have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Snowflake currently has a consensus rating of "Moderate Buy" and an average price target of $200.27.
Read Our Latest Analysis on SNOW
Insider Buying and Selling
In related news, EVP Christian Kleinerman sold 15,000 shares of the business's stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $186.50, for a total transaction of $2,797,500.00. Following the sale, the executive vice president now owns 552,930 shares in the company, valued at $103,121,445. The trade was a 2.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Michael Scarpelli sold 300,000 shares of the business's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total value of $48,963,000.00. Following the sale, the chief financial officer now owns 292,610 shares in the company, valued at $47,756,878.10. This represents a 50.62 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 374,342 shares of company stock worth $61,578,513. Corporate insiders own 7.80% of the company's stock.
Snowflake Price Performance
Shares of NYSE SNOW traded up $1.17 during trading hours on Tuesday, hitting $160.13. 667,999 shares of the stock were exchanged, compared to its average volume of 6,386,022. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The company has a market cap of $52.86 billion, a PE ratio of -47.22 and a beta of 1.13. The company's fifty day simple moving average is $154.37 and its two-hundred day simple moving average is $156.30. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $194.40.
About Snowflake
(
Free Report)
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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