Kayne Anderson Rudnick Investment Management LLC Lowers Stake in Snowflake Inc. (NYSE:SNOW)

Kayne Anderson Rudnick Investment Management LLC lessened its holdings in Snowflake Inc. (NYSE:SNOW) by 4.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 145,698 shares of the company’s stock after selling 6,290 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in Snowflake were worth $22,497,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Norges Bank acquired a new stake in Snowflake in the fourth quarter valued at approximately $988,950,000. GQG Partners LLC acquired a new stake in Snowflake in the 4th quarter valued at $750,572,000. Jennison Associates LLC grew its stake in Snowflake by 92.2% in the 4th 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. FMR LLC increased its holdings in Snowflake by 84.9% in the 4th quarter. FMR LLC now owns 6,108,123 shares of the company’s stock worth $943,155,000 after acquiring an additional 2,805,425 shares in the last quarter. Finally, Groupama Asset Managment raised its position in Snowflake by 930,132.6% during the fourth quarter. Groupama Asset Managment now owns 2,000,000 shares of the company’s stock worth $308,820,000 after acquiring an additional 1,999,785 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Analysts Set New Price Targets

SNOW has been the subject of a number of research reports. Piper Sandler boosted their target price on shares of Snowflake from $208.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, February 27th. Wolfe Research raised Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 target price for the company in a report on Tuesday, February 18th. Oppenheimer boosted their price target on Snowflake from $200.00 to $220.00 and gave the stock an “outperform” rating in a research report on Thursday, February 27th. Citigroup raised their price objective on Snowflake from $230.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday, April 1st. Finally, Bank of America upped their target price on shares of Snowflake from $185.00 to $205.00 and gave the stock a “neutral” rating in a report on Thursday, February 20th. Ten investment 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 MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $201.76.

Insider Buying and Selling at Snowflake

In other news, CFO Michael Scarpelli sold 300,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the completion of the sale, the chief financial officer now owns 292,610 shares in the company, valued at approximately $47,756,878.10. The trade was a 50.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction of $52,087.75. Following the completion of the transaction, the director now directly owns 26,375 shares in the company, valued at $3,408,968.75. This trade represents a 1.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 491,589 shares of company stock valued at $82,405,796. Insiders own 7.80% of the company’s stock.

Snowflake Stock Down 1.9 %

Shares of NYSE:SNOW opened at $143.34 on Monday. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $194.40. The firm’s 50 day moving average price is $159.07 and its 200 day moving average price is $154.97. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The stock has a market cap of $47.32 billion, a price-to-earnings ratio of -42.28 and a beta of 1.13.

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.