Snowflake director Frank Slootman sells $1.15 million in stock

Frank Slootman, a director at Snowflake Inc . (NYSE:SNOW), recently sold 6,714 shares of the company's Class A common stock. The transaction, which took place on December 17, involved shares sold at a price of $171 each, amounting to a total of approximately $1.15 million. This sale was conducted under a 10b5-1 trading plan established earlier this year. The company, currently valued at $53.87 billion, has shown strong momentum with a 33.86% price return over the past six months. According to InvestingPro analysis, the stock is trading near its Fair Value, with 33 analysts recently revising their earnings expectations upward.

In addition to the sale, Slootman also had shares withheld to satisfy tax obligations related to the vesting of restricted stock units on December 16. This involved 2,797 shares at a price of $167.67 each, totaling $468,972. Following these transactions, Slootman holds 196,454 shares directly and additional shares through various trusts and foundations. The company maintains strong fundamentals with 30.28% revenue growth and liquid assets exceeding short-term obligations. Discover more insights about SNOW and access detailed financial analysis with InvestingPro, which offers 12 additional key tips for investors.

In other recent news, Databricks, a leading software company, has secured a substantial $10 billion in financing, boosting its valuation to an impressive $62 billion. This new funding will enable Databricks to pursue acquisitions and expand into international markets. For the first time, the company is on track to achieve positive free cash flow with a projected revenue run rate of $3 billion for the quarter ending January 31.

In related developments, Snowflake Inc. has been the focus of several analyst firms, including Baird and Jefferies, who raised their price targets for the company based on its robust growth trajectory and potential in the AI sector. KeyBanc Capital Markets also increased its price target for Snowflake, reflecting confidence in the company's growth prospects.

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