Geode Capital Management LLC Increases Holdings in Snowflake Inc. (NYSE:SNOW)

Geode Capital Management LLC raised its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 0.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,167,460 shares of the company's stock after buying an additional 15,314 shares during the period. Geode Capital Management LLC owned about 1.26% of Snowflake worth $642,742,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new position in Snowflake during the 4th quarter valued at about $988,950,000. GQG Partners LLC purchased a new position in shares of Snowflake in the fourth quarter valued at approximately $750,572,000. Jennison Associates LLC boosted its stake in shares of Snowflake by 92.2% in the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company's stock valued at $1,179,230,000 after purchasing an additional 3,662,671 shares during the period. Pictet Asset Management Holding SA grew its holdings in shares of Snowflake by 1,303.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,719,704 shares of the company's stock valued at $265,539,000 after purchasing an additional 1,597,148 shares in the last quarter. Finally, Two Sigma Advisers LP increased its stake in Snowflake by 27.9% during the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company's stock worth $464,402,000 after buying an additional 881,700 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Snowflake

In related news, CFO Michael Scarpelli sold 300,000 shares of the business's stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total value of $48,963,000.00. Following the sale, the chief financial officer now directly owns 292,610 shares in the company, valued at $47,756,878.10. The trade was a 50.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael L. Speiser sold 403 shares of the stock in a transaction on Friday, April 4th. The shares were sold at an average price of $129.25, for a total value of $52,087.75. Following the sale, the director now directly owns 26,375 shares in the company, valued at approximately $3,408,968.75. The trade was a 1.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 491,589 shares of company stock valued at $82,405,796 in the last ninety days. 7.80% of the stock is currently owned by company insiders.

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Wall Street Analyst Weigh In

SNOW has been the topic of a number of recent research reports. Oppenheimer upped their price objective on Snowflake from $200.00 to $220.00 and gave the stock an "outperform" rating in a research report on Thursday, February 27th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $183.00 price target on shares of Snowflake in a research report on Wednesday, April 2nd. Citigroup lifted their price objective on Snowflake from $230.00 to $235.00 and gave the company a "buy" rating in a research note on Tuesday, April 1st. Needham & Company LLC upped their target price on shares of Snowflake from $200.00 to $215.00 and gave the stock a "buy" rating in a research note on Thursday, February 27th. Finally, StockNews.com upgraded shares of Snowflake from a "sell" rating to a "hold" rating in a research note on Friday, February 28th. Ten research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $201.84.

Snowflake Stock Performance

NYSE:SNOW traded up $17.91 during mid-day trading on Wednesday, reaching $151.42. The stock had a trading volume of 8,992,035 shares, compared to its average volume of 6,448,807. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $194.40. The business has a 50 day simple moving average of $164.81 and a 200 day simple moving average of $153.09. The firm has a market capitalization of $49.98 billion, a price-to-earnings ratio of -44.67 and a beta of 1.13. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

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.