Pitcairn Co. Trims Position in Snowflake Inc. (NYSE:SNOW)

Pitcairn Co. reduced its holdings in Snowflake Inc. (NYSE:SNOW) by 59.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,484 shares of the company’s stock after selling 3,618 shares during the period. Pitcairn Co.’s holdings in Snowflake were worth $285,000 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 SNOW. Ontario Teachers Pension Plan Board boosted its holdings in Snowflake by 19,399.2% in the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after purchasing an additional 2,559,144 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Snowflake by 210.0% in the 2nd quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock valued at $131,656,000 after purchasing an additional 660,168 shares during the period. SG Americas Securities LLC grew its position in Snowflake by 471.9% during the third quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock valued at $87,489,000 after buying an additional 628,511 shares during the period. Daiwa Securities Group Inc. increased its holdings in Snowflake by 90.3% in the second quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock valued at $170,938,000 after buying an additional 600,469 shares in the last quarter. Finally, International Assets Investment Management LLC raised its position in shares of Snowflake by 12,318.3% in the third quarter. International Assets Investment Management LLC now owns 530,883 shares of the company’s stock worth $60,977,000 after acquiring an additional 526,608 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Stifel Nicolaus lowered their price target on Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a research report on Monday, August 19th. Barclays increased their target price on Snowflake from $142.00 to $172.00 and gave the company an “equal weight” rating in a research report on Thursday, November 21st. Evercore ISI boosted their price target on shares of Snowflake from $170.00 to $190.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. TD Cowen increased their price objective on shares of Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Finally, Wedbush raised shares of Snowflake from a “neutral” rating to an “outperform” rating and set a $190.00 target price for the company in a research note on Monday. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-seven have assigned a buy rating to the company’s stock. According to MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and an average target price of $181.09.

Snowflake Stock Performance

Snowflake stock opened at $173.62 on Thursday. The firm has a 50 day moving average price of $123.68 and a 200 day moving average price of $128.32. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $237.72. The company has a market capitalization of $58.20 billion, a PE ratio of -51.22 and a beta of 0.83.

Insider Activity

In related news, insider Benoit Dageville sold 287 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the sale, the insider now directly owns 53,250 shares in the company, valued at approximately $5,932,582.50. This represents a 0.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Christopher William Degnan sold 76,692 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $168.42, for a total transaction of $12,916,466.64. Following the completion of the sale, the executive now directly owns 346,741 shares in the company, valued at approximately $58,398,119.22. This trade represents a 18.11 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 204,661 shares of company stock valued at $32,004,752. 7.80% of the stock is currently owned by corporate 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.