Director Michael L. Speiser executed a block of sales in Snowflake Inc. (NASDAQ: SNOW) on March 6, 2026, disposing of 50,166 shares of common stock, according to a Form 4 filing with the Securities and Exchange Commission.
The transactions were carried out at prices between $173.147 and $175.933 per share, producing an aggregate transaction value of approximately $8.8 million. The filing states these sales were made pursuant to a pre-arranged 10b5-1 trading plan Speiser established on December 27, 2024.
Of the 50,166 shares sold, 238 were held directly by Speiser. The remainder were recorded as being sold from a range of entities and trusts for which Speiser serves in trustee or related roles: 7,670 shares were sold by a limited partnership; 497 shares each were sold from the AMS-21, WWS-21, LES-21 and ESS-21 trusts; and 20,104 shares were sold by a Rev Tr trust.
After the March 6 trades, Speiser is shown as directly owning 23,315 shares and retaining indirect holdings through Sutter Hill Ventures, SHM Investments, LLC and additional trusts.
Market context and valuation notes
At the time of reporting, Snowflake shares were trading at $182.84, a decline of 16.65% year-to-date. InvestingPro analysis referenced in the filing material indicates that, despite the year-to-date drop, the shares are considered undervalued relative to a calculated Fair Value.
Company financials and contract metrics
Separately from the insider sale, Snowflake disclosed quarterly product revenue of $1.23 billion, representing 30% year-over-year growth. That product revenue outpaced the high end of the company’s guidance by $27 million. The company’s remaining performance obligations (RPO) stood at $9.77 billion, up 42% year-over-year, a figure the company said was aided by a $400 million agreement with a financial services customer.
Analyst reactions and price-target revisions
The filing and related reporting note a range of adjustments to Snowflake price targets by sell-side firms. Macquarie reduced its price target to $177 from $250 while retaining a Neutral rating. TD Cowen lowered its target to $255 from $270 and kept a Buy rating. Stifel trimmed its target to $205 from $225 and maintained a Buy rating, observing product revenue was roughly 2% ahead of expectations. Cantor Fitzgerald reiterated an Overweight rating with a $250 price target, citing artificial intelligence demand as a contributor to results that exceeded guidance by 2.4%. Piper Sandler cut its price target to $230 from $285 and maintained an Overweight rating, highlighting the company’s record quarter for new customers and the influence of AI momentum on product growth.
Analyst revisions to estimates
InvestingPro Tips included with the filing material note that 24 analysts have revised earnings estimates downward for the upcoming period.
What the filing documents and what remains unchanged
The Form 4 filing documents the mechanics of the sales - the number of shares, the per-share price range, the classification of shares sold (direct versus entity/trust-held) and confirmation that the trades were executed under a pre-established 10b5-1 plan. The filing also records Speiser’s remaining direct ownership and his indirect stakes via named investment vehicles and trusts. The report does not attribute any specific motivation for the sales beyond the existence of the 10b5-1 plan.
Summary takeaway
The March 6 trades are a notable insider disposition by a Snowflake director carried out under an existing trading plan, taking place amid the company’s quarter that showed solid product revenue growth and expanding contractual obligations. Analysts have reacted with mixed adjustments to price targets and ratings, while a third-party valuation reference included in the materials suggests the shares may still trade below Fair Value.