Independent Advisor Alliance Purchases 548 Shares of Snowflake Inc. (NYSE:SNOW)

Independent Advisor Alliance lifted its position in Snowflake Inc. (NYSE:SNOW) by 15.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,078 shares of the company’s stock after buying an additional 548 shares during the period. Independent Advisor Alliance’s holdings in Snowflake were worth $468,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in SNOW. Ontario Teachers Pension Plan Board raised its holdings in Snowflake by 19,399.2% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after buying an additional 2,559,144 shares during the period. Legal & General Group Plc raised its holdings in shares of Snowflake by 11.5% during the second quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock worth $293,838,000 after acquiring an additional 223,936 shares during the period. Bank of New York Mellon Corp lifted its position in Snowflake by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,599,983 shares of the company’s stock valued at $216,142,000 after acquiring an additional 8,743 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in Snowflake by 90.3% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock worth $170,938,000 after purchasing an additional 600,469 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Snowflake by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,247,511 shares of the company’s stock worth $143,289,000 after purchasing an additional 36,704 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SNOW. Bank of America upped their price objective on Snowflake from $160.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, November 21st. Rosenblatt Securities reaffirmed a “buy” rating and set a $180.00 price target on shares of Snowflake in a research note on Tuesday, November 19th. Argus began coverage on shares of Snowflake in a research report on Tuesday, October 1st. They issued a “hold” rating on the stock. HSBC raised shares of Snowflake from a “reduce” rating to a “hold” rating and raised their target price for the company from $119.00 to $121.00 in a research report on Friday, August 23rd. Finally, Needham & Company LLC boosted their price target on shares of Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $181.09.

Insider Transactions at Snowflake

In other Snowflake news, CRO Christopher William Degnan sold 76,692 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $168.42, for a total transaction of $12,916,466.64. Following the transaction, the executive now owns 346,741 shares in the company, valued at $58,398,119.22. This trade represents a 18.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Slootman sold 20,514 shares of Snowflake stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $175.26, for a total value of $3,595,283.64. Following the completion of the transaction, the director now directly owns 208,735 shares of the company’s stock, valued at $36,582,896.10. This represents a 8.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 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 Price Performance

SNOW opened at $173.70 on Friday. The business has a fifty day simple moving average of $124.88 and a 200 day simple moving average of $128.64. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $237.72. The company has a market capitalization of $58.22 billion, a PE ratio of -51.24 and a beta of 0.83.

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.