Christian Kleinerman, Executive Vice President of Product Management at Snowflake Inc . (NYSE:SNOW), recently sold 15,000 shares of the company's Class A common stock. The shares were sold at an average price of $186.50 each, amounting to a total transaction value of approximately $2.8 million. Following this sale, Kleinerman retains direct ownership of 552,930 shares. The transaction occurs as Snowflake, currently valued at $62 billion, trades near InvestingPro's Fair Value estimate. The stock has shown remarkable strength, gaining over 67% in the past six months.
The transaction was carried out under a pre-established 10b5-1 trading plan, which was adopted on December 22, 2023. In addition to his directly owned shares, Kleinerman holds indirect ownership through various trusts and an LLC, including the Christian Kleinerman 2022, 2023, and 2024 Grantor Retained Annuity Trusts and the Kleinerman 2020 Dynasty LLC. Discover more insights about Snowflake's insider transactions and 11 additional InvestingPro Tips, along with comprehensive financial analysis, in our Pro Research Report.
In other recent news, Snowflake Inc. has been the subject of several analyst upgrades. Wedbush Securities raised its price target for the company from $190.00 to $210.00, citing a stronger demand for Snowflake's products and continuous innovation, particularly in artificial intelligence (AI) and machine learning (ML). Cantor Fitzgerald initiated its coverage of Snowflake with an Overweight rating and a price target of $201.00, highlighting the company's robust Remaining Performance Obligations (RPO) growth. Barclays (LON:BARC) analyst Raimo Lenschow upgraded Snowflake's rating from Equalweight to Overweight, setting a price target of $190.00, reflecting positive expectations for the company's performance in fiscal year 2026. Piper Sandler increased the price target for Snowflake to $208, maintaining an Overweight rating based on the company's growth potential in AI, data engineering, and ML.
In other recent developments, Databricks raised a significant $10 billion in a Series J funding round, taking the company's valuation to $62 billion. The funding is set to be invested in new AI products, strategic acquisitions, and the expansion of international go-to-market strategies. The company is also expecting to surpass $3 billion in annual recurring revenue (ARR) and achieve positive free cash flow in the fourth quarter.
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