IPG Investment Advisors LLC Acquires New Stake in Snowflake Inc. (NYSE:SNOW)

IPG Investment Advisors LLC acquired a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 2,345 shares of the company's stock, valued at approximately $362,000.

Several other large investors have also recently bought and sold shares of SNOW. Jennison Associates LLC increased its position in Snowflake by 92.2% in the 4th quarter. Jennison Associates LLC now owns 7,637,006 shares of the company's stock valued at $1,179,230,000 after acquiring an additional 3,662,671 shares during the period. State Street Corp boosted its stake in shares of Snowflake by 0.8% in the third quarter. State Street Corp now owns 6,867,097 shares of the company's stock valued at $788,755,000 after buying an additional 54,909 shares in the last quarter. Norges Bank acquired a new position in Snowflake during the fourth quarter worth $988,950,000. GQG Partners LLC purchased a new position in Snowflake in the fourth quarter worth $750,572,000. Finally, Geode Capital Management LLC lifted its holdings in Snowflake by 3.5% in the third quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company's stock valued at $475,894,000 after acquiring an additional 138,663 shares during the period. Hedge funds and other institutional investors own 65.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SNOW. Barclays upped their price target on Snowflake from $190.00 to $203.00 and gave the stock an "overweight" rating in a report on Thursday, February 27th. Piper Sandler upped their price target on shares of Snowflake from $208.00 to $215.00 and gave the company an "overweight" rating in a report on Thursday, February 27th. Stifel Nicolaus lifted their price objective on Snowflake from $187.00 to $210.00 and gave the stock a "buy" rating in a research report on Thursday, February 27th. Canaccord Genuity Group increased their target price on Snowflake from $190.00 to $220.00 and gave the company a "buy" rating in a report on Tuesday, February 25th. Finally, Bank of America upped their price objective on Snowflake from $185.00 to $205.00 and gave the company a "neutral" rating in a research report on Thursday, February 20th. Nine analysts have rated the stock with a hold rating, thirty-one have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $204.14.

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Insiders Place Their Bets

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $186.50, for a total value of $2,797,500.00. Following the transaction, the executive vice president now owns 552,930 shares of the company's stock, valued at approximately $103,121,445. This represents a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CRO Christopher William Degnan sold 12,782 shares of the company's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $157.24, for a total value of $2,009,841.68. Following the completion of the sale, the executive now directly owns 311,999 shares of the company's stock, valued at approximately $49,058,722.76. This trade represents a 3.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 503,968 shares of company stock worth $84,363,550 over the last quarter. Company insiders own 7.80% of the company's stock.

Snowflake Stock Performance

SNOW traded up $3.40 during trading on Tuesday, reaching $149.56. 3,422,362 shares of the company's stock were exchanged, compared to its average volume of 6,369,475. The company has a market capitalization of $49.37 billion, a P/E ratio of -44.12 and a beta of 1.07. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The business has a 50 day moving average price of $171.49 and a 200 day moving average price of $151.82. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $194.40.

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.