Woodline Partners LP Boosts Stock Position in Snowflake Inc. (NYSE:SNOW)

Woodline Partners LP lifted its holdings in Snowflake Inc. (NYSE:SNOW) by 0.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 504,307 shares of the company’s stock after purchasing an additional 2,677 shares during the quarter. Woodline Partners LP’s holdings in Snowflake were worth $77,870,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Stonebridge Financial Group LLC bought a new stake in Snowflake in the fourth quarter worth $29,000. West Paces Advisors Inc. bought a new stake in Snowflake in the fourth quarter worth $31,000. Spurstone Advisory Services LLC bought a new stake in Snowflake in the fourth quarter worth $31,000. Quadrant Capital Group LLC lifted its position in Snowflake by 74.6% in the fourth quarter. Quadrant Capital Group LLC now owns 213 shares of the company’s stock worth $33,000 after buying an additional 91 shares during the last quarter. Finally, Colonial Trust Co SC bought a new stake in Snowflake in the fourth quarter worth $33,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SNOW. Macquarie initiated coverage on Snowflake in a research report on Wednesday, April 2nd. They issued a “neutral” rating and a $160.00 price target for the company. Daiwa Capital Markets initiated coverage on Snowflake in a research report on Tuesday, April 1st. They set a “buy” rating and a $210.00 target price for the company. Guggenheim reiterated a “neutral” rating on shares of Snowflake in a research report on Thursday, February 27th. Mizuho lifted their target price on Snowflake from $190.00 to $205.00 and gave the stock an “outperform” rating in a research report on Thursday, May 15th. Finally, Bank of America lifted their target price on Snowflake from $185.00 to $205.00 and gave the stock a “neutral” rating in a research report on Thursday, February 20th. Ten equities 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 stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $199.86.

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 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 shares were sold at an average price of $171.75, for a total value of $2,576,250.00. Following the completion of the sale, the executive vice president now owns 594,975 shares in the company, valued at approximately $102,186,956.25. This represents a 2.46% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 356,963 shares of company stock worth $58,204,058. Insiders own 7.80% of the company’s stock.

Snowflake Price Performance

Shares of SNOW stock opened at $181.81 on Tuesday. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $194.40. The firm has a market capitalization of $60.02 billion, a price-to-earnings ratio of -53.63 and a beta of 1.11. 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 stock’s 50-day simple moving average is $156.24 and its 200-day simple moving average is $162.11.

Snowflake 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.