Why Snowflake Stock Is Sinking Today
Snowflake (NYSE: SNOW) stock is seeing a substantial sell-off on Tuesday. The data-services specialist's share price was down roughly 6.9% in the daily session as of 11:30 a.m. ET, according to data from S&P Global Market Intelligence. Meanwhile, the Nasdaq Composite was down roughly 0.5%.
The driving factors behind Snowflake's outsized stock decline appear to be insider selling and charitable share donations. The software services provider published disclosures yesterday with the Securities and Exchange Commission (SEC) that a top executive and board member had donated and sold shares.
Snowflake made a filing with the SEC revealing that the company Co-founder and President of Products Benoit Dageville had donated 37,090 shares to a charitable entity. The company also published a disclosure showing that Dageville had proposed to sell 6,591 shares at an approximate value of $944.75 million.
Source Fool.com
