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

GQG Partners LLC acquired a new stake in Snowflake Inc. (NYSE:SNOW) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 4,860,902 shares of the company’s stock, valued at approximately $750,572,000.

Several other institutional investors have also recently modified their holdings of the company. EFG Asset Management North America Corp. acquired a new position in Snowflake during the fourth quarter valued at $1,829,000. Prudential Financial Inc. lifted its holdings in shares of Snowflake by 2,814.0% in the 4th quarter. Prudential Financial Inc. now owns 277,824 shares of the company’s stock valued at $42,899,000 after buying an additional 268,290 shares during the period. LPL Financial LLC boosted its stake in shares of Snowflake by 37.7% in the fourth quarter. LPL Financial LLC now owns 176,646 shares of the company’s stock worth $27,276,000 after buying an additional 48,403 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in Snowflake during the fourth quarter worth about $459,000. Finally, KLP Kapitalforvaltning AS acquired a new position in Snowflake in the fourth quarter valued at approximately $15,410,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Trading Up 3.1 %

Shares of Snowflake stock opened at $163.36 on Tuesday. The stock has a 50 day moving average of $172.76 and a 200 day moving average of $150.25. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The firm 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 fifty-two week low of $107.13 and a fifty-two week high of $194.40.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SNOW shares. Stifel Nicolaus lifted their target price on shares of Snowflake from $187.00 to $210.00 and gave the company a “buy” rating in a report on Thursday, February 27th. BTIG Research raised shares of Snowflake from a “neutral” rating to a “buy” rating and set a $220.00 price objective for the company in a report on Thursday, February 20th. KeyCorp upped their price objective on shares of Snowflake from $210.00 to $220.00 and gave the stock an “overweight” rating in a research report on Thursday, February 27th. Guggenheim restated a “neutral” rating on shares of Snowflake in a research report on Thursday, February 27th. Finally, Wedbush set a $210.00 price target on Snowflake in a report on Wednesday, January 22nd. Nine research analysts have rated the stock with a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $205.08.

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 7,908 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $154.67, for a total value of $1,223,130.36. Following the transaction, the executive vice president now directly owns 600,632 shares in the company, valued at approximately $92,899,751.44. This represents a 1.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 127,247 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $176.25, for a total transaction of $22,427,283.75. Following the transaction, the director now directly owns 195,281 shares of the company’s stock, valued at $34,418,276.25. The trade was a 39.45 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 303,968 shares of company stock worth $50,900,550. 7.80% of the stock is currently owned by company insiders.

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.