Pinnacle Investment Management Ltd Acquires Shares of 20,000 Snowflake Inc. (NYSE:SNOW)

Pinnacle Investment Management Ltd bought a new position in shares of Snowflake Inc. (NYSE:SNOW) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 20,000 shares of the company’s stock, valued at approximately $3,088,000. Snowflake comprises about 2.3% of Pinnacle Investment Management Ltd’s investment portfolio, making the stock its 6th largest holding.

A number of other large investors have also made changes to their positions in the stock. Stonebridge Financial Group LLC acquired a new stake in Snowflake during the fourth quarter worth about $29,000. West Paces Advisors Inc. acquired a new stake in shares of Snowflake during the 4th quarter worth approximately $31,000. Spurstone Advisory Services LLC purchased a new stake in shares of Snowflake during the 4th quarter valued at approximately $31,000. Quadrant Capital Group LLC lifted its holdings in Snowflake by 74.6% in the fourth quarter. Quadrant Capital Group LLC now owns 213 shares of the company’s stock valued at $33,000 after acquiring an additional 91 shares during the last quarter. Finally, Colonial Trust Co SC purchased a new position in Snowflake in the fourth quarter worth approximately $33,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Price Performance

Snowflake stock opened at $182.81 on Wednesday. The stock has a market cap of $60.35 billion, a P/E ratio of -53.93 and a beta of 1.11. The company has a fifty day simple moving average of $156.90 and a 200-day simple moving average of $162.25. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $194.40.

Insiders Place Their Bets

In related news, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $171.75, for a total transaction of $2,576,250.00. Following the completion of the sale, the executive vice president now owns 594,975 shares in the company, valued at $102,186,956.25. The trade was a 2.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael L. Speiser sold 403 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $168.01, for a total transaction of $67,708.03. Following the completion of the transaction, the director now owns 25,972 shares in the company, valued at $4,363,555.72. This represents a 1.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 356,963 shares of company stock valued at $58,204,058 in the last ninety days. Insiders own 7.80% of the company’s stock.

Wall Street Analysts Forecast Growth

SNOW has been the topic of a number of research analyst reports. Daiwa Capital Markets began coverage on Snowflake in a research report on Tuesday, April 1st. They issued a “buy” rating and a $210.00 target price on the stock. Needham & Company LLC raised their price objective on Snowflake from $200.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. The Goldman Sachs Group set a $205.00 target price on shares of Snowflake and gave the company a “buy” rating in a research report on Monday. BTIG Research raised shares of Snowflake from a “neutral” rating to a “buy” rating and set a $220.00 target price for the company in a research note on Thursday, February 20th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $205.00 price target on shares of Snowflake in a research note on Monday. Ten analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $201.00.

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.