Prakash Investment Advisors LLC Acquires Shares of 3,110 Snowflake Inc. (NYSE:SNOW)

Prakash Investment Advisors LLC acquired a new stake in shares of Snowflake Inc. (NYSE:SNOW) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 3,110 shares of the company’s stock, valued at approximately $480,000.

Several other institutional investors have also added to or reduced their stakes in the business. Jennison Associates LLC lifted its holdings in Snowflake by 92.2% during the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock valued at $1,179,230,000 after purchasing an additional 3,662,671 shares during the last quarter. State Street Corp lifted its holdings in Snowflake by 0.8% during the third quarter. State Street Corp now owns 6,867,097 shares of the company’s stock valued at $788,755,000 after purchasing an additional 54,909 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Snowflake by 3.5% during the third quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock valued at $475,894,000 after purchasing an additional 138,663 shares during the last quarter. Two Sigma Advisers LP lifted its holdings in Snowflake by 27.9% during the third quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock valued at $464,402,000 after purchasing an additional 881,700 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board lifted its holdings in Snowflake by 19,399.2% during the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after purchasing an additional 2,559,144 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SNOW. Wells Fargo & Company upgraded Snowflake from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $150.00 to $200.00 in a research report on Tuesday, January 7th. Barclays upgraded Snowflake from an “equal weight” rating to an “overweight” rating and set a $190.00 price target on the stock in a research report on Friday, January 10th. Loop Capital upped their price target on Snowflake from $185.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, December 23rd. Piper Sandler upped 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, UBS Group upped their price target on Snowflake from $155.00 to $190.00 and gave the company a “neutral” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-nine have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $192.08.

Insider Activity

In other news, Director Frank Slootman sold 127,247 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $176.25, for a total transaction of $22,427,283.75. Following the completion of the sale, the director now owns 195,281 shares of the company’s stock, valued at approximately $34,418,276.25. This represents a 39.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $180.00, for a total value of $2,700,000.00. Following the sale, the executive vice president now directly owns 691,755 shares of the company’s stock, valued at approximately $124,515,900. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 394,345 shares of company stock valued at $67,286,835. 7.80% of the stock is currently owned by company insiders.

Snowflake Stock Down 0.6 %

Shares of NYSE SNOW opened at $185.35 on Friday. Snowflake Inc. has a one year low of $107.13 and a one year high of $235.66. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The firm’s 50 day simple moving average is $172.68 and its two-hundred day simple moving average is $143.31.

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.