Resona Asset Management Co. Ltd. Invests $13.07 Million in Snowflake Inc. (NYSE:SNOW)

Resona Asset Management Co. Ltd. acquired a new position in shares of Snowflake Inc. (NYSE:SNOW) during the 4th quarter, Holdings Channel.com reports. The firm acquired 84,352 shares of the company’s stock, valued at approximately $13,070,000.

A number of other hedge funds have also recently added to or reduced their stakes in SNOW. Jennison Associates LLC lifted its position in shares of Snowflake by 92.2% in the 4th quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock worth $1,179,230,000 after buying an additional 3,662,671 shares during the last quarter. State Street Corp raised its stake in Snowflake by 0.8% during the third quarter. State Street Corp now owns 6,867,097 shares of the company’s stock worth $788,755,000 after acquiring an additional 54,909 shares during the period. Norges Bank bought a new position in Snowflake in the fourth quarter worth about $988,950,000. GQG Partners LLC acquired a new position in Snowflake in the fourth quarter valued at approximately $750,572,000. Finally, Geode Capital Management LLC grew its holdings in shares of Snowflake by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 4,167,460 shares of the company’s stock valued at $642,742,000 after purchasing an additional 15,314 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Wedbush set a $210.00 price target on Snowflake in a report on Wednesday, January 22nd. Evercore ISI upped their price target on shares of Snowflake from $190.00 to $200.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Daiwa America upgraded shares of Snowflake to a “strong-buy” rating in a research report on Tuesday, April 1st. Cantor Fitzgerald upped their target price on shares of Snowflake from $201.00 to $228.00 and gave the stock an “overweight” rating in a research report on Thursday, February 27th. Finally, Scotiabank lifted their price target on Snowflake from $170.00 to $220.00 and gave the company a “sector outperform” rating in a report on Monday, December 9th. Ten equities research 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, Snowflake presently has an average rating of “Moderate Buy” and an average price target of $203.05.

Snowflake Stock Down 6.8 %

Shares of Snowflake stock opened at $130.41 on Monday. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $194.40. The firm has a market capitalization of $43.05 billion, a PE ratio of -38.47 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. The stock’s fifty day moving average is $168.97 and its 200-day moving average is $152.70.

Insider Buying and Selling

In other news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $186.50, for a total value of $2,797,500.00. Following the completion of the sale, the executive vice president now owns 552,930 shares in the company, valued at $103,121,445. This represents a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Frank Slootman sold 127,247 shares of the firm’s stock in a transaction on 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 sale, the director now directly owns 195,281 shares of the company’s stock, valued at approximately $34,418,276.25. This trade represents a 39.45 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 491,186 shares of company stock valued at $82,353,709. 7.80% of the stock is owned by corporate insiders.

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.