Harvard Management Co. Acquires Shares in Snowflake Inc.

In the third quarter, Harvard Management Co. Inc. announced a new investment in Snowflake Inc. (NYSE:SNOW) through a recent disclosure to the Securities and Exchange Commission. The institutional investor acquired 17,973 shares of Snowflake's stock, which is valued at around $2,036,000. This investment represents roughly 0.1% of Harvard Management Co. Inc.'s overall investment portfolio, making it the 14th largest holding in their portfolio.

Other institutional investors have also recently adjusted their positions in Snowflake. For instance, Consolidated Press International Holdings Ltd. increased its stake in the company by 70.1% during the third quarter, acquiring an additional 15,018 shares for a total of 36,439 shares valued at approximately $4,185,000. Similarly, Caisse DE Depot ET Placement DU Quebec raised its holdings by 165.6%, now owning 534,900 shares worth about $61,439,000 after purchasing an additional 333,500 shares. Meanwhile, Twenty Acre Capital LP entered a new investment in Snowflake valued at around $5,444,000.

Circle Wealth Management LLC also expanded its holdings by 20.6% during the third quarter, increasing its stake to 11,796 shares, which are valued at $1,355,000 after an additional purchase of 2,014 shares. Lastly, PDT Partners LLC upped its stake by 160.6%, owning 26,715 shares worth $3,068,000 after acquiring an additional 16,465 shares. Overall, institutional investors currently hold 65.10% of Snowflake's stock.

Changes in Analyst Ratings

Several financial institutions have recently updated their recommendations for Snowflake's stock. Morgan Stanley retained an "equal weight" rating while setting a price target of $175.00 on August 22nd. Barclays upgraded its target price from $142.00 to $172.00, also maintaining an "equal weight" rating as of November 21st. Wedbush elevated its rating from "neutral" to "outperform," with a new price target set at $190.00 on November 25th.

Oppenheimer reaffirmed an "outperform" classification and assigned a price objective of $180.00 for Snowflake's shares. Conversely, Scotiabank decreased its target price from $195.00 to $165.00, designating a "sector outperform" rating on August 22nd. Among analysts' ratings, two have given the stock a "sell" rating, ten have assigned a hold rating, and twenty-seven have rated it as a buy. According to MarketBeat.com, the consensus rating for Snowflake is "Moderate Buy" and reflects an average target price of $181.09.

Insider Transactions

In related news, on September 10th, Executive Vice President Christian Kleinerman sold 558 shares of Snowflake at an average price of $109.96, yielding a total of $61,357.68. Post transaction, Kleinerman holds 759,473 shares valued at about $83,511,651.08, indicating a 0.07% decrease in his position. This transaction has been formally disclosed through the Securities and Exchange Commission.

Additionally, Benoit Dageville, another insider, sold 1,946 shares on September 17th for a total of $222,602.94 at an average price of $114.39. After the sale, Dageville's remaining shares total 53,820, valued at approximately $6,156,469.80, marking a 3.49% decline in his holdings. Overall, corporate insiders have sold 204,661 shares valued at $32,004,752 in the past ninety days, while they own about 7.80% of the total company stock.

Snowflake Stock Overview

As of Friday, Snowflake's stock opened trading at $174.83. The company boasts a market capitalization of $58.60 billion, a price-to-earnings (P/E) ratio of -51.57, and a beta of 0.83. Its fifty-day moving average price is set at $126.17, while the 200-day average stands at $128.74. The stock has a one-year low of $107.13 and a one-year high of $237.72.

About Snowflake Inc.

Snowflake Inc. operates a cloud-based data platform that serves various organizations both in the United States and internationally. Its primary offering, the Data Cloud, allows customers to consolidate data into a singular source to derive significant business insights, develop data-driven applications, and share data effectively while incorporating artificial intelligence (AI) to solve business challenges.

Harvard, Snowflake, Investment