Federated Hermes Inc. Purchases Shares of 258,104 Snowflake Inc. (NYSE:SNOW)

Federated Hermes Inc. acquired a new stake in Snowflake Inc. (NYSE:SNOW) during the fourth quarter, Holdings Channel.com reports. The fund acquired 258,104 shares of the company’s stock, valued at approximately $39,854,000.

A number of other hedge funds have also recently made changes to their positions in SNOW. Groupama Asset Managment bought a new position in Snowflake in the 3rd quarter valued at about $25,000. Stonebridge Financial Group LLC purchased a new stake in shares of Snowflake in the fourth quarter worth approximately $29,000. Quadrant Capital Group LLC lifted its holdings in shares of Snowflake by 74.6% in the fourth quarter. Quadrant Capital Group LLC now owns 213 shares of the company’s stock valued at $33,000 after purchasing an additional 91 shares in the last quarter. Blue Bell Private Wealth Management LLC boosted its position in shares of Snowflake by 189.5% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 220 shares of the company’s stock valued at $34,000 after buying an additional 144 shares during the last quarter. Finally, Perkins Coie Trust Co grew its holdings in Snowflake by 136.3% during the fourth quarter. Perkins Coie Trust Co now owns 241 shares of the company’s stock worth $37,000 after buying an additional 139 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Snowflake

In other news, Director Frank Slootman sold 127,247 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $176.25, for a total value of $22,427,283.75. Following the completion of the transaction, the director now directly owns 195,281 shares in the company, valued at approximately $34,418,276.25. This represents a 39.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael Scarpelli sold 300,000 shares of the 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 transaction, the chief financial officer now owns 292,610 shares in the company, valued at $47,756,878.10. This trade represents a 50.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 491,589 shares of company stock valued at $82,405,796. 7.80% of the stock is owned by corporate insiders.

Snowflake Price Performance

Snowflake stock opened at $130.75 on Tuesday. The business has a 50-day simple moving average of $168.08 and a 200 day simple moving average of $152.81. 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 $43.16 billion, a price-to-earnings ratio of -38.57 and a beta of 1.13. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SNOW. 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 report on Monday, December 9th. Jefferies Financial Group reduced their price objective on shares of Snowflake from $220.00 to $190.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Barclays increased their price objective on shares of Snowflake from $190.00 to $203.00 and gave the company an “overweight” rating in a research note on Thursday, February 27th. Mizuho boosted their target price on Snowflake from $195.00 to $205.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Finally, Stifel Nicolaus increased their price target on Snowflake from $187.00 to $210.00 and gave the company a “buy” rating in a research report on Thursday, February 27th. Ten analysts have rated the stock with a hold rating, thirty have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and a consensus price target of $201.84.

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.