Lumbard & Kellner LLC Trims Position in Snowflake Inc. $SNOW

Lumbard & Kellner LLC trimmed its position in Snowflake Inc. (NYSE:SNOW) by 15.2% during the second quarter, HoldingsChannel reports. The institutional investor owned 17,440 shares of the company’s stock after selling 3,128 shares during the period. Snowflake comprises approximately 1.7% of Lumbard & Kellner LLC’s holdings, making the stock its 27th biggest holding. Lumbard & Kellner LLC’s holdings in Snowflake were worth $3,903,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of SNOW. Kingstone Capital Partners Texas LLC purchased a new stake in Snowflake in the 2nd quarter worth approximately $3,900,134,000. Norges Bank purchased a new position in shares of Snowflake during the 2nd quarter valued at $944,895,000. Nuveen LLC bought a new position in shares of Snowflake in the first quarter worth $555,847,000. AQR Capital Management LLC increased its holdings in shares of Snowflake by 346.2% in the first quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company’s stock worth $456,430,000 after purchasing an additional 2,460,769 shares during the period. Finally, Jennison Associates LLC raised its position in shares of Snowflake by 20.5% in the second quarter. Jennison Associates LLC now owns 8,000,667 shares of the company’s stock worth $1,790,309,000 after buying an additional 1,363,389 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SNOW. Macquarie upped their target price on Snowflake from $210.00 to $235.00 and gave the stock a “neutral” rating in a research note on Thursday, August 28th. Wells Fargo & Company initiated coverage on Snowflake in a research note on Tuesday, September 30th. They set an “overweight” rating and a $275.00 price objective for the company. Canaccord Genuity Group raised their target price on shares of Snowflake from $220.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Robert W. Baird upped their price target on shares of Snowflake from $215.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Finally, Wedbush increased their price target on shares of Snowflake from $250.00 to $270.00 and gave the company an “outperform” rating in a research report on Monday, October 20th. Two analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $268.22.

Snowflake Stock Performance

Shares of SNOW stock opened at $250.97 on Monday. The firm has a market capitalization of $85.03 billion, a price-to-earnings ratio of -60.47 and a beta of 1.23. The stock has a fifty day moving average of $248.96 and a 200 day moving average of $224.55. Snowflake Inc. has a 52 week low of $120.10 and a 52 week high of $280.67. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96.

Insider Transactions at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 403 shares of the firm’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $257.29, for a total value of $103,687.87. Following the completion of the sale, the director directly owned 24,927 shares in the company, valued at $6,413,467.83. This trade represents a 1.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Vivek Raghunathan sold 11,801 shares of Snowflake stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total value of $2,634,219.22. Following the sale, the senior vice president directly owned 241,854 shares in the company, valued at approximately $53,986,649.88. The trade was a 4.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 221,305 shares of company stock valued at $52,925,799. Company insiders own 6.80% 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.