Christian Kleinerman, Executive Vice President of Product Management at Snowflake Inc. (SNOW, Financial), reported selling 15,000 shares of the company's Class A common stock for $180 per share of $2.7 million. Snowflake's stock currently trades at around $183, and the company has a market cap of around $60.7 billion.
Kleinerman sold the stock under a pre-established 10b5-1 trading plan adopted on December 22, 2023. Three months after these sales, Kleinerman still has 691,755 shares directly and significant indirect holdings, including shares in several trusts and LLCs.
Under positive analyst scrutiny, KeyBanc Capital Markets raised its price target for Snowflake to $185. The company generated $900 million in product revenue, up 29% year-over-year, and recently acquired DataVolo to beef up its data connectivity and engineering capabilities. Snowflake is also partnering with Anthropic to bring advanced AI models into its Snowflake Cortex platform.
Though a planned transaction, this insider sale could raise questions among investors about Snowflake's future. The company is experiencing strong growth, powered by more stored data and the ubiquity of data engineering and AI integration.
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