Rakuten Securities Inc. Trims Stake in Snowflake Inc. (NYSE:SNOW)

Rakuten Securities Inc. trimmed its stake in Snowflake Inc. (NYSE:SNOW) by 46.4% in the 4th quarter, HoldingsChannel reports. The firm owned 2,847 shares of the company’s stock after selling 2,467 shares during the period. Rakuten Securities Inc.’s holdings in Snowflake were worth $440,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Covestor Ltd increased its stake in Snowflake by 16.2% in the 3rd quarter. Covestor Ltd now owns 827 shares of the company’s stock worth $95,000 after buying an additional 115 shares in the last quarter. Once Capital Management LLC increased its stake in Snowflake by 66.8% in the 3rd quarter. Once Capital Management LLC now owns 68,400 shares of the company’s stock worth $7,856,000 after buying an additional 27,400 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its stake in Snowflake by 55.1% in the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 31,615 shares of the company’s stock worth $3,556,000 after buying an additional 11,236 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Snowflake by 0.5% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 664,858 shares of the company’s stock worth $76,366,000 after buying an additional 3,487 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC increased its stake in Snowflake by 19.5% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 11,307 shares of the company’s stock worth $1,299,000 after buying an additional 1,848 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Jefferies Financial Group increased their price objective on shares of Snowflake from $200.00 to $220.00 and gave the company a “buy” rating in a report on Friday, February 21st. Wolfe Research raised shares of Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 price target for the company in a report on Tuesday, February 18th. Loop Capital raised their price objective on shares of Snowflake from $205.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, February 27th. Stifel Nicolaus raised their price objective on shares of Snowflake from $187.00 to $210.00 and gave the stock a “buy” rating in a research note on Thursday, February 27th. Finally, Rosenblatt Securities raised their target price on shares of Snowflake from $186.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Snowflake has an average rating of “Moderate Buy” and an average target price of $202.92.

Snowflake Stock Up 1.5 %

Shares of NYSE SNOW opened at $149.75 on Wednesday. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $194.40. The stock has a market cap of $49.43 billion, a PE ratio of -44.17 and a beta of 1.07. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The company has a 50-day moving average of $173.55 and a 200 day moving average of $147.55.

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $186.50, for a total transaction of $2,797,500.00. Following the sale, the executive vice president now directly owns 552,930 shares in the company, valued at $103,121,445. This represents a 2.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Emily Ho sold 1,508 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $163.17, for a total transaction of $246,060.36. Following the sale, the chief accounting officer now owns 44,760 shares in the company, valued at approximately $7,303,489.20. This trade represents a 3.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 294,923 shares of company stock worth $49,689,983 in the last ninety days. 7.80% of the stock is owned by 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.