Feb 5 - According to sources, Snowflake Inc. (SNOW, Financial) Chief Revenue Officer Christopher William Degnan sold 12,782 shares of the company's stock, valued at approximately $2.32 million. On average, the stock was sold at $181.87 per share. After this transaction, Degnan still owns about 308,164 shares worth $56.05 million.
Degnan is the latest in a series of share sales, having sold shares in both January and December. Notably, he sold 76,692 shares in November with a total transaction amount of $12.91 million. Despite the insider sales, Snowflake shares gained 3.7%, ending up at $189.26 in the preceding trading session on Tuesday. The stock has very strong bullish momentum, as measured by the 50-day simple moving average price of $169.70, being well above the 200-day simple moving average price of $138.09.
Analysts still believe in Snowflake's future. KeyCorp raised its price target to $210 on the company's data cloud platform, and this month, Wedbush upgraded the stock to strong buy. Snowflake has a consensus Moderate Buy, with 27 analysts saying buy with a $187 price target, suggesting optimism of the stock to perform.
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