Panagora Asset Management Inc. Raises Position in Snowflake Inc. $SNOW

Panagora Asset Management Inc. grew its holdings in Snowflake Inc. (NYSE:SNOW) by 20.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 142,536 shares of the company’s stock after buying an additional 24,432 shares during the quarter. Panagora Asset Management Inc.’s holdings in Snowflake were worth $31,895,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of SNOW. Brighton Jones LLC grew its stake in Snowflake by 90.0% during the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock worth $9,556,000 after purchasing an additional 29,320 shares in the last quarter. Natixis Advisors LLC raised its position in Snowflake by 16.1% in the 1st quarter. Natixis Advisors LLC now owns 13,808 shares of the company’s stock valued at $2,018,000 after purchasing an additional 1,914 shares in the last quarter. US Bancorp DE boosted its stake in shares of Snowflake by 17.8% in the 1st quarter. US Bancorp DE now owns 30,838 shares of the company’s stock valued at $4,507,000 after buying an additional 4,669 shares during the period. Jefferies Financial Group Inc. boosted its stake in shares of Snowflake by 133.6% in the 1st quarter. Jefferies Financial Group Inc. now owns 14,331 shares of the company’s stock valued at $2,095,000 after buying an additional 8,196 shares during the period. Finally, Moors & Cabot Inc. grew its position in shares of Snowflake by 13.9% during the first quarter. Moors & Cabot Inc. now owns 2,100 shares of the company’s stock worth $307,000 after buying an additional 257 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Trading Up 0.4%

NYSE SNOW opened at $252.20 on Tuesday. The firm’s fifty day moving average price is $249.42 and its 200 day moving average price is $225.03. Snowflake Inc. has a 12 month low of $120.10 and a 12 month high of $280.67. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The company has a market capitalization of $85.45 billion, a price-to-earnings ratio of -60.77 and a beta of 1.09.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SNOW shares. Royal Bank Of Canada raised their target price on shares of Snowflake from $250.00 to $275.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. The Goldman Sachs Group increased their price objective on shares of Snowflake from $230.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Sanford C. Bernstein raised their price objective on shares of Snowflake from $191.00 to $221.00 and gave the company a “market perform” rating in a report on Thursday, August 28th. Cantor Fitzgerald boosted their target price on shares of Snowflake from $242.00 to $275.00 and gave the stock an “overweight” rating in a research note on Thursday, August 28th. Finally, Monness Crespi & Hardt increased their target price on Snowflake from $245.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $270.31.

Insider Transactions at Snowflake

In related news, Director Michael L. Speiser sold 50,338 shares of the firm’s stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $224.85, for a total transaction of $11,318,499.30. Following the transaction, the director owned 35,276 shares in the company, valued at $7,931,808.60. This trade represents a 58.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $223.88, for a total value of $2,238,800.00. Following the transaction, the executive vice president directly owned 532,450 shares in the company, valued at approximately $119,204,906. This trade represents a 1.84% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 211,305 shares of company stock worth $50,590,799. 6.80% of the stock is owned by company 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.