Lead
Snowflake Inc. director Frank Slootman sold 105,900 shares of the company's common stock on February 18, 2026, realizing about $17.7 million in proceeds across multiple transactions, according to a Form 4 filing with the Securities and Exchange Commission. The trades were executed at prices between $175.438 and $178.126 per share.
Transaction details
The filing breaks the sales into four separate transactions. The first disposed of 9,275 shares at a weighted average price of $175.438, generating $1,627,139. A second transaction sold 53,436 shares at a weighted average of $176.697, bringing in $9,430,588. The third tranche consisted of 34,781 shares at a weighted average price of $177.537, equaling $6,174,276. A final block of 2,508 shares was sold at a weighted average of $178.126 for $446,784.
Options exercise
On the same day as the stock sales, Slootman exercised stock options to acquire 100,000 shares of Snowflake common stock at an exercise price of $8.88 per share, for a cash outlay of $888,000.
Post-transaction ownership
Following these transactions, Slootman is reported to directly own 50,329 shares of Snowflake common stock and to indirectly own 207,862 shares through various trusts.
Market context
Snowflake shares were trading at $179.20 at the time of the report and are down 18% year-to-date. Despite the pullback, InvestingPro analysis cited in the filing indicates the company remains on its Most Undervalued list, with an InvestingPro tip noting analyst expectations that Snowflake will be profitable this year. The platform also offers additional proprietary tips and research for subscribers covering SNOW and other U.S. equities.
Analyst moves and customer signals
Recent analyst activity has been mixed. KeyBanc trimmed its price target for Snowflake to $235 from $285 but kept an Overweight rating after a survey of Snowflake and Databricks customers that showed positive spending intentions and increased product adoption. Jefferies reaffirmed a Buy rating and set a $300 price target, citing Snowflake's artificial intelligence advantages and rising revenue performance obligations as positives.
Corporate adoption and partnerships
On the corporate side, United Rentals has rolled out an AI-powered Business Intelligence Agent built on Snowflake's platform across its network of more than 1,600 branches, a deployment the company says is intended to boost data analysis capabilities.
Board and competitive developments
Separately, Jeremy Burton resigned from Snowflake's board following the company's acquisition of Observe, Inc.; the filing indicates his resignation was not the result of any disagreement with the company. Competitive pressure is also evolving: Google introduced a BigQuery feature enabling data queries across multiple locations, a capability that could present challenges to Snowflake's market position according to the filing's summary of recent industry developments.
Conclusion
The combination of a significant insider sale followed by an options exercise, analyst target adjustments, new customer deployments and emerging competition highlights the active and changing backdrop around Snowflake. The filings and analyst notes contained in the company disclosures provide the factual record of those moves; market participants may weigh those items differently as they assess Snowflake's outlook.