Allstate Corp Makes New Investment in Snowflake Inc. (NYSE:SNOW)

Allstate Corp purchased a new stake in Snowflake Inc. (NYSE:SNOW) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,907 shares of the company’s stock, valued at approximately $1,375,000.

Several other hedge funds and other institutional investors have also made changes to their positions in SNOW. Jennison Associates LLC raised its position in Snowflake by 92.2% during the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock worth $1,179,230,000 after acquiring an additional 3,662,671 shares during the last quarter. State Street Corp raised its position in shares of Snowflake by 0.8% during the 3rd quarter. State Street Corp now owns 6,867,097 shares of the company’s stock worth $788,755,000 after purchasing an additional 54,909 shares during the last quarter. Norges Bank purchased a new stake in Snowflake in the 4th quarter valued at approximately $988,950,000. GQG Partners LLC acquired a new stake in Snowflake during the 4th quarter valued at $750,572,000. Finally, Geode Capital Management LLC increased its position in Snowflake by 3.5% during the third quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock worth $475,894,000 after buying an additional 138,663 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Trading Down 4.1 %

SNOW opened at $150.60 on Monday. The stock has a market capitalization of $49.71 billion, a PE ratio of -44.42 and a beta of 1.07. The firm’s fifty day moving average price is $171.99 and its 200 day moving average price is $151.58. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $194.40.

Analysts Set New Price Targets

A number of research firms recently commented on SNOW. Evercore ISI increased their price objective on Snowflake from $190.00 to $200.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. BTIG Research upgraded shares of Snowflake from a “neutral” rating to a “buy” rating and set a $220.00 price target on the stock in a report on Thursday, February 20th. Mizuho upped their price objective on Snowflake from $195.00 to $205.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Stifel Nicolaus boosted their price target on Snowflake from $187.00 to $210.00 and gave the company a “buy” rating in a research report on Thursday, February 27th. Finally, Wedbush set a $210.00 price objective on Snowflake in a report on Wednesday, January 22nd. Nine analysts have rated the stock with a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $205.08.

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 685 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 $100,859.40. Following the completion of the sale, the executive vice president now owns 622,611 shares in the company, valued at $91,673,243.64. The trade was a 0.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael Scarpelli sold 300,000 shares of the firm’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the completion of the transaction, the chief financial officer now owns 292,610 shares in the company, valued at approximately $47,756,878.10. The trade was a 50.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 503,968 shares of company stock valued at $84,363,550 over the last three months. 7.80% of the stock is owned by insiders.

Snowflake 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.