Snowflake Inc. CRO Christopher William Degnan Sells 12,782 Shares

On January 2nd, 2024, Christopher William Degnan, the Chief Revenue Officer (CRO) of Snowflake Inc. (NYSE:SNOW), completed a significant transaction by selling 12,782 shares of the company’s stock. This sale took place at an average price of $157.24 per share, resulting in a total transaction value of $2,009,841.68.

After this sale, Degnan's ownership in Snowflake has been decreased, leaving him with a total of 311,999 shares in the company. The current value of his remaining shares is approximately $49,058,722.76. This transaction marked a reduction of 3.94% in his position within the company. The details of this sale have been publicly disclosed in a filing with the Securities and Exchange Commission (SEC), which can be accessed on their official website.

Degnan has been active in the stock market recently. Earlier, on December 2nd, 2023, he sold another batch of 12,782 shares, this time at an average price of $174.06, which brought in about $2,224,834.92. On November 21st, 2023, he sold 76,692 shares at an average price of $168.42, amounting to a total of $12,916,466.64.

Recent Performance of Snowflake's Stock

Following the recent sales, Snowflake's stock exhibited a positive trend, climbing 3.0% during trading on a subsequent Friday to reach $162.22. The trading volume for the session was 3,354,941 shares, slightly below its average trading volume of 3,376,182. Over the last fifty days, the stock's moving average stands at $151.05, while the 200-day moving average is $132.46. Over the past year, Snowflake's stock has fluctuated between a low of $107.13 and a high of $237.72, with the company currently enjoying a market capitalization of $53.55 billion. The price-to-earnings ratio is recorded at -47.85, and the beta value is noted at 1.03.

Institutional Investors and Recent Changes

In terms of institutional holdings, several prominent investors have recently adjusted their stakes in Snowflake. For instance, the Ontario Teachers Pension Plan Board significantly increased its investment by an astounding 19,399.2% during the last quarter, resulting in ownership of 2,572,336 shares worth $295,459,000 after acquiring an additional 2,559,144 shares. Two Sigma Advisers LP also raised its position by 27.9%, now holding 4,043,200 shares valued at $464,402,000 following the purchase of 881,700 additional shares.

AQR Capital Management LLC grew its stake by 210.0% during the previous quarter, owning 974,576 shares valued at $131,656,000 after acquiring an extra 660,168 shares. Moreover, SG Americas Securities LLC increased its holding by a considerable 471.9%, now possessing 761,697 shares worth $87,489,000. Lastly, Daiwa Securities Group Inc. enhanced its investment by 90.3%, now owning 1,265,367 shares valued at $170,938,000. Currently, approximately 65.10% of Snowflake's stock is held by hedge funds and other institutional investors.

Market Ratings from Analysts

Moving on to analysts’ perspectives, various brokerages have recently provided their insights on Snowflake's shares. Argus initiated its coverage by placing a “hold” rating on the stock. Barclays increased its price target from $172.00 to $190.00, rating it as “equal weight.” TD Cowen also elevated its price target on Snowflake from $180.00 to $190.00, assigning it a “buy” rating. Likewise, Deutsche Bank raised its target price from $180.00 to $190.00 and Evercore ISI reported a similar increase from $170.00 to $190.00 while rating it as “outperform.” Currently, two analysts have rated the stock as a sell, eleven maintained a hold rating, and twenty-six rated it as a buy. Based on these ratings, Snowflake holds a consensus rating of “Moderate Buy” with a price target averaging around $185.03.

About Snowflake Inc.

Snowflake Inc. provides a cloud-based data platform for various clients in both the United States and globally. The platform offers a unique Data Cloud that allows organizations to consolidate their data into a single source of truth, facilitating insightful business analytics, the development of data-driven applications, and the sharing of data and data products, all while leveraging artificial intelligence (AI) to resolve business challenges.

Snowflake, Shares, Transaction