Highland Capital Management LLC Makes New $1.62 Million Investment in Snowflake Inc. (NYSE:SNOW)

Highland Capital Management LLC bought a new position in Snowflake Inc. (NYSE:SNOW - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 10,470 shares of the company's stock, valued at approximately $1,617,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. State Street Corp grew its stake in Snowflake by 0.8% in the 3rd quarter. State Street Corp now owns 6,867,097 shares of the company's stock worth $788,755,000 after acquiring an additional 54,909 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Snowflake by 3.5% during the third quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company's stock valued at $475,894,000 after purchasing an additional 138,663 shares in the last quarter. Two Sigma Advisers LP boosted its stake in shares of Snowflake by 27.9% during the third quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company's stock valued at $464,402,000 after purchasing an additional 881,700 shares in the last quarter. Ontario Teachers Pension Plan Board boosted its stake in shares of Snowflake by 19,399.2% during the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company's stock valued at $295,459,000 after purchasing an additional 2,559,144 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Snowflake by 2.7% during 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 in the last quarter. 65.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SNOW has been the topic of a number of recent research reports. Needham & Company LLC increased their price objective on shares of Snowflake from $160.00 to $200.00 and gave the company a "buy" rating in a research note on Thursday, November 21st. TD Cowen increased their price objective on shares of Snowflake from $180.00 to $190.00 and gave the company a "buy" rating in a research note on Thursday, November 21st. Wells Fargo & Company upgraded shares of Snowflake from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $150.00 to $200.00 in a research note on Tuesday, January 7th. Wedbush upgraded shares of Snowflake from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 21st. Finally, Bank of America raised their target price on shares of Snowflake from $160.00 to $185.00 and gave the company a "neutral" rating in a research note on Thursday, November 21st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-eight have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $188.06.

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the firm's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the sale, the executive vice president now directly owns 706,755 shares of the company's stock, valued at $85,354,801.35. This trade represents a 2.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frank Slootman sold 45,896 shares of the firm's stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $176.06, for a total transaction of $8,080,449.76. Following the sale, the director now directly owns 208,735 shares in the company, valued at $36,749,884.10. This represents a 18.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 504,151 shares of company stock worth $84,973,139 in the last 90 days. 7.80% of the stock is currently owned by corporate insiders.

Snowflake Stock Performance

Snowflake stock traded up $4.92 during trading hours on Friday, reaching $184.21. 1,032,483 shares of the stock were exchanged, compared to its average volume of 5,031,230. The stock has a market cap of $60.81 billion, a P/E ratio of -54.33 and a beta of 1.05. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $237.72. The firm's 50 day moving average is $169.19 and its 200 day moving average is $137.36.

About Snowflake

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.