Chart of Day: Snowflake (SNOW) – 4/4

Snowflake (SNOW) gapped from about $240 to a low of $160.

All after issuing guidance that fell short of expectations and the departure of CEO Frank Slootman. However, it looks like most of the negativity has been priced in.

snow

Helping, insiders are buying the dip.

Director Mark McLaughlin just paid $501,300 on March 6 for 3,030 shares at an average price of $165.45 each. Even new CEO Sridhar Ramaswamy just bought $5 million worth.

Better, according to Ramaswamy, “There’s no AI strategy without a data strategy. And this has opened a massive opportunity for Snowflake to address,” as noted in the company’s most recent quarterly call.

Analysts at Guggenheim also upgraded SNOW to neutral from sell, citing the company’s “attractive” near-term setup.

Get FREE Daily Stock Tips

Join and receive market insider stock picks, trade alerts and unique investing insights
This field is for validation purposes and should be left unchanged.
By clicking the "Subscribe" button you are accepting our Terms of Use and Privacy Policy.

Join Waitlist

We’re sorry, but due to the popularity of our services, we have reached our max number of subscribers and are not currently accepting more. If spots become available, we will be sure to contact you. Please join the waitlist below.
Thank You!

"*" indicates required fields

Name*
This field is for validation purposes and should be left unchanged.