Snowflake Inc. (NYSE:SNOW) Stake Increased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. grew its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 455.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 124,178 shares of the company's stock after purchasing an additional 101,806 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Snowflake were worth $19,174,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of SNOW. Toronto Dominion Bank increased its stake in shares of Snowflake by 24.1% in the third quarter. Toronto Dominion Bank now owns 37,226 shares of the company's stock worth $4,276,000 after acquiring an additional 7,239 shares during the last quarter. Prospect Financial Services LLC acquired a new position in shares of Snowflake in the fourth quarter worth $288,000. Independent Advisor Alliance increased its stake in shares of Snowflake by 15.5% in the third quarter. Independent Advisor Alliance now owns 4,078 shares of the company's stock worth $468,000 after acquiring an additional 548 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Snowflake by 1.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 673,715 shares of the company's stock worth $104,028,000 after buying an additional 8,857 shares during the last quarter. Finally, Bourgeon Capital Management LLC acquired a new position in Snowflake during the fourth quarter worth $5,851,000. Hedge funds and other institutional investors own 65.10% of the company's stock.

Snowflake Stock Performance

NYSE:SNOW opened at $149.83 on Friday. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $194.40. The firm has a 50 day moving average of $173.36 and a 200-day moving average of $147.60. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $49.46 billion, a P/E ratio of -44.20 and a beta of 1.07.

Insider Activity

In related news, Director Frank Slootman sold 6,714 shares of the business's stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $171.00, for a total value of $1,148,094.00. Following the completion of the transaction, the director now owns 196,454 shares in the company, valued at $33,593,634. The trade was a 3.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the business's stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $186.50, for a total transaction of $2,797,500.00. Following the completion of the transaction, the executive vice president now owns 552,930 shares of the company's stock, valued at $103,121,445. This trade represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 297,391 shares of company stock worth $50,053,371. Insiders own 7.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on SNOW shares. Bank of America increased their target price 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. Wolfe Research raised Snowflake from a "peer perform" rating to an "outperform" rating and set a $235.00 price target on the stock in a research report on Tuesday, February 18th. Evercore ISI raised their price target on Snowflake from $190.00 to $200.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. Wedbush set a $210.00 price target on Snowflake in a research report on Wednesday, January 22nd. Finally, Monness Crespi & Hardt raised their price target on Snowflake from $188.00 to $230.00 and gave the company a "buy" rating in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $202.92.

Remove Ads

Snowflake 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.