KLP Kapitalforvaltning AS Buys Shares of 99,800 Snowflake Inc. (NYSE:SNOW)

KLP Kapitalforvaltning AS bought a new stake in shares of Snowflake Inc. (NYSE:SNOW) in the 4th quarter, Holdings Channel.com reports. The fund bought 99,800 shares of the company’s stock, valued at approximately $15,410,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Groupama Asset Managment purchased a new stake in shares of Snowflake during the third quarter worth about $25,000. Stonebridge Financial Group LLC purchased a new stake in shares of Snowflake during the fourth quarter worth about $29,000. Blue Bell Private Wealth Management LLC grew its holdings 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 worth $34,000 after buying an additional 144 shares in the last quarter. Perkins Coie Trust Co grew its holdings in shares of 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. Finally, Union Bancaire Privee UBP SA purchased a new stake in shares of Snowflake during the fourth quarter worth about $38,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Truist Financial reiterated a “buy” rating and set a $225.00 price target (up from $210.00) on shares of Snowflake in a report on Thursday, February 27th. Needham & Company LLC lifted their price target on shares of Snowflake from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, February 27th. Wolfe Research upgraded shares of Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 price target for the company in a report on Tuesday, February 18th. Wells Fargo & Company boosted their target price on shares of Snowflake from $210.00 to $215.00 and gave the company an “overweight” rating in a report on Thursday, February 27th. Finally, Mizuho boosted their target price on shares of Snowflake from $195.00 to $205.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Nine investment analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and an average target price of $205.08.

Insider Activity at Snowflake

In related news, CAO Emily Ho sold 1,508 shares of the company’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $163.17, for a total value of $246,060.36. Following the sale, the chief accounting officer now directly owns 44,760 shares of the company’s stock, valued at $7,303,489.20. This represents a 3.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Frank Slootman sold 100,000 shares of the business’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $155.00, for a total transaction of $15,500,000.00. Following the sale, the director now owns 195,281 shares of the company’s stock, valued at approximately $30,268,555. The trade was a 33.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 297,568 shares of company stock valued at $49,923,480 over the last ninety days. Corporate insiders own 7.80% of the company’s stock.

Snowflake Trading Up 0.5 %

NYSE SNOW opened at $157.94 on Monday. The stock has a market cap of $52.14 billion, a P/E ratio of -46.59 and a beta of 1.07. The company’s fifty day simple moving average is $172.74 and its 200-day simple moving average is $149.89. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $194.40.

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.