GQG Partners LLC Acquires Shares of 4,860,902 Snowflake Inc. (NYSE:SNOW)

GQG Partners LLC bought a new position in Snowflake Inc. (NYSE:SNOW) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 4,860,902 shares of the company’s stock, valued at approximately $750,572,000. GQG Partners LLC owned about 1.47% of Snowflake at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Groupama Asset Managment bought a new stake in shares of Snowflake in the 3rd quarter worth about $25,000. Stonebridge Financial Group LLC bought a new stake in Snowflake during the fourth quarter worth approximately $29,000. Blue Bell Private Wealth Management LLC raised 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 purchasing an additional 144 shares during the period. Perkins Coie Trust Co lifted its stake in shares of Snowflake by 136.3% in the 4th quarter. Perkins Coie Trust Co now owns 241 shares of the company’s stock valued at $37,000 after purchasing an additional 139 shares during the last quarter. Finally, Union Bancaire Privee UBP SA purchased a new position in shares of Snowflake in the 4th quarter worth approximately $38,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Trading Up 3.1 %

NYSE:SNOW opened at $163.36 on Tuesday. The stock has a market capitalization of $53.93 billion, a price-to-earnings ratio of -48.19 and a beta of 1.07. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $194.40. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The firm has a 50 day moving average of $172.76 and a 200 day moving average of $150.25.

Insider Transactions at Snowflake

In related news, Director Frank Slootman sold 100,000 shares of the company’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $155.00, for a total transaction of $15,500,000.00. Following the transaction, the director now directly owns 195,281 shares of the company’s stock, valued at $30,268,555. This represents a 33.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CRO Christopher William Degnan sold 12,782 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $181.87, for a total value of $2,324,662.34. Following the completion of the sale, the executive now directly owns 308,164 shares of the company’s stock, valued at approximately $56,045,786.68. This represents a 3.98 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 303,968 shares of company stock valued at $50,900,550. Corporate insiders own 7.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SNOW. StockNews.com upgraded Snowflake from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. Bank of America raised their target price on shares of Snowflake from $185.00 to $205.00 and gave the stock a “neutral” rating in a report on Thursday, February 20th. Mizuho lifted their price target on shares of Snowflake from $195.00 to $205.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Needham & Company LLC increased their price objective on shares of Snowflake from $200.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. Finally, Jefferies Financial Group boosted their target price on Snowflake from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Nine equities research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $205.08.

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.