Palumbo Wealth Management LLC Invests $293,000 in Snowflake Inc. (NYSE:SNOW)

Palumbo Wealth Management LLC acquired a new stake in Snowflake Inc. (NYSE:SNOW) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,895 shares of the company’s stock, valued at approximately $293,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Jennison Associates LLC grew its position in shares of Snowflake by 92.2% in the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock valued at $1,179,230,000 after purchasing an additional 3,662,671 shares during the last quarter. Ontario Teachers Pension Plan Board grew 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 valued at $295,459,000 after buying an additional 2,559,144 shares during the last quarter. Two Sigma Advisers LP increased its position in Snowflake by 27.9% during the third quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after buying an additional 881,700 shares in the last quarter. International Assets Investment Management LLC raised its holdings 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 last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Snowflake by 96.4% in the third quarter. Assenagon Asset Management S.A. now owns 1,045,409 shares of the company’s stock valued at $120,076,000 after acquiring an additional 513,214 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snowflake

In other news, EVP Christian Kleinerman sold 558 shares of the business’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $179.00, for a total value of $99,882.00. Following the completion of the sale, the executive vice president now owns 690,647 shares of the company’s stock, valued at approximately $123,625,813. The trade was a 0.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Slootman sold 45,896 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $176.06, for a total transaction of $8,080,449.76. Following the transaction, the director now directly owns 208,735 shares in the company, valued at $36,749,884.10. The trade was a 18.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 516,933 shares of company stock worth $88,283,752 in the last 90 days. 7.80% of the stock is owned by corporate insiders.

Snowflake Trading Down 2.5 %

Shares of SNOW stock opened at $187.86 on Friday. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $236.33. The company’s fifty day moving average price is $171.51 and its two-hundred day moving average price is $141.67.

Wall Street Analyst Weigh In

SNOW has been the subject of several analyst reports. TD Cowen boosted their target price on shares of Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Loop Capital boosted their price objective on shares of Snowflake from $185.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, December 23rd. Scotiabank raised their target price on shares of Snowflake from $170.00 to $220.00 and gave the stock a “sector outperform” rating in a research report on Monday, December 9th. Citigroup cut their price target on Snowflake from $200.00 to $183.00 and set a “buy” rating for the company in a report on Monday, November 18th. Finally, KeyCorp raised their price objective on Snowflake from $185.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $187.63.

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.