Is this U.S.-China selloff a buy? A top Wall Street voice weighs in
Benoit Dageville, President of Products at Snowflake Inc . (NYSE:SNOW), a $52.37 billion cloud data platform company showing strong revenue growth of 30.28% over the last twelve months, executed a significant stock transaction on December 26, 2024. Dageville sold 6,250 shares of Class A Common Stock at an average price of $162.64 per share, amounting to a total of approximately $1,016,499. This transaction was part of a pre-established 10b5-1 trading plan. According to InvestingPro, 33 analysts have revised their earnings upwards for the upcoming period, suggesting positive sentiment despite the insider sale.
In addition to the sale, Dageville exercised options to acquire 6,250 shares of Class A Common Stock at a price of $0.74 per share. Following these transactions, Dageville holds 47,710 shares directly. Furthermore, a separate transaction involved the gifting of 1,875 shares to The Snow Trust, for which Dageville acts as a trustee. For comprehensive insider trading analysis and 8 additional key insights about Snowflake, visit InvestingPro.
In other recent news, Databricks has secured a substantial $10 billion in financing, increasing its valuation to $62 billion. This new funding will enable the company to pursue acquisitions and facilitate expansion into international markets. For the first time, Databricks is on track to achieve positive free cash flow with a projected revenue run rate of $3 billion for the quarter ending January 31.
Snowflake has been identified as a top AI pick for 2025 by Jefferies, which increased its price target for the company to $200. This comes as Snowflake is anticipated to benefit from the AI sector as businesses continue to establish their data and AI frameworks. Analysts from Baird and KeyBanc Capital Markets also raised their price targets for Snowflake, reflecting confidence in the company's growth prospects.
Piper Sandler analysts released insights on the tech sector shares following the 2025 CIO Survey, revealing a strong outlook for IT spending. The survey results indicate a robust demand for tech solutions, with cloud applications and generative AI poised for significant growth. In light of these developments, KeyBanc Capital Markets adjusted its outlook on shares of Snowflake, increasing the price target to $210.
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