Manhattan West Asset Management LLC Reduces Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Manhattan West Asset Management LLC trimmed its position in shares of Snowflake Inc. (NYSE:SNOW) by 5.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,990 shares of the company’s stock after selling 569 shares during the period. Manhattan West Asset Management LLC’s holdings in Snowflake were worth $1,543,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Stonebridge Financial Group LLC acquired a new position in Snowflake in the 4th quarter valued at about $29,000. Quadrant Capital Group LLC grew its position in shares of Snowflake by 74.6% in the fourth quarter. Quadrant Capital Group LLC now owns 213 shares of the company’s stock valued at $33,000 after purchasing an additional 91 shares during the period. Blue Bell Private Wealth Management LLC raised its stake in Snowflake by 189.5% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 220 shares of the company’s stock worth $34,000 after purchasing an additional 144 shares during the period. Perkins Coie Trust Co lifted its position in Snowflake by 136.3% during the fourth quarter. Perkins Coie Trust Co now owns 241 shares of the company’s stock valued at $37,000 after buying an additional 139 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its holdings in shares of Snowflake by 1,437.5% during the 4th quarter. Geneos Wealth Management Inc. now owns 246 shares of the company’s stock valued at $38,000 after buying an additional 230 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $186.50, for a total transaction of $2,797,500.00. Following the transaction, the executive vice president now directly owns 552,930 shares in the company, valued at $103,121,445. This trade represents a 2.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Michael Scarpelli sold 300,000 shares of the stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the transaction, the chief financial officer now owns 292,610 shares in the company, valued at approximately $47,756,878.10. This represents a 50.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 491,589 shares of company stock worth $82,405,796 over the last quarter. Insiders own 7.80% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Evercore ISI upped their price target on shares of Snowflake from $190.00 to $200.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Piper Sandler increased their price objective on shares of Snowflake from $208.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday, February 27th. Truist Financial decreased their price target on Snowflake from $225.00 to $210.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Rosenblatt Securities raised their price objective on shares of Snowflake from $186.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Finally, Macquarie initiated coverage on shares of Snowflake in a research report on Wednesday, April 2nd. They issued a “neutral” rating and a $160.00 price target on the stock. Ten analysts have rated the stock with a hold rating, thirty have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and a consensus price target of $201.84.

Snowflake Stock Performance

NYSE:SNOW opened at $144.84 on Friday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $194.40. The firm has a market capitalization of $47.81 billion, a PE ratio of -42.72 and a beta of 1.13. The stock has a 50-day simple moving average of $163.16 and a two-hundred day simple moving average of $153.53.

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.