The Manufacturers Life Insurance Company has reduced its stake in Snowflake Inc. (NYSE:SNOW) by 31.7% during the fourth quarter, as disclosed in its latest filing with the Securities and Exchange Commission (SEC). The firm now holds 23,108 shares valued at $3,568,000.
Other institutional investors have also adjusted their positions in Snowflake. Jennison Associates LLC increased its stake by 92.2%, now owning 7,637,006 shares worth $1,179,230,000. Norges Bank established a new position valued at $988,950,000, while FMR LLC raised its holdings by 84.9% to 6,108,123 shares worth $943,155,000. GQG Partners LLC also initiated a stake worth approximately $750,572,000. Geode Capital Management LLC slightly increased its position by 0.4% to 4,167,460 shares valued at $642,742,000.
Currently, institutional investors hold 65.10% of Snowflake’s stock. Recent insider transactions include EVP Christian Kleinerman selling 15,000 shares for $2,576,250 and Director Frank Slootman selling 7,016 shares for $1,092,321.04. Corporate insiders collectively own 7.80% of the company.
Analyst ratings for Snowflake include a ‘strong-buy’ from Daiwa America, ‘buy’ ratings from Truist Financial and Citigroup, and an ‘outperform’ rating from Oppenheimer. The average analyst rating is ‘Moderate Buy’ with a target price of $200.28. Snowflake’s stock has a 12-month low of $107.13 and a high of $194.40, with a current market capitalization of $57.48 billion.
