Snowflake Inc. (NYSE:SNOW) Shares Sold by Parallel Advisors LLC

Parallel Advisors LLC lessened its stake in shares of Snowflake Inc. (NYSE:SNOW) by 9.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 14,683 shares of the company’s stock after selling 1,522 shares during the quarter. Parallel Advisors LLC’s holdings in Snowflake were worth $2,267,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in SNOW. Huntington National Bank boosted its position in Snowflake by 24.2% during the third quarter. Huntington National Bank now owns 694 shares of the company’s stock worth $80,000 after acquiring an additional 135 shares during the last quarter. OneDigital Investment Advisors LLC boosted its holdings in shares of Snowflake by 24.2% during the third quarter. OneDigital Investment Advisors LLC now owns 3,154 shares of the company’s stock worth $362,000 after purchasing an additional 614 shares during the last quarter. CIBC Asset Management Inc grew its position in shares of Snowflake by 4.9% in the third quarter. CIBC Asset Management Inc now owns 11,705 shares of the company’s stock valued at $1,344,000 after purchasing an additional 544 shares during the period. Empowered Funds LLC increased its stake in Snowflake by 8.8% in the third quarter. Empowered Funds LLC now owns 6,013 shares of the company’s stock valued at $691,000 after purchasing an additional 487 shares during the last quarter. Finally, Swiss National Bank lifted its position in Snowflake by 0.4% during the third quarter. Swiss National Bank now owns 894,300 shares of the company’s stock worth $102,719,000 after buying an additional 3,800 shares during the period. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Frank Slootman sold 1,783 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $147.24, for a total transaction of $262,528.92. Following the completion of the transaction, the director now owns 192,511 shares of the company’s stock, valued at approximately $28,345,319.64. The trade was a 0.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 685 shares of Snowflake stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $147.24, for a total transaction of $100,859.40. Following the completion of the sale, the executive vice president now owns 622,611 shares in the company, valued at approximately $91,673,243.64. This represents a 0.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 287,648 shares of company stock valued at $48,387,318 over the last quarter. Insiders own 7.80% of the company’s stock.

Snowflake Trading Down 1.3 %

Snowflake stock opened at $154.35 on Wednesday. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $194.40. The firm’s 50-day moving average is $173.01 and its 200-day moving average is $148.93. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The company has a market cap of $50.95 billion, a P/E ratio of -45.53 and a beta of 1.07.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Cantor Fitzgerald upped their price objective on shares of Snowflake from $201.00 to $228.00 and gave the company an “overweight” rating in a research note on Thursday, February 27th. BTIG Research raised shares of Snowflake from a “neutral” rating to a “buy” rating and set a $220.00 price target on the stock in a research note on Thursday, February 20th. Wedbush set a $210.00 price objective on Snowflake in a report on Wednesday, January 22nd. Bank of America lifted their target price on Snowflake from $185.00 to $205.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. Finally, Oppenheimer upped their price target on Snowflake from $200.00 to $220.00 and gave the stock an “outperform” rating in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $202.92.

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.