IPG Investment Advisors LLC Acquires New Position in Snowflake Inc. (NYSE:SNOW)

IPG Investment Advisors LLC acquired a new stake in Snowflake Inc. (NYSE:SNOW) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,345 shares of the company’s stock, valued at approximately $362,000.

Other institutional investors have also recently bought and sold shares of the company. Jennison Associates LLC grew 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 worth $1,179,230,000 after purchasing an additional 3,662,671 shares during the period. State Street Corp grew its position in shares of Snowflake by 0.8% during the 3rd quarter. State Street Corp now owns 6,867,097 shares of the company’s stock worth $788,755,000 after buying an additional 54,909 shares during the period. Norges Bank bought a new stake in shares of Snowflake in the 4th quarter valued at about $988,950,000. GQG Partners LLC acquired a new stake in shares of Snowflake in the 4th quarter valued at approximately $750,572,000. Finally, Geode Capital Management LLC raised its position in shares of Snowflake by 3.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock valued at $475,894,000 after acquiring an additional 138,663 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Transactions at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 7,908 shares of the business’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $154.67, for a total transaction of $1,223,130.36. Following the sale, the executive vice president now owns 600,632 shares of the company’s stock, valued at approximately $92,899,751.44. The trade was a 1.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Michael Scarpelli sold 300,000 shares of the company’s stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the transaction, the chief financial officer now owns 292,610 shares of the company’s stock, valued at $47,756,878.10. This trade represents a 50.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 603,968 shares of company stock valued at $99,863,550. Corporate insiders own 7.80% of the company’s stock.

Snowflake Stock Down 4.1 %

Shares of SNOW opened at $150.60 on Friday. The firm has a 50 day simple moving average of $171.99 and a two-hundred day simple moving average of $151.30. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. Snowflake Inc. has a one year low of $107.13 and a one year high of $194.40. The company has a market cap of $49.71 billion, a P/E ratio of -44.42 and a beta of 1.07.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. StockNews.com raised shares of Snowflake from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. KeyCorp raised their price objective on Snowflake from $210.00 to $220.00 and gave the stock an “overweight” rating in a research note on Thursday, February 27th. Bank of America boosted their target price on Snowflake from $185.00 to $205.00 and gave the company a “neutral” rating in a research note on Thursday, February 20th. Royal Bank of Canada raised their price target on Snowflake from $210.00 to $221.00 and gave the stock an “outperform” rating in a research report on Thursday, February 27th. Finally, Jefferies Financial Group boosted their price objective on Snowflake from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Nine analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.