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Snowflake director Frank Slootman sells $700,074 in stock

Published 05/12/2024, 00:50
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Frank Slootman, a director at Snowflake Inc . (NYSE:SNOW), recently executed a series of stock transactions, according to a recent SEC filing. On December 2 and 3, Slootman sold a total of 3,992 shares of Snowflake's Class A Common Stock, generating proceeds of approximately $700,074. The shares were sold at prices ranging from $175.00 to $177.36 per share. The stock has since climbed to $186.58, reflecting strong momentum with a 36% gain over the past six months.

In addition to these sales, Slootman acquired 3,992 shares through stock option exercises at a price of $8.88 per share. These transactions were made under a 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell company stock in accordance with insider trading laws.

Following these transactions, Slootman holds 208,735 shares directly. Additionally, various trusts and foundations associated with Slootman collectively hold significant quantities of Snowflake stock, reflecting his continued vested interest in the company.

In other recent news, Snowflake Inc. has been the recipient of several positive analyst reviews and price target upgrades. Wedbush upgraded the company's stock from Neutral to Outperform, setting a new price target of $190, based on their confidence in Snowflake's growth potential in the artificial intelligence sector. Similarly, Citi maintained a Buy rating on Snowflake's stock, raising its price target to $225, citing significant top-line performance and an acceleration in bookings.

KeyBanc Capital Markets also expressed optimism, increasing Snowflake's price target to $185 while maintaining an Overweight rating. Monness Crespi Hardt followed suit, maintaining a Buy rating and raising its price target to $188. Jefferies also raised its price target for Snowflake to $180, sustaining a Buy rating on the stock.

These upgrades follow Snowflake's robust financial performance. The company's product revenue increased by 29% year over year, reaching $900 million, while its Remaining Performance Obligations (RPO) showed a 55% year-over-year growth, reaching $5.7 billion. This financial strength reflects the company's effective management and innovation in artificial intelligence and data engineering.

To further enhance its capabilities, Snowflake recently acquired DataVolo and partnered with Anthropic to integrate powerful AI models into the Snowflake Cortex. These recent developments indicate a broad consensus among analysts about Snowflake's promising future in the data warehousing and cloud-based data analytics sectors.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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