Palumbo Wealth Management LLC Invests $293,000 in Snowflake Inc. (NYSE:SNOW)

Palumbo Wealth Management LLC acquired a new stake in Snowflake Inc. (NYSE:SNOW) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 1,895 shares of the company’s stock, valued at approximately $293,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SNOW. Jennison Associates LLC raised its position in shares of Snowflake by 92.2% in the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock valued at $1,179,230,000 after buying an additional 3,662,671 shares during the last quarter. State Street Corp raised its holdings in Snowflake by 0.8% in the 3rd quarter. State Street Corp now owns 6,867,097 shares of the company’s stock valued at $788,755,000 after acquiring an additional 54,909 shares during the last quarter. Geode Capital Management LLC lifted its stake in Snowflake by 3.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock worth $475,894,000 after purchasing an additional 138,663 shares in the last quarter. Two Sigma Advisers LP boosted its holdings in shares of Snowflake by 27.9% during the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after purchasing an additional 881,700 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board grew its position in shares of Snowflake by 19,399.2% in the third 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. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Stock Performance

NYSE:SNOW opened at $187.86 on Friday. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $236.33. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The stock’s 50 day simple moving average is $171.51 and its 200-day simple moving average is $141.67.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Needham & Company LLC boosted their price objective on Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Piper Sandler boosted their price target on shares of Snowflake from $185.00 to $208.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Wells Fargo & Company upgraded shares of Snowflake from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $150.00 to $200.00 in a research report on Tuesday, January 7th. Evercore ISI boosted their target price on shares of Snowflake from $190.00 to $200.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Cantor Fitzgerald started coverage on shares of Snowflake in a report on Friday, January 17th. They set an “overweight” rating and a $201.00 price target for the company. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $187.63.

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction that occurred 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 sale, the executive vice president now owns 691,755 shares of the company’s stock, valued at approximately $124,515,900. The trade was a 2.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank Slootman sold 45,896 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $176.06, for a total value of $8,080,449.76. Following the transaction, the director now directly owns 208,735 shares of the company’s stock, valued at approximately $36,749,884.10. This trade represents a 18.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 516,933 shares of company stock worth $88,283,752 in the last three months. Insiders own 7.80% of the company’s stock.

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.