Panagora Asset Management Inc. Grows Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Posted by on Jun 11th, 2023

Panagora Asset Management Inc. lifted its position in Snowflake Inc. (NYSE:SNOW – Get Rating) by 18.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 20,655 shares of the company’s stock after buying an additional 3,166 shares during the quarter. Panagora Asset Management Inc.’s holdings in Snowflake were worth $2,965,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of SNOW. B & T Capital Management DBA Alpha Capital Management increased its holdings in Snowflake by 0.8% during the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 7,943 shares of the company’s stock worth $1,140,000 after purchasing an additional 66 shares during the period. ICA Group Wealth Management LLC grew its holdings in Snowflake by 2.6% during the 3rd quarter. ICA Group Wealth Management LLC now owns 2,919 shares of the company’s stock worth $496,000 after acquiring an additional 74 shares in the last quarter. Strategic Advisors LLC increased its position in shares of Snowflake by 0.9% in the 4th quarter. Strategic Advisors LLC now owns 8,972 shares of the company’s stock valued at $1,288,000 after purchasing an additional 80 shares during the last quarter. Proficio Capital Partners LLC raised its holdings in shares of Snowflake by 4.0% in the 4th quarter. Proficio Capital Partners LLC now owns 2,284 shares of the company’s stock valued at $337,000 after purchasing an additional 88 shares in the last quarter. Finally, Amalgamated Bank lifted its position in shares of Snowflake by 0.3% during the 4th quarter. Amalgamated Bank now owns 34,484 shares of the company’s stock worth $4,950,000 after purchasing an additional 89 shares during the last quarter. Institutional investors and hedge funds own 65.31% of the company’s stock.

Snowflake Price Performance

Shares of SNOW stock opened at $170.65 on Friday. The firm has a market cap of $55.46 billion, a P/E ratio of -63.91 and a beta of 0.74. The stock’s 50-day moving average is $157.62 and its two-hundred day moving average is $149.72. Snowflake Inc. has a fifty-two week low of $110.26 and a fifty-two week high of $205.66.

Analyst Ratings Changes

A number of analysts have issued reports on SNOW shares. UBS Group decreased their price target on Snowflake from $170.00 to $155.00 in a report on Thursday, May 25th. Citigroup cut their price objective on shares of Snowflake from $202.00 to $189.00 in a report on Friday, May 26th. Piper Sandler restated a “buy” rating and issued a $194.00 target price on shares of Snowflake in a report on Thursday, March 2nd. Mizuho cut their price target on shares of Snowflake from $185.00 to $175.00 in a research note on Thursday, May 25th. Finally, Wolfe Research downgraded shares of Snowflake from an “outperform” rating to a “peer perform” rating in a research note on Thursday, May 25th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $183.17.

Insider Buying and Selling

In related news, Director Mark D. Mclaughlin acquired 1,831 shares of the stock in a transaction dated Wednesday, May 31st. The shares were acquired at an average price of $163.80 per share, for a total transaction of $299,917.80. Following the completion of the purchase, the director now owns 8,657 shares in the company, valued at approximately $1,418,016.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director John Dennis Mcmahon sold 10,000 shares of the stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $152.79, for a total value of $1,527,900.00. Following the completion of the transaction, the director now directly owns 154,902 shares of the company’s stock, valued at approximately $23,667,476.58. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mark D. Mclaughlin acquired 1,831 shares of the business’s stock in a transaction on Wednesday, May 31st. The shares were bought at an average cost of $163.80 per share, with a total value of $299,917.80. Following the completion of the acquisition, the director now owns 8,657 shares of the company’s stock, valued at approximately $1,418,016.60. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 238,983 shares of company stock worth $34,276,778. 8.30% of the stock is currently owned by insiders.

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.

Further Reading

Institutional Ownership by Quarter for Snowflake (NYSE:SNOW)

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