Cinctive Capital Management LP Buys New Position in Snowflake Inc. (NYSE:SNOW)

Cinctive Capital Management LP acquired a new stake in shares of Snowflake Inc. (NYSE:SNOW) during the third quarter, HoldingsChannel reports. The fund acquired 108,836 shares of the company’s stock, valued at approximately $12,501,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Ontario Teachers Pension Plan Board boosted its stake in shares of Snowflake by 19,399.2% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after purchasing an additional 2,559,144 shares in the last quarter. Legal & General Group Plc boosted its position in Snowflake by 11.5% during the 2nd quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock valued at $293,838,000 after acquiring an additional 223,936 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Snowflake by 2.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,935,779 shares of the company’s stock worth $222,344,000 after acquiring an additional 51,366 shares during the period. Bank of New York Mellon Corp raised its position in shares of Snowflake by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,599,983 shares of the company’s stock worth $216,142,000 after acquiring an additional 8,743 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its stake in shares of Snowflake by 90.3% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock valued at $170,938,000 after purchasing an additional 600,469 shares during the period. 65.10% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SNOW shares. Wells Fargo & Company upped their price target on Snowflake from $125.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 21st. JMP Securities reduced their target price on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating on the stock in a research report on Thursday, August 22nd. Truist Financial reissued a “buy” rating and set a $210.00 price target on shares of Snowflake in a research report on Thursday, November 21st. Barclays upped their price objective on shares of Snowflake from $142.00 to $172.00 and gave the stock an “equal weight” rating in a report on Thursday, November 21st. Finally, Loop Capital lowered their target price on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a report on Wednesday, August 21st. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-seven have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $181.09.

Insider Activity

In other news, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the transaction, the director now directly owns 218,246 shares of the company’s stock, valued at $23,998,330.16. The trade was a 0.73 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benoit Dageville sold 287 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total transaction of $31,974.67. Following the completion of the sale, the insider now directly owns 53,250 shares of the company’s stock, valued at $5,932,582.50. This represents a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 204,661 shares of company stock valued at $32,004,752 in the last 90 days. Company insiders own 7.80% of the company’s stock.

Snowflake Trading Up 0.6 %

Shares of SNOW stock opened at $174.80 on Monday. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $237.72. The stock has a market cap of $58.59 billion, a P/E ratio of -51.56 and a beta of 0.83. The company has a 50 day simple moving average of $126.17 and a two-hundred day simple moving average of $128.27.

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.