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Benoit Dageville, President of Products at Snowflake Inc . (NYSE:SNOW), recently sold 6,250 shares of the company's Class A common stock. The shares were sold at a price of $150 each, amounting to a total transaction value of $937,500. This sale was part of a pre-arranged 10b5-1 trading plan. The transaction comes as Snowflake, currently valued at $48 billion, maintains strong revenue growth of 29% year-over-year despite not being profitable in the last twelve months. According to InvestingPro analysis, the stock is currently trading near its Fair Value.
In addition to the sale, Dageville exercised stock options to acquire 6,250 shares at an exercise price of $0.74 per share, totaling $4,625. Following these transactions, Dageville holds 65,054 shares directly. The transactions reflect Dageville's ongoing management of his equity stake in the company. With a healthy current ratio of 1.78 and analysts projecting profitability this year, InvestingPro subscribers can access 8 additional key insights about Snowflake's financial health and growth prospects through the comprehensive Pro Research Report.
In other recent news, Snowflake Inc. has received the Department of Defense Impact Level 5 Provisional Authorization, allowing it to provide secure data storage and analytics solutions to various military and government entities. This development is part of Snowflake's commitment to enhancing its services for the public sector, including the launch of a subsidiary focused on U.S. government needs. Additionally, Snowflake has integrated its platform with Apache Iceberg, enhancing data activation and management capabilities for its users. This integration supports seamless data access across both open and managed environments, reflecting the company's strategic direction towards open data standards.
On the analyst front, Evercore ISI has maintained its Outperform rating for Snowflake, with a price target of $230, citing the company's growth potential in data engineering and AI offerings. Meanwhile, Truist Securities has reiterated its Buy rating with a $210 target, expressing confidence in the company's direction under CEO Sridhar Ramaswamy. However, Macquarie has initiated coverage with a Neutral rating and a $160 target, noting Snowflake's strengths but also highlighting potential challenges in the competitive landscape. These recent developments indicate Snowflake's ongoing efforts to expand its capabilities and address market demands.
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