Insider Selling: Snowflake Inc. (NYSE:SNOW) Director Sells 100,000 Shares of Stock

On Monday, December 30th, Frank Slootman, a Director at Snowflake Inc. (NYSE:SNOW - Get Free Report), executed a significant sale of stock. He sold 100,000 shares at an average price of $155.00, resulting in a total transaction value of $15,500,000. This sale means that Slootman now directly holds 195,281 shares of the company, which are currently valued at approximately $30,268,555. Notably, this sale reflects a 33.87% decrease in his overall stake in the company. The details of this transaction were formally reported in a filing with the Securities and Exchange Commission (SEC), which is accessible via the SEC's website.

Recently, Frank Slootman has been active in trading Snowflake shares. On Tuesday, December 17th, he sold 6,714 shares at an average price of $171.00, amounting to $1,148,094.00. Just a week earlier, on December 10th, he sold 1,712 shares for $306,448.00 at an average price of $179.00. Earlier in December, he sold 2,218 shares for $388,150.00 at an average price of $175.00. Moreover, on November 29th, he sold a substantial 59,617 shares at $176.25 each, totaling $10,507,496.25. Additionally, on November 26th, he sold 20,514 shares at an average price of $175.26 for $3,595,283.64. He made another sale on November 22nd, offloading 45,896 shares at an average price of $176.06, equating to a total of $8,080,449.76.

Stock Performance

In midday trading on Thursday, Snowflake's stock price increased by $3.10, reaching $157.51 per share. This trading session saw 3,402,526 shares exchanged, contrasting with the company's average volume of 6,699,249 shares. Over the past year, Snowflake's stock has seen a low of $107.13 and a high of $237.72. The company boasts a market capitalization of approximately $51.99 billion and a price-to-earnings (P/E) ratio of -46.46. Additionally, its debt-to-equity ratio stands at 0.77, with both its current and quick ratios at 1.88. The stock has recently exhibited a 50-day moving average of $150.20 and a 200-day moving average of $132.28.

Institutional Investments

Several institutional investors have adjusted their positions in Snowflake recently. For instance, Van ECK Associates Corp increased its stake in Snowflake by 22.6% in the second quarter, acquiring an additional 1,476 shares to own 8,016 shares valued at $1,083,000. CIBC Asset Management Inc also raised its holdings by 8.8%, now owning 11,161 shares worth $1,508,000 after purchasing 902 additional shares. Simon Quick Advisors LLC made a new investment in Snowflake valued at $301,000 during the same period. Foundations Investment Advisors LLC expanded its stake by 96.1%, now holding 10,909 shares valued at $1,474,000. Lastly, Gries Financial LLC registered a new investment in shares of Snowflake worth $209,000. Institutional investors collectively own 65.10% of Snowflake's shares.

Analysts Updates

In terms of analyst ratings, several research firms have recently made adjustments regarding Snowflake. Oppenheimer reiterated an "outperform" rating, setting a target price of $180.00. Similarly, Rosenblatt Securities reaffirmed a "buy" rating with a price objective of $180.00. Citigroup lowered its target price from $200.00 to $183.00 but maintained a "buy" rating. TD Cowen raised its target from $180.00 to $190.00, while Truist Financial stated a price objective of $210.00 with a "buy" recommendation. Currently, MarketBeat data suggests that there are two sell ratings, eleven hold ratings, and twenty-six buy ratings for Snowflake, resulting in an average rating of "Moderate Buy" with an average target price of $185.03.

Company Overview

Snowflake Inc. operates a cloud-based data platform that serves a variety of organizations both in the United States and internationally. Its primary offering, Data Cloud, allows its customers to consolidate data into a centralized source for improved business insights, creation of data-driven applications, and seamless data sharing, while also applying artificial intelligence to tackle various business challenges.

Snowflake, insider, trading