Highland Capital Management LLC Purchases Shares of 10,470 Snowflake Inc. (NYSE:SNOW)

Highland Capital Management LLC acquired a new position in Snowflake Inc. (NYSE:SNOW) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,470 shares of the company’s stock, valued at approximately $1,617,000.

A number of other hedge funds have also made changes to their positions in the business. Toronto Dominion Bank raised its stake in shares of Snowflake by 24.1% during the third quarter. Toronto Dominion Bank now owns 37,226 shares of the company’s stock valued at $4,276,000 after purchasing an additional 7,239 shares during the period. Prospect Financial Services LLC acquired a new stake in Snowflake during the 4th quarter valued at $288,000. Independent Advisor Alliance increased its stake in Snowflake by 15.5% during the 3rd quarter. Independent Advisor Alliance now owns 4,078 shares of the company’s stock worth $468,000 after buying an additional 548 shares during the period. Bourgeon Capital Management LLC acquired a new position in Snowflake in the 4th quarter worth $5,851,000. Finally, Franklin Resources Inc. boosted its position in Snowflake by 1.4% in the 3rd quarter. Franklin Resources Inc. now owns 536,588 shares of the company’s stock valued at $66,086,000 after buying an additional 7,373 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Stock Down 1.9 %

Shares of NYSE SNOW opened at $179.42 on Friday. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $237.72. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The stock has a fifty day moving average price of $169.02 and a two-hundred day moving average price of $137.06.

Insider Activity at Snowflake

In other news, CAO Emily Ho sold 2,021 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $173.68, for a total transaction of $351,007.28. Following the sale, the chief accounting officer now directly owns 26,874 shares of the company’s stock, valued at $4,667,476.32. The trade was a 6.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total value of $1,811,550.00. Following 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 represents a 2.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 504,151 shares of company stock valued at $84,973,139 over the last 90 days. 7.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SNOW. KeyCorp lifted their target price on Snowflake from $185.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Wedbush upgraded Snowflake from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 21st. Wells Fargo & Company upgraded shares of Snowflake from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $150.00 to $200.00 in a research note on Tuesday, January 7th. Piper Sandler increased their price objective on shares of Snowflake from $185.00 to $208.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Royal Bank of Canada boosted their target price on shares of Snowflake from $175.00 to $188.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-eight have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $188.06.

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.