Fred Alger Management LLC Decreases Position in Snowflake Inc. (NYSE:SNOW)

Fred Alger Management LLC lowered its position in Snowflake Inc. (NYSE:SNOW) by 10.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 58,384 shares of the company’s stock after selling 6,617 shares during the quarter. Fred Alger Management LLC’s holdings in Snowflake were worth $9,015,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Circle Wealth Management LLC raised its position in shares of Snowflake by 48.6% during the 4th quarter. Circle Wealth Management LLC now owns 17,530 shares of the company’s stock valued at $2,707,000 after purchasing an additional 5,734 shares during the period. Citizens Business Bank purchased a new position in shares of Snowflake in the fourth quarter valued at about $5,747,000. Deutsche Bank AG grew its position in shares of Snowflake by 26.0% during the fourth quarter. Deutsche Bank AG now owns 922,953 shares of the company’s stock worth $142,513,000 after purchasing an additional 190,583 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in Snowflake by 65.5% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 70,286 shares of the company’s stock valued at $10,853,000 after purchasing an additional 27,808 shares during the period. Finally, Element Pointe Advisors LLC purchased a new position in Snowflake in the 4th quarter worth approximately $603,000. Institutional investors own 65.10% of the company’s stock.

Snowflake Stock Performance

Shares of NYSE SNOW opened at $174.12 on Friday. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $194.40. 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 capitalization of $57.48 billion, a PE ratio of -51.36 and a beta of 1.11. The company’s fifty day moving average price is $153.28 and its 200 day moving average price is $158.36.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SNOW. Daiwa America upgraded shares of Snowflake to a “strong-buy” rating in a research report on Tuesday, April 1st. Needham & Company LLC boosted their target price on Snowflake from $200.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. Piper Sandler reduced their price objective on Snowflake from $215.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. KeyCorp lowered their target price on Snowflake from $220.00 to $192.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Finally, Evercore ISI boosted their price target on shares of Snowflake from $190.00 to $200.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Ten analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $200.28.

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $168.00, for a total value of $1,680,000.00. Following the transaction, the executive vice president now directly owns 580,632 shares of the company’s stock, valued at approximately $97,546,176. This trade represents a 1.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael L. Speiser sold 403 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $168.01, for a total value of $67,708.03. Following the transaction, the director now owns 25,972 shares in the company, valued at approximately $4,363,555.72. This represents a 1.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 356,963 shares of company stock valued at $58,204,058 over the last 90 days. Corporate insiders own 7.80% of the company’s stock.

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.