Snowflake Inc. (NYSE:SNOW) Stock Position Cut by Parallel Advisors LLC

Parallel Advisors LLC trimmed its stake in shares of Snowflake Inc. (NYSE:SNOW) by 9.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 14,683 shares of the company’s stock after selling 1,522 shares during the period. Parallel Advisors LLC’s holdings in Snowflake were worth $2,267,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Jennison Associates LLC lifted its position in Snowflake by 92.2% in the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock worth $1,179,230,000 after purchasing an additional 3,662,671 shares during the period. State Street Corp lifted its holdings 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 during the period. Geode Capital Management LLC boosted its stake in Snowflake by 3.5% during the third quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock valued at $475,894,000 after buying an additional 138,663 shares in the last quarter. Two Sigma Advisers LP grew its holdings in Snowflake by 27.9% during the third quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after acquiring an additional 881,700 shares during the period. Finally, Ontario Teachers Pension Plan Board raised its position in Snowflake by 19,399.2% in the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after acquiring an additional 2,559,144 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

Snowflake Stock Performance

NYSE:SNOW opened at $154.35 on Wednesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The firm’s 50-day moving average is $173.01 and its 200-day moving average is $148.93. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $194.40. The company has a market cap of $50.95 billion, a price-to-earnings ratio of -45.53 and a beta of 1.07.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Scotiabank lifted their price objective on shares of Snowflake from $170.00 to $220.00 and gave the stock a “sector outperform” rating in a research note on Monday, December 9th. Bank of America lifted 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. JMP Securities reissued a “market outperform” rating and set a $190.00 price objective on shares of Snowflake in a research note on Tuesday, December 3rd. StockNews.com upgraded Snowflake from a “sell” rating to a “hold” rating in a report on Friday, February 28th. Finally, Piper Sandler increased their price target on Snowflake from $208.00 to $215.00 and gave the company an “overweight” rating in a research report on Thursday, February 27th. One investment 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $202.92.

Insider Activity at Snowflake

In other Snowflake news, CAO Emily Ho sold 1,508 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $163.17, for a total transaction of $246,060.36. Following the completion of the transaction, the chief accounting officer now owns 44,760 shares in the company, valued at $7,303,489.20. This trade represents a 3.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Christian Kleinerman sold 861 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $165.31, for a total value of $142,331.91. Following the completion of the sale, the executive vice president now owns 582,930 shares in the company, valued at approximately $96,364,158.30. This represents a 0.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 287,648 shares of company stock worth $48,387,318 over the last three months. Company insiders own 7.80% of the company’s stock.

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.