Snowflake’s $1.03B Volume Dips 22% Amid Insider Sales but Institutional Buyers Net 3:1 Ratio as Analysts Target 12% Upside Ranking 92nd in Market Activity

On September 8, 2025, , , ranking 92nd in market activity. Insider selling at the company has intensified, particularly from executive vice president and director , though the activity aligns with pre-established share-based compensation plans. Analysts note the insider sales represent a minor headwind, as institutional investors have maintained a net buying bias throughout 2025, with quarterly dollar volume outpacing selling by a three-to-one ratio. Analyst sentiment remains bullish, , .

Despite the insider activity, Snowflake’s institutional ownership base remains robust, . Analyst coverage is expanding, and sentiment trends are trending toward “Strong Buy,” supported by rising revenue retention rates and a growing customer base. , reinforcing confidence in its ability to capitalize on AI-driven demand. CEO highlighted the “enormous opportunity” in enterprise data and AI, .

To run this back-test accurately I need to pin down a few practical details that aren’t yet specified: 1. Universe • Should we look at all U.S. listed common stocks (NYSE + NASDAQ + Arca) or a narrower list (e.g., Russell 3000 constituents, S&P 1500, etc.)? • ADRs, preferred shares and ETFs – include or exclude? 2. Re-balancing mechanics • Buy at today’s close and sell at tomorrow’s close, or buy at tomorrow’s open and sell at tomorrow’s close? • Equal-weight each of the 500 names daily, or weight by something else (e.g., dollar volume)? 3. Trading-cost assumptions • Commission / bid-ask spread or slippage to include? (If nothing is specified I’ll assume 0.0 to isolate the pure signal.) 4. Data availability • With our current tool-set we can back-test single-ticker or event-driven strategies directly. • To implement a “top-N-by-volume” daily universe rotation we need the underlying daily volume files for thousands of tickers. That requires a bulk data import. • If you prefer, we could approximate the strategy using a liquid proxy such as the “NYSE Volume Leaders 500” index (or a similar custom basket) if you already have that data, but please confirm. Could you clarify the points above (especially universe and trade-price convention)? Once I have that, I’ll generate the data-retrieval plan and start the back-test.