Adage Capital Partners GP L.L.C. Trims Position in Snowflake Inc. (NYSE:SNOW)

Adage Capital Partners GP L.L.C. lowered its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 17.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 107,500 shares of the company's stock after selling 22,500 shares during the period. Adage Capital Partners GP L.L.C.'s holdings in Snowflake were worth $16,599,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Stonebridge Financial Group LLC acquired a new position in shares of Snowflake in the 4th quarter valued at $29,000. Quadrant Capital Group LLC boosted its holdings in Snowflake by 74.6% in the fourth quarter. Quadrant Capital Group LLC now owns 213 shares of the company's stock valued at $33,000 after acquiring an additional 91 shares during the last quarter. Blue Bell Private Wealth Management LLC grew its position in Snowflake by 189.5% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 220 shares of the company's stock valued at $34,000 after acquiring an additional 144 shares during the period. Perkins Coie Trust Co increased its stake in Snowflake by 136.3% during the fourth 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, Union Bancaire Privee UBP SA purchased a new position in shares of Snowflake in the 4th quarter worth about $38,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Stock Performance

Shares of SNOW stock opened at $158.26 on Friday. 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 firm has a market capitalization of $52.24 billion, a price-to-earnings ratio of -46.68 and a beta of 1.13. The business has a 50 day simple moving average of $154.91 and a 200 day simple moving average of $155.84.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on SNOW shares. Oppenheimer boosted their target price on Snowflake from $200.00 to $220.00 and gave the stock an "outperform" rating in a report on Thursday, February 27th. Rosenblatt Securities increased their price objective on shares of Snowflake from $186.00 to $205.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Piper Sandler cut their target price on shares of Snowflake from $215.00 to $175.00 and set an "overweight" rating on the stock in a research note on Wednesday. Mizuho upped their price target on shares of Snowflake from $195.00 to $205.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. Finally, Wolfe Research raised Snowflake from a "peer perform" rating to an "outperform" rating and set a $235.00 price objective on the stock in a research report on Tuesday, February 18th. Ten investment analysts have rated the stock with a hold rating, thirty have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $200.27.

Insiders Place Their Bets

In other news, CRO Christopher William Degnan sold 12,782 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $181.87, for a total value of $2,324,662.34. Following the completion of the sale, the executive now directly owns 308,164 shares of the company's stock, valued at approximately $56,045,786.68. This represents a 3.98 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael L. Speiser sold 403 shares of the firm's stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $129.25, for a total transaction of $52,087.75. Following the transaction, the director now owns 26,375 shares in the company, valued at $3,408,968.75. This represents a 1.50 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 364,342 shares of company stock worth $59,978,513. 7.80% of the stock is owned by company insiders.

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.

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