BOCHK Asset Management Ltd Purchases Shares of 48,600 Snowflake Inc. (NYSE:SNOW)

BOCHK Asset Management Ltd purchased a new stake in Snowflake Inc. (NYSE:SNOW) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 48,600 shares of the company’s stock, valued at approximately $7,504,000. Snowflake accounts for about 2.3% of BOCHK Asset Management Ltd’s holdings, making the stock its 22nd biggest holding.

A number of other institutional investors also recently modified their holdings of SNOW. Dimensional Fund Advisors LP raised its position in shares of Snowflake by 26.3% during the second quarter. Dimensional Fund Advisors LP now owns 268,985 shares of the company’s stock worth $36,332,000 after purchasing an additional 56,027 shares during the period. ProShare Advisors LLC raised its position in shares of Snowflake by 71.2% during the second quarter. ProShare Advisors LLC now owns 2,438 shares of the company’s stock worth $329,000 after purchasing an additional 1,014 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Snowflake by 0.4% during the second quarter. The Manufacturers Life Insurance Company now owns 33,182 shares of the company’s stock worth $4,482,000 after purchasing an additional 146 shares during the period. NewEdge Advisors LLC raised its position in shares of Snowflake by 42.5% during the second quarter. NewEdge Advisors LLC now owns 13,800 shares of the company’s stock worth $1,864,000 after purchasing an additional 4,116 shares during the period. Finally, Sunbelt Securities Inc. raised its position in shares of Snowflake by 46.7% during the second quarter. Sunbelt Securities Inc. now owns 5,393 shares of the company’s stock worth $729,000 after purchasing an additional 1,716 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. TD Cowen upped their target price on Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Oppenheimer upped their price target on Snowflake from $180.00 to $200.00 and gave the stock an “outperform” rating in a report on Monday, January 13th. Bank of America upped their price target on Snowflake from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, November 21st. Barclays upgraded Snowflake from an “equal weight” rating to an “overweight” rating and set a $190.00 price target for the company in a report on Friday, January 10th. Finally, Needham & Company LLC upped their price target on Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $188.06.

Snowflake Stock Up 7.0 %

Shares of NYSE SNOW opened at $187.89 on Wednesday. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $237.72. The business has a 50-day simple moving average of $167.95 and a two-hundred day simple moving average of $136.74. 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 company has a market cap of $62.02 billion, a P/E ratio of -55.42 and a beta of 1.05.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the completion of the sale, the executive vice president now owns 706,755 shares in the company, valued at approximately $85,354,801.35. This trade represents a 2.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 100,000 shares of Snowflake stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $155.00, for a total value of $15,500,000.00. Following the sale, the director now owns 195,281 shares of the company’s stock, valued at approximately $30,268,555. This trade represents a 33.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 504,151 shares of company stock worth $84,973,139 in the last quarter. 7.80% of the stock is 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.