Pinnacle Investment Management Ltd Invests $3.09 Million in Snowflake Inc. (NYSE:SNOW)

Pinnacle Investment Management Ltd acquired a new stake in shares of Snowflake Inc. (NYSE:SNOW) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 20,000 shares of the company’s stock, valued at approximately $3,088,000. Snowflake accounts for about 2.3% of Pinnacle Investment Management Ltd’s investment portfolio, making the stock its 6th largest position.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Snowflake during the fourth quarter valued at approximately $988,950,000. GQG Partners LLC purchased a new position in Snowflake during the fourth quarter valued at $750,572,000. Jennison Associates LLC grew its stake in 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 acquiring an additional 3,662,671 shares in the last quarter. FMR LLC increased its holdings in Snowflake by 84.9% in the 4th quarter. FMR LLC now owns 6,108,123 shares of the company’s stock valued at $943,155,000 after acquiring an additional 2,805,425 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in Snowflake by 124.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company’s stock worth $612,817,000 after purchasing an additional 2,200,406 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the business’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 completion of the sale, the executive vice president now directly owns 594,975 shares in the company, valued at approximately $102,186,956.25. The trade was a 2.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael L. Speiser sold 403 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $168.01, for a total value of $67,708.03. Following the transaction, the director now directly owns 25,972 shares of the company’s stock, valued at $4,363,555.72. The trade was a 1.53% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 356,963 shares of company stock valued at $58,204,058. 7.80% of the stock is owned by company insiders.

Snowflake Stock Up 0.4%

Shares of SNOW stock opened at $182.81 on Wednesday. The firm has a market capitalization of $60.35 billion, a PE ratio of -53.93 and a beta of 1.11. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $194.40. The stock’s 50-day simple moving average is $156.90 and its 200-day simple moving average is $162.25. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. BTIG Research upgraded Snowflake from a “neutral” rating to a “buy” rating and set a $220.00 price target for the company in a report on Thursday, February 20th. UBS Group boosted their price objective on Snowflake from $190.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, February 27th. Mizuho upped their price target on shares of Snowflake from $190.00 to $205.00 and gave the company an “outperform” rating in a report on Thursday, May 15th. Monness Crespi & Hardt increased their target price on Snowflake from $188.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday, February 27th. Finally, DA Davidson decreased their price target on shares of Snowflake from $225.00 to $200.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus price target of $201.00.

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.