Iron Gate Global Advisors LLC Raises Stock Position in Snowflake Inc. (NYSE:SNOW)

Iron Gate Global Advisors LLC raised its stake in shares of Snowflake Inc. (NYSE:SNOW) by 137.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 29,258 shares of the company’s stock after buying an additional 16,953 shares during the period. Snowflake comprises approximately 0.5% of Iron Gate Global Advisors LLC’s holdings, making the stock its 22nd largest position. Iron Gate Global Advisors LLC’s holdings in Snowflake were worth $3,361,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. LRI Investments LLC raised its position in shares of Snowflake by 155.6% during the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after purchasing an additional 112 shares during the period. Wellington Shields Capital Management LLC bought a new position in shares of Snowflake during the 2nd quarter valued at approximately $27,000. V Square Quantitative Management LLC bought a new stake in shares of Snowflake in the 3rd quarter worth about $30,000. Opal Wealth Advisors LLC bought a new position in shares of Snowflake during the second quarter valued at approximately $39,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in Snowflake in the 2nd quarter valued at $41,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on SNOW. Morgan Stanley reiterated an “equal weight” rating and set a $175.00 price objective on shares of Snowflake in a research note on Thursday, August 22nd. HSBC raised Snowflake from a “reduce” rating to a “hold” rating and increased their price target for the stock from $119.00 to $121.00 in a research report on Friday, August 23rd. Oppenheimer reiterated an “outperform” rating and issued a $180.00 target price on shares of Snowflake in a research note on Thursday, November 21st. Monness Crespi & Hardt upped their price objective on Snowflake from $140.00 to $188.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Finally, Rosenblatt Securities restated a “buy” rating and set a $180.00 price target on shares of Snowflake in a research note on Tuesday, November 19th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-seven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $181.09.

Insiders Place Their Bets

In related news, CRO Christopher William Degnan sold 76,692 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $168.42, for a total value of $12,916,466.64. Following the sale, the executive now owns 346,741 shares in the company, valued at approximately $58,398,119.22. This trade represents a 18.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 558 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $61,357.68. Following the completion of the sale, the executive vice president now directly owns 759,473 shares in the company, valued at approximately $83,511,651.08. The trade was a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 264,278 shares of company stock valued at $42,512,248. Insiders own 7.80% of the company’s stock.

Snowflake Price Performance

Snowflake stock opened at $172.33 on Tuesday. The firm’s 50 day simple moving average is $126.17 and its 200-day simple moving average is $128.27. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $237.72.

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.