Frank Slootman, a director at Snowflake Inc . (NYSE:), recently executed several stock transactions, according to a recent SEC filing. On November 25 and 26, Slootman sold a total of 90,495 shares of Snowflake’s Class A Common Stock, valued at approximately $15.9 million. The sale prices ranged from $175.138 to $177.294 per share.
In addition to these sales, Slootman exercised stock options to acquire 90,495 shares at a price of $8.88 each, totaling $803,595. Following these transactions, Slootman holds 210,934 shares directly. The sales and exercises were conducted under a pre-established 10b5-1 trading plan.
In other recent news, Snowflake Inc. has received multiple upgrades in stock ratings from prominent analyst firms. Wedbush revised its rating from Neutral to Outperform, setting a new price target of $190.00, indicating confidence in Snowflake’s growth, particularly in the realm of artificial intelligence (AI). Similarly, Citi maintained a Buy rating on Snowflake and increased its price target to $225.00, following Snowflake’s robust top-line performance. KeyBanc Capital Markets and Monness Crespi Hardt also raised their price targets to $185 and $188 respectively, while Jefferies lifted its price target to $180, all maintaining positive ratings.
These upgrades reflect Snowflake’s consistent growth in product revenues and significant achievements in AI and data engineering. The company’s recent quarter saw a 29% year-over-year increase in product revenue, reaching $900 million, and its Remaining Performance Obligations (RPO) showed a 55% year-over-year growth, amounting to $5.7 billion.
In addition to financial performance, Snowflake has also made strategic moves to enhance its capabilities. The company recently acquired DataVolo to boost its data connectivity and engineering capabilities and partnered with Anthropic to integrate AI models into the Snowflake Cortex. These recent developments underline the broad consensus among analysts about Snowflake’s promising future in the data warehousing and cloud-based data analytics sectors.
InvestingPro Insights
As Frank Slootman’s recent transactions at Snowflake Inc. (NYSE:SNOW) catch investor attention, it’s worth delving into some key financial metrics and insights provided by InvestingPro to gain a more comprehensive view of the company’s current standing.
Snowflake’s market capitalization stands at an impressive $58.07 billion, reflecting its significant presence in the data cloud industry. The company has shown strong revenue growth, with a 30.28% increase over the last twelve months, reaching $3.41 billion. This growth trajectory aligns with the company’s expanding market share and customer base.
InvestingPro Tips highlight that 33 analysts have revised their earnings upwards for the upcoming period, suggesting positive expectations for Snowflake’s financial performance. This optimism is further supported by analysts’ predictions that the company will turn profitable this year, a crucial milestone for growth-focused tech firms.
However, investors should note that Snowflake is currently trading at a high revenue valuation multiple and a high Price / Book ratio of 19.87. These metrics indicate that the market has priced in significant future growth expectations, which may explain the director’s decision to sell shares at current price levels.
It’s also worth noting that Snowflake has experienced a significant return over the last week, with a 32.65% price increase, and a strong 47.6% return over the past month. This recent price momentum could have influenced the timing of the insider transactions.
For those interested in a deeper analysis, InvestingPro offers 12 additional tips on Snowflake, providing a more comprehensive view of the company’s financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
