TrueMark Investments LLC Reduces Stock Position in Snowflake Inc. (NYSE:SNOW)

TrueMark Investments LLC lessened its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 7.6% during the fourth quarter, Holdings Channel reports. The firm owned 12,811 shares of the company’s stock after selling 1,048 shares during the quarter. TrueMark Investments LLC’s holdings in Snowflake were worth $1,978,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Jennison Associates LLC increased its stake in shares of Snowflake by 92.2% during the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock valued at $1,179,230,000 after buying an additional 3,662,671 shares during the period. State Street Corp boosted its holdings in Snowflake by 0.8% in the third quarter. State Street Corp now owns 6,867,097 shares of the company’s stock valued at $788,755,000 after acquiring an additional 54,909 shares in the last quarter. GQG Partners LLC purchased a new position in Snowflake during the 4th quarter valued at $750,572,000. Geode Capital Management LLC raised its holdings in Snowflake by 3.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock worth $475,894,000 after purchasing an additional 138,663 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its position in shares of Snowflake by 27.9% in the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after purchasing an additional 881,700 shares during the period. Institutional investors own 65.10% of the company’s stock.

Snowflake Stock Performance

Shares of SNOW opened at $162.86 on Wednesday. Snowflake Inc. has a one year low of $107.13 and a one year high of $194.40. The firm has a market capitalization of $53.76 billion, a P/E ratio of -48.04 and a beta of 1.07. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The business has a fifty day moving average of $172.75 and a 200 day moving average of $150.63.

Insider Buying and Selling

In related news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $186.50, for a total value of $2,797,500.00. Following the completion of the sale, the executive vice president now directly owns 552,930 shares of the company’s stock, valued at approximately $103,121,445. This represents a 2.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 100,000 shares of Snowflake stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $155.00, for a total transaction of $15,500,000.00. Following the transaction, the director now directly owns 195,281 shares in the company, valued at $30,268,555. This represents a 33.87 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 303,968 shares of company stock valued at $50,900,550. 7.80% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on SNOW shares. UBS Group boosted their price target on shares of Snowflake from $190.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, February 27th. KeyCorp upped their target price on Snowflake from $210.00 to $220.00 and gave the stock an “overweight” rating in a report on Thursday, February 27th. Royal Bank of Canada raised their target price on Snowflake from $210.00 to $221.00 and gave the company an “outperform” rating in a research note on Thursday, February 27th. Scotiabank upped their price target on Snowflake from $170.00 to $220.00 and gave the stock a “sector outperform” rating in a research note on Monday, December 9th. Finally, Mizuho raised their price objective on Snowflake from $195.00 to $205.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Nine equities research analysts have rated the stock with a hold rating, thirty have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and an average price target of $205.08.

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.