BOCHK Asset Management Ltd Takes Position in Snowflake Inc. (NYSE:SNOW)

BOCHK Asset Management Ltd bought a new position in Snowflake Inc. (NYSE:SNOW) in the fourth quarter, Holdings Channel reports. The institutional investor bought 48,600 shares of the company’s stock, valued at approximately $7,504,000. Snowflake makes up about 2.3% of BOCHK Asset Management Ltd’s holdings, making the stock its 22nd biggest position.

Other hedge funds also recently bought and sold shares of the company. Toronto Dominion Bank lifted its position in Snowflake by 24.1% in the 3rd quarter. Toronto Dominion Bank now owns 37,226 shares of the company’s stock worth $4,276,000 after buying an additional 7,239 shares during the last quarter. Prospect Financial Services LLC bought a new stake in Snowflake in the 4th quarter worth approximately $288,000. Independent Advisor Alliance lifted its position in Snowflake by 15.5% in the 3rd quarter. Independent Advisor Alliance now owns 4,078 shares of the company’s stock worth $468,000 after buying an additional 548 shares during the last quarter. Bourgeon Capital Management LLC bought a new stake in Snowflake in the 4th quarter worth approximately $5,851,000. Finally, Franklin Resources Inc. lifted its position in Snowflake by 1.4% in the 3rd quarter. Franklin Resources Inc. now owns 536,588 shares of the company’s stock worth $66,086,000 after buying an additional 7,373 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on SNOW. DA Davidson reaffirmed a “buy” rating and issued a $175.00 price target on shares of Snowflake in a research note on Thursday, October 3rd. Piper Sandler lifted their price target on Snowflake from $185.00 to $208.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Citigroup decreased their price target on Snowflake from $200.00 to $183.00 and set a “buy” rating on the stock in a research note on Monday, November 18th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $180.00 price target on shares of Snowflake in a research note on Tuesday, November 19th. Finally, Argus began coverage on Snowflake in a research note on Tuesday, October 1st. They issued a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and an average target price of $188.06.

Snowflake Trading Up 7.0 %

Snowflake stock opened at $187.89 on Wednesday. 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 business’s fifty day simple moving average is $167.95 and its two-hundred day simple moving average is $136.74. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $237.72. The company has a market capitalization of $62.02 billion, a price-to-earnings 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 the company’s stock in a transaction on 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 transaction, the executive vice president now directly owns 706,755 shares of the company’s stock, valued at $85,354,801.35. This represents a 2.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Frank Slootman sold 127,247 shares of the company’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $176.25, for a total value of $22,427,283.75. Following the transaction, the director now directly owns 195,281 shares in the company, valued at approximately $34,418,276.25. The trade was a 39.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 504,151 shares of company stock valued at $84,973,139. 7.80% of the stock is currently owned by corporate 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.