CIBC Asset Management Inc Boosts Stock Position in Snowflake Inc. (NYSE:SNOW)

CIBC Asset Management Inc increased its holdings in Snowflake Inc. (NYSE:SNOW) by 13.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,321 shares of the company’s stock after purchasing an additional 1,616 shares during the quarter. CIBC Asset Management Inc’s holdings in Snowflake were worth $2,057,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of SNOW. Sanctuary Advisors LLC increased its stake in shares of Snowflake by 14.0% during the fourth quarter. Sanctuary Advisors LLC now owns 28,866 shares of the company’s stock valued at $4,457,000 after buying an additional 3,538 shares during the period. Principal Financial Group Inc. boosted its holdings in Snowflake by 60.0% in the fourth quarter. Principal Financial Group Inc. now owns 109,230 shares of the company’s stock valued at $16,866,000 after acquiring an additional 40,979 shares in the last quarter. Americana Partners LLC purchased a new position in Snowflake during the 4th quarter valued at $2,666,000. J.W. Cole Advisors Inc. raised its holdings in Snowflake by 56.3% in the 4th quarter. J.W. Cole Advisors Inc. now owns 3,148 shares of the company’s stock worth $486,000 after purchasing an additional 1,134 shares in the last quarter. Finally, Sheaff Brock Investment Advisors LLC purchased a new stake in shares of Snowflake in the 4th quarter worth about $218,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Price Performance

Shares of NYSE:SNOW opened at $177.79 on Friday. The business has a 50-day simple moving average of $172.88 and a two-hundred day simple moving average of $143.76. 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 cap of $58.69 billion, a price-to-earnings ratio of -52.45 and a beta of 1.07. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $235.66.

Analysts Set New Price Targets

Several brokerages recently issued reports on SNOW. Jefferies Financial Group boosted their price target on shares of Snowflake from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Friday. Truist Financial reiterated a “buy” rating and set a $210.00 target price on shares of Snowflake in a report on Thursday, November 21st. Wolfe Research upgraded Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 target price for the company in a research note on Tuesday. Royal Bank of Canada upped their price target on Snowflake from $175.00 to $188.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. Finally, Piper Sandler increased their price objective on Snowflake from $185.00 to $208.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-nine have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $192.89.

Insider Activity

In related news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $180.00, for a total value of $2,700,000.00. Following the completion of the sale, the executive vice president now owns 691,755 shares of the company’s stock, valued at $124,515,900. The trade was a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Emily Ho sold 1,508 shares of the stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $163.17, for a total value of $246,060.36. Following the completion of the transaction, the chief accounting officer now directly owns 44,760 shares in the company, valued at approximately $7,303,489.20. This represents a 3.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 394,345 shares of company stock valued at $67,286,835 over the last three months. Insiders own 7.80% of the company’s stock.

Snowflake Company 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.