Price T Rowe Associates Inc. MD Buys 2,200,406 Shares of Snowflake Inc. (NYSE:SNOW)

Price T Rowe Associates Inc. MD lifted its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 124.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,968,755 shares of the company's stock after acquiring an additional 2,200,406 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 1.20% of Snowflake worth $612,817,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Jennison Associates LLC lifted its holdings in shares of Snowflake by 92.2% during the fourth 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. Norges Bank bought a new position in Snowflake in the 4th quarter worth approximately $988,950,000. FMR LLC lifted its stake in shares of Snowflake by 84.9% during the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock valued at $943,155,000 after acquiring an additional 2,805,425 shares during the period. GQG Partners LLC bought a new position in shares of Snowflake during the fourth quarter worth about $750,572,000. Finally, Geode Capital Management LLC raised its position in Snowflake by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 4,167,460 shares of the company's stock valued at $642,742,000 after buying an additional 15,314 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Macquarie began coverage on shares of Snowflake in a research note on Wednesday, April 2nd. They set a "neutral" rating and a $160.00 price objective for the company. Stifel Nicolaus boosted their price target on Snowflake from $187.00 to $210.00 and gave the stock a "buy" rating in a research report on Thursday, February 27th. StockNews.com raised Snowflake from a "sell" rating to a "hold" rating in a report on Friday, February 28th. Bank of America upped their price target on shares of Snowflake from $185.00 to $205.00 and gave the stock a "neutral" rating in a research report on Thursday, February 20th. Finally, Daiwa America upgraded shares of Snowflake to a "strong-buy" rating in a research note on Tuesday, April 1st. Ten analysts have rated the stock with a hold rating, thirty have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $200.27.

Snowflake Stock Performance

Shares of SNOW traded down $0.40 on Friday, reaching $158.26. 4,161,157 shares of the company's stock traded hands, compared to its average volume of 6,426,335. The stock's 50 day simple moving average is $154.91 and its two-hundred day simple moving average is $156.06. 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. The stock has a market cap of $52.24 billion, a PE ratio of -46.68 and a beta of 1.13.

Insider Activity

In other Snowflake news, CRO Christopher William Degnan sold 12,782 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $181.87, for a total transaction of $2,324,662.34. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Christian Kleinerman sold 15,000 shares of the firm's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $171.75, for a total value of $2,576,250.00. Following the completion of the sale, the executive vice president now directly owns 594,975 shares of the company's stock, valued at $102,186,956.25. This represents a 2.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 364,342 shares of company stock valued at $59,978,513 in the last ninety days. 7.80% of the stock is currently owned by 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.