Allstate Corp Invests $1.38 Million in Snowflake Inc. (NYSE:SNOW)

Allstate Corp acquired a new stake in Snowflake Inc. (NYSE:SNOW) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,907 shares of the company’s stock, valued at approximately $1,375,000.

Several other hedge funds also recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company increased its position in shares of Snowflake by 1.9% during the third quarter. The Manufacturers Life Insurance Company now owns 33,815 shares of the company’s stock valued at $3,884,000 after acquiring an additional 633 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Snowflake by 6.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 85,707 shares of the company’s stock valued at $9,844,000 after purchasing an additional 5,252 shares during the last quarter. Fiduciary Trust Co increased its holdings in Snowflake by 59.7% in the 3rd quarter. Fiduciary Trust Co now owns 2,835 shares of the company’s stock valued at $326,000 after purchasing an additional 1,060 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Snowflake by 2.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,935,779 shares of the company’s stock valued at $222,344,000 after purchasing an additional 51,366 shares during the period. Finally, Rockefeller Capital Management L.P. lifted its stake in Snowflake by 6.6% during the third quarter. Rockefeller Capital Management L.P. now owns 150,327 shares of the company’s stock worth $17,267,000 after purchasing an additional 9,327 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SNOW has been the topic of several research analyst reports. Monness Crespi & Hardt boosted their price objective on Snowflake from $188.00 to $230.00 and gave the company a “buy” rating in a report on Thursday, February 27th. Guggenheim reiterated a “neutral” rating on shares of Snowflake in a research note on Thursday, February 27th. Stifel Nicolaus raised their price objective on shares of Snowflake from $187.00 to $210.00 and gave the company a “buy” rating in a research note on Thursday, February 27th. Barclays upped their target price on shares of Snowflake from $190.00 to $203.00 and gave the stock an “overweight” rating in a research note on Thursday, February 27th. Finally, Piper Sandler raised their price target on shares of Snowflake from $208.00 to $215.00 and gave the company an “overweight” rating in a research report on Thursday, February 27th. Nine equities research analysts have rated the stock with a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $205.08.

Insider Buying and Selling

In related news, CFO Michael Scarpelli sold 300,000 shares of the firm’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total value of $48,963,000.00. Following the completion of the sale, the chief financial officer now owns 292,610 shares in the company, valued at $47,756,878.10. This trade represents a 50.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Frank Slootman sold 127,247 shares of Snowflake stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $176.25, for a total value of $22,427,283.75. Following the completion of the sale, the director now directly owns 195,281 shares in the company, valued at $34,418,276.25. This represents a 39.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 503,968 shares of company stock valued at $84,363,550 over the last quarter. 7.80% of the stock is currently owned by insiders.

Snowflake Stock Performance

Shares of Snowflake stock opened at $150.60 on Monday. The firm’s fifty day simple moving average is $171.99 and its 200-day simple moving average is $151.58. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $194.40. 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 stock has a market capitalization of $49.71 billion, a price-to-earnings ratio of -44.42 and a beta of 1.07.

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.