Alberta Investment Management Corp Cuts Stake in Snowflake Inc. (NYSE:SNOW)

Alberta Investment Management Corp lowered its stake in shares of Snowflake Inc. (NYSE:SNOW) by 51.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 156,444 shares of the company’s stock after selling 168,683 shares during the period. Alberta Investment Management Corp’s holdings in Snowflake were worth $24,157,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Jennison Associates LLC boosted its position in Snowflake by 92.2% during the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock worth $1,179,230,000 after acquiring an additional 3,662,671 shares during the last quarter. Ontario Teachers Pension Plan Board boosted its position in Snowflake by 19,399.2% during the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after acquiring an additional 2,559,144 shares during the last quarter. Two Sigma Advisers LP boosted its position in Snowflake by 27.9% during the third quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after acquiring an additional 881,700 shares during the last quarter. International Assets Investment Management LLC boosted its position in Snowflake by 12,318.3% during the third quarter. International Assets Investment Management LLC now owns 530,883 shares of the company’s stock worth $60,977,000 after acquiring an additional 526,608 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Snowflake by 96.4% during the third quarter. Assenagon Asset Management S.A. now owns 1,045,409 shares of the company’s stock worth $120,076,000 after acquiring an additional 513,214 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on SNOW shares. TD Cowen boosted their price target on shares of Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Scotiabank boosted their price target 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. Piper Sandler boosted their target price on shares of Snowflake from $185.00 to $208.00 and gave the company an “overweight” rating in a report on Monday, January 6th. KeyCorp boosted their target price on shares of Snowflake from $185.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Wells Fargo & Company upgraded shares of Snowflake from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $150.00 to $200.00 in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus target price of $188.94.

Snowflake Price Performance

Shares of NYSE:SNOW opened at $192.91 on Wednesday. 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 company’s 50 day moving average is $172.08 and its two-hundred day moving average is $142.71. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $235.66.

Insider Activity at Snowflake

In related news, CRO Christopher William Degnan sold 12,782 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $181.87, for a total value of $2,324,662.34. Following the transaction, the executive now directly owns 308,164 shares of the company’s stock, valued at $56,045,786.68. This trade represents a 3.98 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $186.50, for a total transaction of $2,797,500.00. Following the sale, the executive vice president now owns 552,930 shares of the company’s stock, valued at approximately $103,121,445. This represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 516,933 shares of company stock valued at $88,283,752 in the last ninety days. 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.