Aspiriant LLC Purchases Stake in Snowflake Inc. Shares

Aspiriant LLC has acquired a new stake in Snowflake Inc. (NYSE: SNOW), purchasing a total of 899 shares during the second quarter of 2023. This investment is valued at approximately $201,000, as outlined in the firm’s recent Form 13F filing with the Securities and Exchange Commission. The acquisition reflects growing interest from various institutional investors in Snowflake, a prominent cloud-based data platform provider.

Several other funds have also adjusted their positions in Snowflake. For instance, Capital Advantage Inc. increased its stake by 1.1% during the second quarter, now holding 4,412 shares valued at $987,000. Ignite Planners LLC, on the other hand, raised its holdings by 2.3% in the first quarter, bringing its total to 2,861 shares worth $418,000. Additionally, Koshinski Asset Management Inc. expanded its position by 4.2%, now owning 1,604 shares valued at $359,000.

The recent trend shows that hedge funds and institutional investors collectively own 65.10% of Snowflake’s stock. Snowflake’s share price opened at $240.68 on Friday, October 6, 2023, marking a 0.3% increase. The company has a market capitalization of $81.54 billion and a debt-to-equity ratio of 0.96. Over the past year, its stock has fluctuated significantly, reaching a low of $113.23 and a high of $255.39.

Analysts Boost Price Targets

Wall Street analysts have shown a bullish outlook on Snowflake, with multiple firms raising their price targets. Canaccord Genuity Group increased its target from $220.00 to $260.00, rating the stock as a “buy.” Similarly, Raymond James Financial raised its target from $212.00 to $230.00, also giving a rating of “outperform.” Needham & Company LLC and UBS Group further escalated their targets to $280.00 and $310.00 respectively, both maintaining a “buy” rating.

According to MarketBeat.com, the consensus rating for Snowflake is categorized as a “Moderate Buy,” with an average target price set at $256.71. The stock’s performance has attracted significant attention, evidenced by the ratings from various analysts.

Insider Trading Activity

In related news, insider trading activity at Snowflake has been notable. Director Michael L. Speiser sold 50,338 shares on August 1, 2023, for an average price of $208.69, totaling $10,505,037.22. This transaction resulted in a significant reduction in his holdings, leaving him with 36,116 shares valued at approximately $7,537,048.04.

Another substantial transaction occurred on August 28, 2023, when Director Frank Slootman sold 710,083 shares at an average price of $230.47, amounting to $163,652,829.01. Following this sale, Slootman retained 165,507 shares valued at about $38,144,398.29, reflecting an 81.10% decrease in his position. Over the last ninety days, insiders have sold a total of 1,182,434 shares worth $270,280,661, indicating active trading among corporate insiders.

Snowflake Inc. continues to solidify its presence in the data platform sector, providing solutions that enable organizations to consolidate data and leverage artificial intelligence for business insights. As investor interest grows, the company’s stock performance will be closely monitored by analysts and market participants alike.