Bridgewater Associates LP Reduces Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Bridgewater Associates LP reduced its stake in shares of Snowflake Inc. (NYSE:SNOW) by 89.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 9,210 shares of the company’s stock after selling 76,505 shares during the quarter. Bridgewater Associates LP’s holdings in Snowflake were worth $1,058,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Cynosure Group LLC purchased a new stake in shares of Snowflake during the 3rd quarter valued at about $637,000. Townsquare Capital LLC grew its stake in Snowflake by 9.5% during the 3rd quarter. Townsquare Capital LLC now owns 275,170 shares of the company’s stock valued at $31,606,000 after purchasing an additional 23,832 shares in the last quarter. Thematics Asset Management grew its stake in Snowflake by 16.2% during the 3rd quarter. Thematics Asset Management now owns 350,856 shares of the company’s stock valued at $40,299,000 after purchasing an additional 48,804 shares in the last quarter. Quantbot Technologies LP grew its stake in Snowflake by 41.6% during the 3rd quarter. Quantbot Technologies LP now owns 111,430 shares of the company’s stock valued at $12,799,000 after purchasing an additional 32,712 shares in the last quarter. Finally, D.A. Davidson & CO. grew its stake in Snowflake by 81.4% during the 3rd quarter. D.A. Davidson & CO. now owns 34,648 shares of the company’s stock valued at $3,980,000 after purchasing an additional 15,544 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Stock Performance

SNOW opened at $174.80 on Monday. Snowflake Inc. has a one year low of $107.13 and a one year high of $237.72. The stock’s fifty day moving average is $126.17 and its 200-day moving average is $128.27. The company has a market capitalization of $58.59 billion, a PE ratio of -51.56 and a beta of 0.83.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SNOW shares. Robert W. Baird lowered their price objective on Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a research note on Tuesday, August 20th. TD Cowen raised their price objective on Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Deutsche Bank Aktiengesellschaft raised their price objective on Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Loop Capital lowered their price objective on Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a research note on Wednesday, August 21st. Finally, Argus assumed coverage on Snowflake in a research report on Tuesday, October 1st. They issued a “hold” rating for the company. 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $181.09.

Insider Transactions at Snowflake

In related news, Director Frank Slootman sold 20,514 shares of Snowflake stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $175.26, for a total value of $3,595,283.64. Following the transaction, the director now directly owns 208,735 shares in the company, valued at $36,582,896.10. The trade was a 8.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Christopher William Degnan sold 76,692 shares of Snowflake stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $168.42, for a total value of $12,916,466.64. Following the completion of the transaction, the executive now owns 346,741 shares in the company, valued at $58,398,119.22. The trade was a 18.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 204,661 shares of company stock valued at $32,004,752. 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.