Ardmore Road Asset Management LP Invests $18.53 Million in Snowflake Inc. (NYSE:SNOW)

Ardmore Road Asset Management LP acquired a new stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 120,000 shares of the company's stock, valued at approximately $18,529,000. Snowflake accounts for 2.7% of Ardmore Road Asset Management LP's portfolio, making the stock its 15th biggest position.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Stonebridge Financial Group LLC bought a new position in Snowflake during the 4th quarter valued at about $29,000. Groupama Asset Managment acquired a new stake in shares of Snowflake during the third quarter worth approximately $25,000. Blue Bell Private Wealth Management LLC boosted its holdings in shares of Snowflake by 189.5% in the 4th quarter. Blue Bell Private Wealth Management LLC now owns 220 shares of the company's stock worth $34,000 after acquiring an additional 144 shares in the last quarter. Perkins Coie Trust Co grew its position in Snowflake by 136.3% during the 4th quarter. Perkins Coie Trust Co now owns 241 shares of the company's stock worth $37,000 after acquiring an additional 139 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in Snowflake by 1,437.5% during the 4th quarter. Geneos Wealth Management Inc. now owns 246 shares of the company's stock valued at $38,000 after purchasing an additional 230 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Insider Activity

In related news, CFO Michael Scarpelli sold 300,000 shares of the business's stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 292,610 shares in the company, valued at $47,756,878.10. The trade was a 50.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Frank Slootman sold 127,247 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $176.25, for a total value of $22,427,283.75. Following the transaction, the director now owns 195,281 shares in the company, valued at $34,418,276.25. The trade was a 39.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 491,186 shares of company stock valued at $82,353,709 over the last three months. Insiders own 7.80% of the company's stock.

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Snowflake Stock Performance

Shares of SNOW traded down $9.49 during midday trading on Friday, reaching $130.41. The stock had a trading volume of 8,210,700 shares, compared to its average volume of 6,400,660. The firm has a market cap of $43.05 billion, a PE ratio of -38.47 and a beta of 1.13. The firm has a 50 day simple moving average of $168.97 and a 200-day simple moving average of $152.40. Snowflake Inc. has a one year low of $107.13 and a one year high of $194.40. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SNOW. Citigroup increased their target price on Snowflake from $230.00 to $235.00 and gave the stock a "buy" rating in a report on Tuesday, April 1st. Stifel Nicolaus increased their price objective on shares of Snowflake from $187.00 to $210.00 and gave the stock a "buy" rating in a report on Thursday, February 27th. Wells Fargo & Company boosted their target price on shares of Snowflake from $210.00 to $215.00 and gave the stock an "overweight" rating in a research note on Thursday, February 27th. Daiwa America upgraded shares of Snowflake to a "strong-buy" rating in a research report on Tuesday, April 1st. Finally, Evercore ISI raised their price target on shares of Snowflake from $190.00 to $200.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. Ten investment analysts have rated the stock with a hold rating, thirty have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $203.05.

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.