Iron Gate Global Advisors LLC Increases Investment in Snowflake Inc. (NYSE:SNOW)

Iron Gate Global Advisors LLC has significantly increased its investment in Snowflake Inc. (NYSE:SNOW) by 137.8% during the third quarter, as reported in its latest filing with the Securities and Exchange Commission. After purchasing an additional 16,953 shares, the fund now holds a total of 29,258 shares of Snowflake's stock. This investment represents approximately 0.5% of Iron Gate Global Advisors LLC's overall portfolio, making Snowflake its 22nd largest holding with a reported value of $3,361,000 at the end of the latest reporting period.

Changes in Institutional Investments

Several other institutional investors have also adjusted their positions in Snowflake recently. For example, LRI Investments LLC raised its stake by 155.6% in the second quarter, now owning 184 shares valued at $25,000 after acquiring an additional 112 shares. Wellington Shields Capital Management LLC entered a new position during the same period with a total valuation of approximately $27,000. In the third quarter, V Square Quantitative Management LLC purchased a new stake valued at about $30,000. Other notable entries include Opal Wealth Advisors LLC and Thurston Springer Miller Herd & Titak Inc., which bought shares worth approximately $39,000 and $41,000, respectively. Notably, hedge funds and institutional investors collectively own about 65.10% of Snowflake's stock.

Analyst Ratings Adjustments

In recent weeks, various research firms have revised their ratings for Snowflake. Morgan Stanley maintained an "equal weight" rating and set a target price of $175.00 for the shares. Likewise, HSBC upgraded Snowflake from a "reduce" to a "hold" rating, increasing their price target from $119.00 to $121.00. Oppenheimer reiterated an "outperform" rating, issuing a target price of $180.00. On November 21st, Monness Crespi & Hardt raised their target from $140.00 to $188.00 while rating the stock as a "buy." Moreover, Rosenblatt Securities repeated a "buy" rating, setting a $180.00 price target. Currently, two analysts rate the stock as a sell, while ten maintain a hold position, and 27 have recommended it as a buy. Overall, Snowflake holds an average rating of "Moderate Buy" with a price target of $181.09 according to MarketBeat data.

Insider Transactions

In related insider transactions, Christopher William Degnan, the Chief Revenue Officer, sold 76,692 shares on November 21st at an average price of $168.42, totaling approximately $12,916,466.64 from the transaction. After the sale, Degnan retains 346,741 shares in the company valued around $58,398,119.22, reflecting an 18.11% drop in his ownership. Additionally, EVP Christian Kleinerman sold 558 shares on September 10th, averaging $109.96 per share and valued at $61,357.68. Following this transaction, Kleinerman holds about 759,473 shares, valued at roughly $83,511,651.08, indicating a marginal decrease of 0.07% in his ownership. In the past three months, insiders sold a total of 264,278 shares, valued at $42,512,248, with insiders currently owning about 7.80% of the company's stock.

Snowflake's Stock Performance

As of Tuesday, Snowflake's stock opened at $172.33. The company's 50-day and 200-day simple moving averages are $126.17 and $128.27, respectively. Over the past year, Snowflake Inc. has seen a 52-week low of $107.13 and a high of $237.72.

Overview of Snowflake Inc.

Snowflake Inc. is known for its cloud-based data platform, which serves various organizations both in the U.S. and internationally. The platform offers a comprehensive service called Data Cloud, enabling customers to unify their data into a singular source for insightful business analysis, creating data-driven applications, and sharing valuable data products, alongside applying artificial intelligence (AI) for business problem-solving.

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