Norges Bank Buys New Stake in Snowflake Inc. (NYSE:SNOW)

Norges Bank acquired a new position in Snowflake Inc. (NYSE:SNOW) during the 4th quarter, HoldingsChannel reports. The fund acquired 6,404,701 shares of the company’s stock, valued at approximately $988,950,000.

A number of other hedge funds have also recently added to or reduced their stakes in SNOW. Asset Dedication LLC grew its stake in Snowflake by 6.8% in the 4th quarter. Asset Dedication LLC now owns 922 shares of the company’s stock valued at $142,000 after acquiring an additional 59 shares during the period. Breakwater Capital Group raised its holdings in shares of Snowflake by 2.2% during the 4th quarter. Breakwater Capital Group now owns 2,938 shares of the company’s stock worth $454,000 after acquiring an additional 62 shares during the period. Bank Julius Baer & Co. Ltd Zurich raised its stake in Snowflake by 0.6% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 12,191 shares of the company’s stock worth $2,077,000 after purchasing an additional 69 shares during the period. Larson Financial Group LLC raised its position in shares of Snowflake by 21.8% during the 4th quarter. Larson Financial Group LLC now owns 413 shares of the company’s stock valued at $64,000 after buying an additional 74 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. raised its position in Snowflake by 31.0% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 380 shares of the company’s stock valued at $59,000 after purchasing an additional 90 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Trading Down 1.7 %

NYSE:SNOW opened at $157.01 on Friday. The company has a quick ratio of 1.88, a current 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. The stock’s 50 day moving average price is $172.39 and its 200 day moving average price is $150.74. The company has a market capitalization of $51.83 billion, a PE ratio of -46.31 and a beta of 1.07.

Insider Transactions at Snowflake

In other news, CFO Michael Scarpelli sold 300,000 shares of Snowflake 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 sale, the chief financial officer now owns 292,610 shares of the company’s stock, valued at $47,756,878.10. The trade was a 50.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frank Slootman sold 1,783 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $147.24, for a total transaction of $262,528.92. Following the transaction, the director now directly owns 192,511 shares of the company’s stock, valued at $28,345,319.64. This represents a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 603,968 shares of company stock worth $99,863,550. Insiders own 7.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SNOW shares. Truist Financial reaffirmed a “buy” rating and set a $225.00 target price (up previously from $210.00) on shares of Snowflake in a research note on Thursday, February 27th. Royal Bank of Canada boosted their target price on Snowflake from $210.00 to $221.00 and gave the company an “outperform” rating in a research report on Thursday, February 27th. Guggenheim restated a “neutral” rating on shares of Snowflake in a research report on Thursday, February 27th. Canaccord Genuity Group boosted their price objective on Snowflake from $190.00 to $220.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Finally, Loop Capital raised their target price on Snowflake from $205.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, February 27th. Nine analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $205.08.

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.