Two Sigma Advisers LP Sells 1,338,400 Shares of Snowflake Inc. (NYSE:SNOW)

Two Sigma Advisers LP lessened its position in Snowflake Inc. (NYSE:SNOW) by 33.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 2,704,800 shares of the company’s stock after selling 1,338,400 shares during the period. Snowflake comprises about 1.0% of Two Sigma Advisers LP’s portfolio, making the stock its 19th biggest holding. Two Sigma Advisers LP’s holdings in Snowflake were worth $417,648,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of SNOW. Park Avenue Securities LLC grew its position in shares of Snowflake by 50.7% in the 4th quarter. Park Avenue Securities LLC now owns 13,000 shares of the company’s stock valued at $2,007,000 after acquiring an additional 4,373 shares during the period. Wealthcare Advisory Partners LLC grew its position in shares of Snowflake by 2.0% in the 4th quarter. Wealthcare Advisory Partners LLC now owns 12,421 shares of the company’s stock valued at $1,918,000 after acquiring an additional 241 shares during the period. Merit Financial Group LLC bought a new position in shares of Snowflake in the 4th quarter valued at about $493,000. Lake Street Private Wealth LLC bought a new position in shares of Snowflake in the 4th quarter valued at about $222,000. Finally, HB Wealth Management LLC bought a new position in shares of Snowflake in the 4th quarter valued at about $397,000. Institutional investors own 65.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SNOW. Rosenblatt Securities lifted their price objective on shares of Snowflake from $186.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Canaccord Genuity Group lifted their target price on shares of Snowflake from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Oppenheimer lifted their target price on shares of Snowflake from $200.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, February 27th. Evercore ISI lifted their target price on shares of Snowflake from $190.00 to $200.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, Wolfe Research raised shares of Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 target price for the company in a report on Tuesday, February 18th. Ten research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $200.28.

Insider Transactions at Snowflake

In related news, CFO Michael Scarpelli sold 300,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the completion of the transaction, the chief financial officer now directly owns 292,610 shares in the company, valued at $47,756,878.10. This represents a 50.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $171.75, for a total transaction of $2,576,250.00. Following the transaction, the executive vice president now owns 594,975 shares of the company’s stock, valued at approximately $102,186,956.25. This represents a 2.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 356,963 shares of company stock valued at $58,204,058. Company insiders own 7.80% of the company’s stock.

Snowflake Stock Performance

Shares of Snowflake stock opened at $183.01 on Monday. The company has a 50 day moving average of $155.65 and a 200-day moving average of $161.65. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $194.40. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The company has a market cap of $60.41 billion, a PE ratio of -53.98 and a beta of 1.11.

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.