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Director Frank Slootman of Snowflake Inc (NASDAQ:SNOW) sold shares of the company’s common stock worth approximately $80.2 million on July 2nd and 3rd, according to a new SEC filing. The sales, executed under a prearranged 10b5-1 trading plan, occurred at prices ranging from $215.598 to $222.075. The stock, which currently trades at $225.79, is near its 52-week high of $225.86 and has gained over 42% in the past six months. According to InvestingPro analysis, the company appears overvalued at current levels.
The filing indicates Slootman sold a total of 205,364 shares on July 2nd and 174,059 shares on July 3rd.
On the same dates, Slootman also exercised options to acquire a total of 366,764 shares of Snowflake common stock at a price of $8.88, for a total value of $3,256,864.
Following these transactions, Slootman directly owns 165,507 shares of Snowflake, excluding shares held by various trusts and foundations.
In other recent news, Snowflake Inc. (NYSE:SNOW) has received multiple reaffirmations of Buy ratings from several firms, highlighting its strategic initiatives and growth prospects. Truist Securities maintained its Buy rating with a $235 price target following positive results from a mid-year IT spending survey, noting strong traction for Snowflake’s data cloud offering and artificial intelligence advancements. Stifel also reiterated its Buy rating and $220 price target after investor meetings, emphasizing Snowflake’s momentum in data engineering and its strategy for newer products like Crunchy Data and Openflow. UBS maintained a Buy rating with a $265 price target, observing robust investments in the data layer and a positive outlook from the Databricks conference. Stifel analysts, after attending the Snowflake Summit, reported favorable perceptions among partners and customers regarding Snowflake’s competitive edge and product offerings, reinforcing their confidence in the company’s growth in data science and AI/ML. Additionally, Cantor Fitzgerald reiterated an Overweight rating with a $242 price target, impressed by Snowflake’s strategic positioning and acquisition of Crunchy Data, which is expected to enhance its product portfolio. These developments underscore the company’s continued momentum and potential for future growth in the data cloud market.
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