Snowflake director Frank Slootman sells shares worth $1.09 million

Published 19/03/2025, 23:36
Snowflake director Frank Slootman sells shares worth $1.09 million

Frank Slootman, a director at Snowflake Inc . (NYSE:SNOW), recently sold 7,016 shares of the company’s Class A common stock, amounting to approximately $1.09 million. The transaction comes as Snowflake’s stock has shown strong momentum, gaining nearly 37% over the past six months, though InvestingPro data indicates recent short-term weakness. The shares were sold at a price of $155.69 each, as per a filing with the Securities and Exchange Commission. This transaction was executed under a pre-established trading plan dated September 30, 2024. Following this sale, Slootman holds 182,999 shares directly. Additionally, shares were withheld to cover tax obligations on the vesting of restricted stock units, with 2,496 shares disposed of at $156.11 each, totaling about $389,650. With 18 analysts recently revising earnings estimates upward and comprehensive analysis available through InvestingPro’s detailed research reports, investors can access deeper insights into Snowflake’s valuation and growth prospects.

In other recent news, Snowflake Inc. has announced several developments that could impact its future trajectory. The company has appointed Mike Gannon as the new Chief Revenue Officer, succeeding Chris Degnan, who is retiring after helping Snowflake reach $3.4 billion in revenue last fiscal year. Gannon’s extensive experience in sales and strategy is expected to contribute to Snowflake’s ongoing growth. Additionally, DA Davidson has maintained its Buy rating for Snowflake, setting a price target of $225, citing the company’s potential for sustained revenue growth and its strategic alignment with AI and cloud computing trends.

Snowflake is also expanding its presence in the AI sector by opening a new Silicon Valley AI Hub, set to launch in Summer 2025, and pledging up to $200 million in AI-focused startups. This hub will serve as a collaborative space for developers and startups to advance AI technology. Moreover, Snowflake’s Startup Accelerator Program will offer technical assistance and access to capital, in partnership with venture capital firms like Altimeter and Sequoia Capital.

In contrast, DA Davidson has identified Monday.com as a company with strong growth potential despite market volatility. The analysts believe Monday.com’s current valuation is appealing, expecting the company to demonstrate resilience amid economic uncertainties. Investors will be closely monitoring these developments to assess their impact on both companies’ future performance.

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