Jennison Associates LLC Raises Stock Position in Snowflake Inc. (NYSE:SNOW)

Jennison Associates LLC lifted its position in Snowflake Inc. (NYSE:SNOW) by 92.2% in the fourth quarter, Holdings Channel reports. The firm owned 7,637,006 shares of the company’s stock after buying an additional 3,662,671 shares during the period. Jennison Associates LLC’s holdings in Snowflake were worth $1,179,230,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Asset Dedication LLC lifted its stake in shares of Snowflake by 6.8% during the fourth quarter. Asset Dedication LLC now owns 922 shares of the company’s stock worth $142,000 after buying an additional 59 shares during the period. Breakwater Capital Group lifted its holdings in shares of Snowflake by 2.2% during the fourth quarter. Breakwater Capital Group now owns 2,938 shares of the company’s stock worth $454,000 after purchasing an additional 62 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted 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 buying an additional 90 shares during the last quarter. Modus Advisors LLC increased its holdings in Snowflake by 3.9% in the 3rd quarter. Modus Advisors LLC now owns 2,491 shares of the company’s stock worth $286,000 after buying an additional 94 shares during the period. Finally, Catalyst Private Wealth LLC raised its position in Snowflake by 3.2% during the 3rd quarter. Catalyst Private Wealth LLC now owns 3,329 shares of the company’s stock worth $382,000 after buying an additional 104 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Snowflake

In other Snowflake news, Director Frank Slootman sold 45,896 shares of Snowflake stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $176.06, for a total transaction of $8,080,449.76. Following the transaction, the director now directly owns 208,735 shares of the company’s stock, valued at $36,749,884.10. The trade was a 18.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the completion of the sale, the executive vice president now directly owns 706,755 shares of the company’s stock, valued at approximately $85,354,801.35. This trade represents a 2.08 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 504,151 shares of company stock valued at $84,973,139. 7.80% of the stock is currently owned by insiders.

Snowflake Trading Up 1.3 %

SNOW opened at $181.66 on Monday. The firm has a market capitalization of $59.97 billion, a price-to-earnings ratio of -53.59 and a beta of 1.07. The company’s 50 day simple moving average is $169.48 and its two-hundred day simple moving average is $137.72. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $237.72. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on SNOW shares. Oppenheimer increased their price objective on shares of Snowflake from $180.00 to $200.00 and gave the stock an “outperform” rating in a research note on Monday, January 13th. Wells Fargo & Company upgraded Snowflake from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $150.00 to $200.00 in a research note on Tuesday, January 7th. Scotiabank upped their target price on Snowflake from $170.00 to $220.00 and gave the stock a “sector outperform” rating in a research note on Monday, December 9th. Piper Sandler lifted their price target on Snowflake from $185.00 to $208.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Monness Crespi & Hardt upped their price objective on Snowflake from $140.00 to $188.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and an average target price of $187.06.

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.