Harvard Management Co. Inc. Increases Stake in Snowflake Inc.

During the third quarter, Harvard Management Co. Inc. made a significant move by acquiring a new stake in Snowflake Inc. (NYSE:SNOW), as revealed in its latest filing with the Securities and Exchange Commission. The institutional investor has purchased 17,973 shares of Snowflake's stock, which is valued at around $2,036,000. This new position constitutes approximately 0.1% of Harvard Management Co. Inc.'s overall investment portfolio, ranking it as their 14th largest holding.

Institutional Investors' Activities

Harvard Management Co. Inc. is not alone in this investment trend. Other hedge funds and institutional investors have also adjusted their stakes in Snowflake recently. For instance, Consolidated Press International Holdings Ltd. increased its investment by 70.1% in the third quarter, bringing its total shares to 36,439, which are now valued at $4,185,000 after acquiring an additional 15,018 shares. Furthermore, Caisse DE Depot ET Placement DU Quebec raised its holdings by an impressive 165.6%, acquiring 333,500 shares to total 534,900 shares worth $61,439,000.

In addition, Twenty Acre Capital LP entered a new position valued at about $5,444,000, while Circle Wealth Management LLC expanded its stake by 20.6%, now holding 11,796 shares valued at $1,355,000 after purchasing an extra 2,014 shares in the last quarter. Finally, PDT Partners LLC also saw a substantial increase in its investment as it raised its stake by 160.6%, now holding 26,715 shares worth $3,068,000. Currently, institutional investors own approximately 65.10% of Snowflake's stock.

Recent Analyst Ratings

In the realm of analyst ratings, several brokerage firms have recently issued updates regarding Snowflake's stock. Morgan Stanley reaffirmed a rating of "equal weight" with a price target set at $175.00. Meanwhile, Barclays raised its price target from $142.00 to $172.00 while maintaining an "equal weight" rating. Wedbush also upgraded its rating from "neutral" to "outperform," setting a price target of $190.00. Oppenheimer likewise maintained an "outperform" rating, issuing a price objective of $180.00. Scotiabank adjusted its target price down from $195.00 to $165.00, with a rating of "sector outperform." The consensus rating among analysts indicates a "Moderate Buy" for Snowflake's stock, with an average target price of $181.09.

Insider Trading Activity

On the insider trading front, there have been notable sales of Snowflake shares. Executive Vice President Christian Kleinerman sold 558 shares on September 10, valued at approximately $61,357.68, while insider Benoit Dageville sold 1,946 shares on September 17 for $222,602.94. After these transactions, Kleinerman retains 759,473 shares, valued at roughly $83,511,651.08, reflecting a minor decrease in his position. Collectively, insiders have sold a total of 204,661 shares worth $32,004,752 over the past ninety days, with corporate insiders currently owning about 7.80% of the company's stock.

Snowflake's Stock Performance Overview

As of a recent trading session, Snowflake's stock opened at $174.83, showcasing a market capitalization of $58.60 billion. The company's price-to-earnings ratio stands at -51.57, with a beta of 0.83. Over the past year, Snowflake's stock has seen fluctuations, reaching a low of $107.13 and a high of $237.72. With a fifty-day moving average price of $126.17 and a 200-day moving average price of $128.74, investors are closely monitoring the stock's trajectory.

Company Overview

Snowflake Inc. operates a cloud-based data platform catering to organizations in the United States and internationally. The platform, known as Data Cloud, empowers customers to unify their data, facilitating meaningful business insights and the creation of data-driven applications while leveraging artificial intelligence to address various business challenges.

investment, stocks, insider, holdings, performance