Snowflake Inc. (NYSE:SNOW) Shares Bought by Covington Capital Management

Posted by Defense World Staff on Mar 15th, 2023

Covington Capital Management raised its stake in Snowflake Inc. (NYSE:SNOW – Get Rating) by 480.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,406 shares of the company’s stock after purchasing an additional 2,819 shares during the period. Covington Capital Management’s holdings in Snowflake were worth $579,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Snowflake by 8.3% in the 3rd quarter. Vanguard Group Inc. now owns 17,293,889 shares of the company’s stock valued at $2,939,269,000 after purchasing an additional 1,327,410 shares in the last quarter. BlackRock Inc. raised its position in Snowflake by 25.7% in the 3rd quarter. BlackRock Inc. now owns 12,567,822 shares of the company’s stock valued at $2,136,029,000 after purchasing an additional 2,569,953 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Snowflake by 17.0% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 8,741,955 shares of the company’s stock worth $1,215,656,000 after acquiring an additional 1,270,181 shares in the last quarter. Sands Capital Management LLC raised its position in shares of Snowflake by 6.6% during the 2nd quarter. Sands Capital Management LLC now owns 5,721,972 shares of the company’s stock worth $795,697,000 after acquiring an additional 354,757 shares in the last quarter. Finally, State Street Corp raised its position in shares of Snowflake by 30.6% during the 3rd quarter. State Street Corp now owns 5,657,938 shares of the company’s stock worth $961,623,000 after acquiring an additional 1,324,033 shares in the last quarter. Institutional investors and hedge funds own 65.31% of the company’s stock.

Insider Activity at Snowflake

In related news, Director John Dennis Mcmahon sold 1,000 shares of Snowflake stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $142.65, for a total value of $142,650.00. Following the sale, the director now directly owns 154,902 shares in the company, valued at $22,096,770.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director John Dennis Mcmahon sold 1,000 shares of Snowflake stock in a transaction on Monday, March 6th. The stock was sold at an average price of $142.65, for a total transaction of $142,650.00. Following the completion of the transaction, the director now directly owns 154,902 shares of the company’s stock, valued at $22,096,770.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Benoit Dageville sold 57,564 shares of Snowflake stock in a transaction on Wednesday, March 8th. The stock was sold at an average price of $140.13, for a total value of $8,066,443.32. Following the transaction, the insider now directly owns 14,404 shares of the company’s stock, valued at $2,018,432.52. The disclosure for this sale can be found here. Insiders have sold a total of 70,318 shares of company stock worth $9,856,800 over the last three months. 8.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

SNOW has been the topic of several research analyst reports. Robert W. Baird cut their target price on Snowflake from $185.00 to $180.00 in a research report on Thursday, March 2nd. Raymond James cut their target price on Snowflake from $180.00 to $170.00 and set an “outperform” rating on the stock in a research report on Thursday, March 2nd. JPMorgan Chase & Co. cut their target price on Snowflake from $180.00 to $165.00 and set an “overweight” rating on the stock in a research report on Thursday, March 2nd. Scotiabank initiated coverage on Snowflake in a research report on Wednesday, January 18th. They set a “sector perform” rating and a $125.00 target price on the stock. Finally, Barclays cut their target price on Snowflake from $180.00 to $171.00 and set an “overweight” rating on the stock in a research report on Thursday, March 2nd. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and an average price target of $187.75.

Snowflake Stock Performance

Snowflake stock opened at $139.82 on Wednesday. Snowflake Inc. has a 1-year low of $110.26 and a 1-year high of $246.52. The stock’s 50 day moving average price is $148.84 and its 200 day moving average price is $155.67.

About Snowflake

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Snowflake Inc provides a cloud-based data platform in the United States and internationally. The company's 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. Its platform is used by various organizations of sizes in a range of industries.