Snowflake Inc. (NYSE:SNOW) Shares Sold by Red Wave Investments LLC

Red Wave Investments LLC decreased its stake in Snowflake Inc. (NYSE:SNOW) by 13.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,280 shares of the company’s stock after selling 500 shares during the period. Red Wave Investments LLC’s holdings in Snowflake were worth $506,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SNOW. Toronto Dominion Bank increased its stake in shares of Snowflake by 24.1% in 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 bought a new position in Snowflake in the 4th quarter worth approximately $288,000. Independent Advisor Alliance increased its position in Snowflake by 15.5% in the 3rd quarter. Independent Advisor Alliance now owns 4,078 shares of the company’s stock valued at $468,000 after acquiring an additional 548 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in Snowflake by 1.3% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 673,715 shares of the company’s stock valued at $104,028,000 after acquiring an additional 8,857 shares in the last quarter. Finally, Bourgeon Capital Management LLC bought a new stake in Snowflake during the 4th quarter valued at $5,851,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Rosenblatt Securities reissued a “buy” rating and set a $180.00 price target on shares of Snowflake in a report on Tuesday, November 19th. Royal Bank of Canada raised their target price on shares of Snowflake from $175.00 to $188.00 and gave the company an “outperform” rating in a research note on Thursday, November 21st. Citigroup reduced their price target on shares of Snowflake from $200.00 to $183.00 and set a “buy” rating for the company in a research note on Monday, November 18th. Needham & Company LLC increased their price objective on shares of Snowflake from $160.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Finally, Monness Crespi & Hardt boosted their target price on Snowflake from $140.00 to $188.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-nine have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and a consensus price target of $192.89.

Snowflake Price Performance

SNOW stock opened at $177.79 on Friday. The firm has a 50 day simple moving average of $172.88 and a 200 day simple moving average of $143.76. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $235.66. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

Insiders Place Their Bets

In other Snowflake news, CRO Christopher William Degnan sold 12,782 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $181.87, for a total value of $2,324,662.34. Following the transaction, the executive now directly owns 308,164 shares of the company’s stock, valued at $56,045,786.68. This represents a 3.98 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $186.50, for a total value of $2,797,500.00. Following the sale, the executive vice president now owns 552,930 shares of the company’s stock, valued at approximately $103,121,445. This represents a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 394,345 shares of company stock worth $67,286,835 in the last quarter. 7.80% of the stock is currently owned by corporate insiders.

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.