Snowflake Inc. Director Sells Shares Worth Over $300,000

On December 10th, 2023, Frank Slootman, a director of Snowflake Inc. (NYSE: SNOW), executed the sale of 1,712 shares of the company’s stock. The shares were sold at an average price of $179.00, culminating in a total transaction value of approximately $306,448. Following this sale, Slootman retains ownership of 205,965 shares, which are valued at around $36,867,735. This sale reflects a decrease of 0.82% in his position.

Recent Trading Activity

The recent stock sale by Slootman is part of a broader trend observed within the company, where executives have engaged in multiple stock transactions. Christian Kleinerman, Executive Vice President at Snowflake, sold 558 shares on the same day as Slootman’s sale, valued at $99,882. Following this, Kleinerman owns 690,647 shares in the company, representing a value of $123,625,813 and reflecting a slight decrease of 0.08% in ownership.

Kleinerman has been active with several trades over the past months, including a significant sale of 15,000 shares on December 4th, valued at $2,700,000, and previous sales totaling over $5 million in November and October.

Current Stock Performance

Snowflake's stock performance on December 10th opened at $172.03, showing a robust growth profile with a 12-month low of $107.13 and a high of $237.72. The company also has a market cap of $56.79 billion with a P/E ratio of -50.75. Analysts have noted a 50-day moving average of $136.69 and a 200-day average of $129.45.

Analytical Insights

Brokers have had a notably positive outlook on Snowflake's future. Recently, various brokerage firms adjusted their price targets for SNOW shares. For instance, Truist Financial maintained a "buy" rating while setting a target price of $210. Wells Fargo upgraded their target from $125 to $150, and Wedbush shifted Snowflake from a "neutral" to an "outperform" rating, setting their target at $190.

Institutional Investor Activity

In the context of larger market movements, institutional investors have been active in acquiring shares of Snowflake. Notably, LRI Investments significantly increased its stake by 155.6% during the second quarter. Hedge funds and institutional investors collectively own 65.10% of Snowflake’s stock, demonstrating strong market confidence.

About Snowflake Inc.

Snowflake Inc. is a prominent provider of a cloud-based data platform serving various organizations both in the U.S. and globally. Their innovative Data Cloud solution enables businesses to consolidate data, driving valuable business insights and fostering growth through data-driven applications.

Snowflake, Stock, Sale