Norges Bank Makes New Investment in Snowflake Inc. (NYSE:SNOW)

Norges Bank bought a new position in Snowflake Inc. (NYSE:SNOW) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 6,404,701 shares of the company’s stock, valued at approximately $988,950,000. Norges Bank owned approximately 1.94% of Snowflake at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Groupama Asset Managment bought a new stake in Snowflake in the 3rd quarter worth approximately $25,000. Stonebridge Financial Group LLC bought a new stake in shares of Snowflake in the fourth quarter worth $29,000. Blue Bell Private Wealth Management LLC increased its position in Snowflake by 189.5% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 220 shares of the company’s stock valued at $34,000 after acquiring an additional 144 shares during the last quarter. Perkins Coie Trust Co lifted its holdings in Snowflake by 136.3% in the fourth quarter. Perkins Coie Trust Co now owns 241 shares of the company’s stock valued at $37,000 after acquiring an additional 139 shares during the period. Finally, Union Bancaire Privee UBP SA purchased a new position in Snowflake in the fourth quarter worth about $38,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Analysts Set New Price Targets

SNOW has been the topic of several recent research reports. KeyCorp increased their price objective on shares of Snowflake from $210.00 to $220.00 and gave the stock an “overweight” rating in a research note on Thursday, February 27th. 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 research note on Thursday, February 20th. Royal Bank of Canada boosted their price objective on shares of Snowflake from $210.00 to $221.00 and gave the company an “outperform” rating in a research report on Thursday, February 27th. Wells Fargo & Company raised their target price on Snowflake from $210.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday, February 27th. Finally, Truist Financial reissued a “buy” rating and set a $225.00 price target (up previously from $210.00) on shares of Snowflake in a report on Thursday, February 27th. Nine analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $205.08.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 100,000 shares of Snowflake stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $155.00, for a total transaction of $15,500,000.00. Following the completion of the sale, the director now owns 195,281 shares of the company’s stock, valued at approximately $30,268,555. The trade was a 33.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Christian Kleinerman sold 685 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $147.24, for a total value of $100,859.40. Following the transaction, the executive vice president now directly owns 622,611 shares in the company, valued at $91,673,243.64. The trade was a 0.11 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 603,968 shares of company stock worth $99,863,550. Insiders own 7.80% of the company’s stock.

Snowflake Stock Performance

NYSE:SNOW opened at $157.01 on Friday. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $194.40. The firm has a market capitalization of $51.83 billion, a PE ratio of -46.31 and a beta of 1.07. 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 stock’s fifty day moving average is $172.39 and its 200 day moving average is $150.74.

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.