6,404,701 Shares in Snowflake Inc. (NYSE:SNOW) Purchased by Norges Bank

Norges Bank purchased a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 6,404,701 shares of the company's stock, valued at approximately $988,950,000. Norges Bank owned about 1.94% of Snowflake as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in SNOW. Blair William & Co. IL raised its stake in shares of Snowflake by 19.8% during the 4th quarter. Blair William & Co. IL now owns 48,049 shares of the company's stock worth $7,419,000 after buying an additional 7,928 shares in the last quarter. AssuredPartners Investment Advisors LLC acquired a new stake in Snowflake during the 4th quarter valued at $237,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Snowflake by 10.1% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 267,176 shares of the company's stock worth $43,341,000 after buying an additional 24,493 shares in the last quarter. Korea Investment CORP raised its holdings in shares of Snowflake by 74.4% in the fourth quarter. Korea Investment CORP now owns 283,576 shares of the company's stock worth $43,787,000 after acquiring an additional 120,961 shares during the last quarter. Finally, Tyler Stone Wealth Management purchased a new stake in shares of Snowflake in the fourth quarter valued at $896,000. Institutional investors and hedge funds own 65.10% of the company's stock.

Wall Street Analyst Weigh In

SNOW has been the subject of several analyst reports. Wedbush set a $210.00 target price on shares of Snowflake in a research note on Wednesday, January 22nd. Evercore ISI boosted their price objective on shares of Snowflake from $190.00 to $200.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. UBS Group raised their target price on shares of Snowflake from $190.00 to $200.00 and gave the stock a "neutral" rating in a research report on Thursday, February 27th. Oppenheimer increased their price target on Snowflake from $200.00 to $220.00 and gave the stock an "outperform" rating in a research note on Thursday, February 27th. Finally, Bank of America lifted 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 research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $203.83.

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Snowflake Stock Down 3.5 %

Snowflake stock traded down $5.34 during midday trading on Monday, hitting $145.29. The stock had a trading volume of 4,205,045 shares, compared to its average volume of 5,810,379. The business has a fifty day moving average price of $171.99 and a 200 day moving average price of $151.58. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $194.40. The stock has a market cap of $47.96 billion, a P/E ratio of -42.86 and a beta of 1.07. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77.

Insider Transactions at Snowflake

In other news, Director Frank Slootman sold 1,783 shares of Snowflake stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $147.24, for a total value of $262,528.92. Following the completion of the transaction, the director now directly owns 192,511 shares of the company's stock, valued at approximately $28,345,319.64. The trade was a 0.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CRO Christopher William Degnan sold 12,782 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $157.24, for a total transaction of $2,009,841.68. Following the sale, the executive now owns 311,999 shares in the company, valued at approximately $49,058,722.76. This trade represents a 3.94 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 503,968 shares of company stock worth $84,363,550. 7.80% of the stock is currently owned by corporate insiders.

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.