Ardmore Road Asset Management LP Invests $18.53 Million in Snowflake Inc. (NYSE:SNOW)

Ardmore Road Asset Management LP acquired a new position in shares of Snowflake Inc. (NYSE:SNOW) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 120,000 shares of the company’s stock, valued at approximately $18,529,000. Snowflake makes up about 2.7% of Ardmore Road Asset Management LP’s holdings, making the stock its 15th largest position.

Several other large investors also recently made changes to their positions in the stock. Groupama Asset Managment bought a new position in Snowflake in the 3rd quarter valued at about $25,000. Stonebridge Financial Group LLC acquired a new position in Snowflake during the fourth quarter valued at approximately $29,000. Blue Bell Private Wealth Management LLC raised its holdings in shares of Snowflake by 189.5% during the 4th quarter. Blue Bell Private Wealth Management LLC now owns 220 shares of the company’s stock worth $34,000 after buying an additional 144 shares in the last quarter. Perkins Coie Trust Co lifted its holdings in shares of Snowflake by 136.3% in the fourth quarter. Perkins Coie Trust Co now owns 241 shares of the company’s stock worth $37,000 after acquiring an additional 139 shares during the last quarter. Finally, Union Bancaire Privee UBP SA acquired a new stake in Snowflake in the fourth quarter valued at approximately $38,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SNOW. Canaccord Genuity Group raised their price target on shares of Snowflake from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Bank of America lifted their price objective on shares of Snowflake from $185.00 to $205.00 and gave the company a “neutral” rating in a research note on Thursday, February 20th. Stifel Nicolaus raised their price objective on Snowflake from $187.00 to $210.00 and gave the company a “buy” rating in a research note on Thursday, February 27th. StockNews.com raised shares of Snowflake from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. Finally, Royal Bank of Canada increased their price target on Snowflake from $210.00 to $221.00 and gave the company an “outperform” rating in a research report on Thursday, February 27th. Nine equities research analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $204.14.

Snowflake Trading Up 2.3 %

NYSE SNOW opened at $149.56 on Wednesday. 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 stock has a 50 day simple moving average of $171.02 and a two-hundred day simple moving average of $152.07. The stock has a market cap of $49.37 billion, a P/E ratio of -44.12 and a beta of 1.07. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $194.40.

Insider Activity

In other news, CRO Christopher William Degnan sold 12,782 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $157.24, for a total transaction of $2,009,841.68. Following the sale, the executive now owns 311,999 shares in the company, valued at $49,058,722.76. This represents a 3.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Michael Scarpelli sold 300,000 shares of Snowflake stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the completion of the sale, the chief financial officer now owns 292,610 shares of the company’s stock, valued at $47,756,878.10. This represents a 50.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 503,968 shares of company stock valued at $84,363,550. Corporate insiders own 7.80% of the company’s stock.

Snowflake 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.