Federated Hermes Inc. Makes New $39.85 Million Investment in Snowflake Inc. (NYSE:SNOW)

Federated Hermes Inc. acquired a new position in Snowflake Inc. (NYSE:SNOW - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 258,104 shares of the company's stock, valued at approximately $39,854,000. Federated Hermes Inc. owned 0.08% of Snowflake as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in SNOW. Peapack Gladstone Financial Corp bought a new position in Snowflake in the 4th quarter worth $247,000. MIG Capital LLC bought a new position in shares of Snowflake in the fourth quarter worth about $316,000. Quadrant Capital Group LLC boosted its stake in shares of Snowflake by 74.6% in the fourth quarter. Quadrant Capital Group LLC now owns 213 shares of the company's stock worth $33,000 after acquiring an additional 91 shares during the period. Russell Investments Group Ltd. grew its position in shares of Snowflake by 587.6% during the fourth quarter. Russell Investments Group Ltd. now owns 200,820 shares of the company's stock worth $31,013,000 after purchasing an additional 171,612 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Snowflake by 27.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 263,073 shares of the company's stock valued at $40,621,000 after purchasing an additional 57,337 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snowflake

In other Snowflake news, CRO Christopher William Degnan sold 12,782 shares of the business's stock in a transaction dated 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 transaction, the executive now directly owns 308,164 shares in the company, valued at approximately $56,045,786.68. The trade was a 3.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Frank Slootman sold 127,247 shares of the firm's stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $176.25, for a total transaction of $22,427,283.75. Following the completion of the sale, the director now owns 195,281 shares of the company's stock, valued at approximately $34,418,276.25. This trade represents a 39.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 491,589 shares of company stock valued at $82,405,796. 7.80% of the stock is currently owned by corporate insiders.

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Snowflake Stock Up 0.3 %

Shares of SNOW traded up $0.39 during mid-day trading on Friday, hitting $144.84. The company's stock had a trading volume of 4,084,734 shares, compared to its average volume of 6,451,283. The firm has a market capitalization of $47.81 billion, a price-to-earnings ratio of -42.72 and a beta of 1.13. The company's 50-day moving average is $163.16 and its 200-day moving average is $153.82. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $194.40.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Macquarie initiated coverage on shares of Snowflake in a report on Wednesday, April 2nd. They set a "neutral" rating and a $160.00 price objective for the company. Daiwa Capital Markets began coverage on shares of Snowflake in a research note on Tuesday, April 1st. They set a "buy" rating and a $210.00 target price for the company. UBS Group boosted their price target on shares of Snowflake from $190.00 to $200.00 and gave the stock a "neutral" rating in a research note on Thursday, February 27th. Monness Crespi & Hardt raised their price objective on Snowflake from $188.00 to $230.00 and gave the company a "buy" rating in a research report on Thursday, February 27th. Finally, Stifel Nicolaus boosted their target price on Snowflake from $187.00 to $210.00 and gave the stock a "buy" rating in a research report on Thursday, February 27th. Ten 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 company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $201.84.

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.