Institute for Wealth Management LLC. Reduces Holdings in Snowflake Inc. (NYSE:SNOW)

Institute for Wealth Management LLC. trimmed its stake in Snowflake Inc. (NYSE:SNOW) by 1.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,852 shares of the company’s stock after selling 86 shares during the period. Institute for Wealth Management LLC.’s holdings in Snowflake were worth $904,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Toronto Dominion Bank grew its position in shares of Snowflake by 24.1% in the 3rd quarter. Toronto Dominion Bank now owns 37,226 shares of the company’s stock valued at $4,276,000 after buying an additional 7,239 shares during the last quarter. Prospect Financial Services LLC purchased a new position in Snowflake during the 4th quarter worth $288,000. Independent Advisor Alliance grew its position in Snowflake by 15.5% during the 3rd quarter. Independent Advisor Alliance now owns 4,078 shares of the company’s stock worth $468,000 after purchasing an additional 548 shares during the last quarter. Bourgeon Capital Management LLC purchased a new position in Snowflake during the 4th quarter worth $5,851,000. Finally, Franklin Resources Inc. grew its position in Snowflake by 1.4% during the 3rd quarter. Franklin Resources Inc. now owns 536,588 shares of the company’s stock worth $66,086,000 after purchasing an additional 7,373 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Frank Slootman sold 127,247 shares of the business’s stock in a transaction that occurred 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 completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the completion of the sale, the executive vice president now owns 706,755 shares of the company’s stock, valued at approximately $85,354,801.35. The trade was a 2.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 504,151 shares of company stock valued at $84,973,139 over the last 90 days. Insiders own 7.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SNOW. Jefferies Financial Group raised their price objective on shares of Snowflake from $180.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Monness Crespi & Hardt raised their price objective on shares of Snowflake from $140.00 to $188.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Scotiabank raised their price objective on shares of Snowflake from $170.00 to $220.00 and gave the stock a “sector outperform” rating in a research report on Monday, December 9th. Loop Capital raised their price objective on shares of Snowflake from $185.00 to $205.00 and gave the stock a “buy” rating in a research report on Monday, December 23rd. Finally, Needham & Company LLC lifted their target price on shares of Snowflake from $160.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $188.06.

Snowflake Stock Performance

NYSE:SNOW opened at $181.66 on Friday. The firm has a 50 day simple moving average of $169.19 and a 200-day simple moving average of $137.36. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $237.72.

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.