Harvard Management Co. Inc. Acquires Shares in Snowflake Inc.

Harvard Management Co. Inc. has made a new investment in Snowflake Inc. (NYSE:SNOW) during the third quarter, as per their latest filing with the Securities and Exchange Commission. The institutional investor acquired 17,973 shares of Snowflake’s stock, with an estimated value of around $2,036,000. This investment accounts for about 0.1% of Harvard Management’s overall investment portfolio, making Snowflake Inc. their 14th largest holding.

Other Institutional Investments

A variety of other institutional investors have also recently adjusted their positions in Snowflake. For instance, Consolidated Press International Holdings Ltd. increased its investment in Snowflake by 70.1% during the third quarter and now holds 36,439 shares valued at approximately $4,185,000 after acquiring an additional 15,018 shares. Similarly, Caisse DE Depot ET Placement DU Quebec raised its holdings in Snowflake by a significant 165.6%, bringing its total to 534,900 shares valued at $61,439,000 after an additional purchase of 333,500 shares.

In addition, Twenty Acre Capital LP entered a new stake in Snowflake during the third quarter, estimated at about $5,444,000. Circle Wealth Management LLC expanded its position by 20.6%, now holding 11,796 shares worth about $1,355,000 after acquiring an extra 2,014 shares. PDT Partners LLC also increased its stake in Snowflake by 160.6%, now owning 26,715 shares valued at $3,068,000 after buying 16,465 additional shares. Currently, institutional investors collectively own 65.10% of Snowflake's stock.

Analyst Ratings Overview

Various brokerages have released reports regarding Snowflake's stock. For instance, Morgan Stanley reiterated an "equal weight" rating with a target price of $175 on August 22nd. Barclays raised their target price from $142 to $172 while maintaining an "equal weight" rating on November 21st. On November 25th, Wedbush upgraded Snowflake from a "neutral" to an "outperform" rating with a target price of $190. Oppenheimer confirmed an "outperform" rating alongside a $180 price objective also on November 21st. Scotiabank adjusted their target price from $195 to $165, giving Snowflake a “sector outperform” rating on August 22nd. The stock has received mixed reviews: two analysts have given it a sell rating, ten a hold rating, and twenty-seven analysts a buy rating. Snowflake currently holds a consensus rating of "Moderate Buy" with an average target price of $181.09 according to MarketBeat.

Insider Trading Activities

In related news, on September 10th, EVP Christian Kleinerman sold 558 shares of Snowflake stock for an average price of $109.96, totaling $61,357.68. Following this transaction, Kleinerman now owns 759,473 shares worth about $83,511,651.08, marking a minor decrease of 0.07% in their holdings. On September 17th, insider Benoit Dageville sold 1,946 shares at an average price of $114.39, which amounted to $222,602.94. Post-sale, Dageville directly owns 53,820 shares valued at around $6,156,469.80, reflecting a 3.49% decrease in ownership. Overall, corporate insiders have sold a total of 204,661 shares valued at approximately $32,004,752 in the last ninety days, with insiders owning 7.80% of the company's shares.

Snowflake's Stock Performance

Snowflake's stock opened at $174.83 on Friday with a market capitalization of $58.60 billion. The stock has a P/E ratio of -51.57 and a beta of 0.83. Its fifty-day moving average price is $126.17, and the two-hundred-day moving average price is $128.74, with a one-year low of $107.13 and a one-year high of $237.72.

About Snowflake Inc.

Snowflake Inc. is a cloud-based data platform serving numerous organizations both domestically and internationally. Its Data Cloud enables users to consolidate data into a singular source for generating substantial business insights, developing data-driven applications, and sharing data and products while applying artificial intelligence (AI) to tackle business challenges.

investment, Snowflake, Harvard