QRG Capital Management Inc. Increases Position in Snowflake Inc. (NYSE:SNOW)

QRG Capital Management Inc. lifted its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 18.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 40,162 shares of the company’s stock after buying an additional 6,343 shares during the period. QRG Capital Management Inc.’s holdings in Snowflake were worth $6,201,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Groupama Asset Managment acquired a new stake in Snowflake during the 3rd quarter worth approximately $25,000. Stonebridge Financial Group LLC acquired a new position in shares of Snowflake in the fourth quarter valued at approximately $29,000. Perkins Coie Trust Co raised its stake in shares of Snowflake by 136.3% during the fourth quarter. Perkins Coie Trust Co now owns 241 shares of the company’s stock worth $37,000 after purchasing an additional 139 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new stake in shares of Snowflake during the fourth quarter worth $38,000. Finally, Geneos Wealth Management Inc. grew its position in Snowflake by 1,437.5% in the 4th quarter. Geneos Wealth Management Inc. now owns 246 shares of the company’s stock valued at $38,000 after buying an additional 230 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Stock Performance

Snowflake stock opened at $176.76 on Friday. The stock has a market cap of $58.35 billion, a PE ratio of -52.14 and a beta of 1.07. 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 business’s 50-day moving average price is $173.19 and its two-hundred day moving average price is $145.51. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $194.40.

Insider Buying and Selling at Snowflake

In other news, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction 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 represents a 2.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Frank Slootman sold 2,218 shares of Snowflake stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $175.00, for a total transaction of $388,150.00. Following the transaction, the director now directly owns 208,735 shares of the company’s stock, valued at $36,528,625. This represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 312,193 shares of company stock worth $52,833,048 over the last quarter. Corporate insiders own 7.80% of the company’s stock.

Wall Street Analyst Weigh In

SNOW has been the topic of several recent analyst reports. Wolfe Research upgraded Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 target price on the stock in a research report on Tuesday, February 18th. Loop Capital upped their price objective on Snowflake from $205.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday. Barclays increased their price objective on Snowflake from $190.00 to $203.00 and gave the stock an “overweight” rating in a research report on Thursday. Bank of America boosted their target price on shares of Snowflake from $185.00 to $205.00 and gave the stock a “neutral” rating in a research report on Thursday, February 20th. Finally, Royal Bank of Canada increased their price target on shares of Snowflake from $210.00 to $221.00 and gave the company an “outperform” rating in a report on Thursday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $202.92.

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.