Snowflake CEO Buys $5 Million of Shares. Here's Why That's a Sign to Buy the Dip
Snowflake's (NYSE: SNOW) new CEO, Ramaswamy Sridhar, has been busy in addition to running his company. Recently, he completed the purchase of more than 31,000 shares for just under $159 on the open market. That amounts to around $5 million, so he's making an obvious statement on Snowflake's stock price.
This is significant, as Snowflake's stock fell nearly 20% in the day following its fourth-quarter fiscal year 2024 (ending Jan. 31) earnings report, when outgoing CEO Frank Slootman announced his retirement. This report was quite positive, and the negative reaction was largely due to Slootman's unexpected retirement.
With the new CEO loading up on shares, is this your sign to also buy the dip?
Source Fool.com
