Covington Capital Management Boosts Stake in Snowflake Inc. (NYSE:SNOW)

Covington Capital Management raised its position in shares of Snowflake Inc. (NYSE:SNOW – Get Rating) by 480.2% in the third quarter, Holdings Channel.com reports. The fund owned 3,406 shares of the company’s stock after buying an additional 2,819 shares during the quarter. Covington Capital Management’s holdings in Snowflake were worth $579,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Snowflake by 8.3% in the third quarter. Vanguard Group Inc. now owns 17,293,889 shares of the company’s stock worth $2,939,269,000 after buying an additional 1,327,410 shares during the period. BlackRock Inc. boosted its position in shares of Snowflake by 25.7% in the third quarter. BlackRock Inc. now owns 12,567,822 shares of the company’s stock worth $2,136,029,000 after buying an additional 2,569,953 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Snowflake by 17.0% in the second quarter. Price T Rowe Associates Inc. MD now owns 8,741,955 shares of the company’s stock worth $1,215,656,000 after buying an additional 1,270,181 shares during the period. Sands Capital Management LLC boosted its position in shares of Snowflake by 6.6% in the second quarter. Sands Capital Management LLC now owns 5,721,972 shares of the company’s stock worth $795,697,000 after buying an additional 354,757 shares during the period. Finally, State Street Corp boosted its position in shares of Snowflake by 30.6% in the third quarter. State Street Corp now owns 5,657,938 shares of the company’s stock worth $961,623,000 after buying an additional 1,324,033 shares during the period. Hedge funds and other institutional investors own 65.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SNOW. Canaccord Genuity Group decreased their target price on Snowflake from $220.00 to $195.00 in a research report on Thursday, December 1st. Credit Suisse Group decreased their target price on Snowflake from $250.00 to $200.00 and set an “outperform” rating for the company in a research report on Monday, December 5th. Cowen cut their price target on Snowflake from $235.00 to $225.00 in a research note on Thursday, December 1st. Wedbush began coverage on Snowflake in a research note on Wednesday, December 14th. They issued a “neutral” rating and a $144.00 price target on the stock. Finally, Citigroup cut their price target on Snowflake from $225.00 to $202.00 and set a “buy” rating on the stock in a research note on Friday, March 3rd. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $187.75.

Insider Activity

In other news, Director John Dennis Mcmahon sold 1,000 shares of the 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 sale, the director now owns 154,902 shares in the company, valued at approximately $22,096,770.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director John Dennis Mcmahon sold 1,000 shares of the 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 sale, the director now owns 154,902 shares in the company, valued at approximately $22,096,770.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Benoit Dageville sold 57,564 shares of the stock in a transaction on Wednesday, March 8th. The shares were sold at an average price of $140.13, for a total value of $8,066,443.32. Following the sale, the insider now owns 14,404 shares of the company’s stock, valued at approximately $2,018,432.52. The disclosure for this sale can be found here. In the last 90 days, insiders sold 70,318 shares of company stock worth $9,856,800. Insiders own 8.90% of the company’s stock.

Snowflake Stock Up 1.5 %

Shares of NYSE SNOW opened at $139.82 on Wednesday. The stock has a fifty day moving average price of $148.84 and a two-hundred day moving average price of $155.67. Snowflake Inc. has a 1 year low of $110.26 and a 1 year high of $246.52.

Snowflake Company Profile

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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.