Bank of New York Mellon Corp Buys 143,560 Shares of Snowflake Inc. (NYSE:SNOW)

Bank of New York Mellon Corp grew its position in shares of Snowflake Inc. (NYSE:SNOW) by 12.0% in the 4th quarter, Holdings Channel reports. The firm owned 1,339,313 shares of the company’s stock after acquiring an additional 143,560 shares during the quarter. Bank of New York Mellon Corp’s holdings in Snowflake were worth $206,803,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jennison Associates LLC lifted its stake in 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 buying an additional 3,662,671 shares during the period. State Street Corp increased its stake in shares of Snowflake by 0.8% in the 3rd quarter. State Street Corp now owns 6,867,097 shares of the company’s stock valued at $788,755,000 after acquiring an additional 54,909 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Snowflake by 3.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock valued at $475,894,000 after acquiring an additional 138,663 shares during the period. Two Sigma Advisers LP boosted its stake 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 acquiring an additional 881,700 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board grew its holdings in Snowflake by 19,399.2% in the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after purchasing an additional 2,559,144 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Analysts Set New Price Targets

SNOW has been the topic of several research reports. Evercore ISI upped their price objective on shares of Snowflake from $190.00 to $200.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Guggenheim reiterated a “neutral” rating on shares of Snowflake in a report on Thursday. Citigroup boosted their price objective on Snowflake from $225.00 to $230.00 and gave the company a “buy” rating in a report on Tuesday. Bank of America increased their target price on Snowflake from $185.00 to $205.00 and gave the stock a “neutral” rating in a report on Thursday, February 20th. Finally, Barclays boosted their price target on shares of Snowflake from $190.00 to $203.00 and gave the company an “overweight” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $202.92.

Snowflake Stock Performance

NYSE:SNOW opened at $173.78 on Friday. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $233.88. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The business has a 50 day moving average of $172.98 and a 200 day moving average of $145.14. The company has a market capitalization of $57.36 billion, a price-to-earnings ratio of -51.26 and a beta of 1.07.

Insider Activity

In other Snowflake news, Director Frank Slootman sold 2,218 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $175.00, for a total value of $388,150.00. Following the completion of the sale, the director now owns 208,735 shares in the company, valued at approximately $36,528,625. The trade was a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 558 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $179.00, for a total transaction of $99,882.00. Following the completion of the transaction, the executive vice president now owns 690,647 shares in the company, valued at $123,625,813. This represents a 0.08 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 312,193 shares of company stock valued at $52,833,048. Corporate insiders own 7.80% of the company’s stock.

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.