Director Frank Slootman of Snowflake Inc. (NASDAQ:SNOW) sold 99,999 shares of common stock across two trading days - March 18 and March 19, 2026 - for approximately $17.5 million in aggregate proceeds. The recorded sale prices spanned from $175.252 up to $177.269 per share.
The transactions were executed under a pre-arranged 10b5-1 trading plan the company said was adopted on September 19, 2025.
Detailed filings show that on March 18 Slootman sold 51,852 shares at a weighted average price of $175.258, with the individual trades in that lot occurring between $175.000 and $175.990. On the same day he also sold 19,715 shares at a weighted average of $176.544, where the prices in that tranche ranged from $176.145 to $177.138, and another block of 17,134 shares at a weighted average price of $177.269, with reported prices from $177.150 to $177.600.
On March 19 Slootman sold an additional 11,299 shares at a weighted average price of $175.252; that day's trades ranged from $175.000 to $175.700. Together, the two days of sales total 99,999 shares.
In conjunction with the stock sales, the filings indicate Slootman exercised stock options to acquire 88,701 shares on March 18 and 11,299 shares on March 19. The exercise price for those options was $8.88 per share, producing a total exercise outlay of $888,000.
The stock has fallen 23.4% year-to-date, a figure cited in the filings and related investor commentary, though InvestingPro analysis mentioned in company materials indicates shares may trade below Fair Value.
Alongside the insider transactions, Snowflake reported quarterly product revenue of $1.23 billion, a 30% year-over-year increase that exceeded the high end of company guidance by $27 million. The company's remaining performance obligations rose 42% year-over-year to $9.77 billion, helped by a single large $400 million contract with a financial services company.
Analyst reactions to Snowflake's results and strategic initiatives were mixed. The filings and subsequent summaries record that Macquarie lowered its price target to $177 from $250 and kept a Neutral rating, citing valuation concerns. TD Cowen adjusted its target to $255 from $270 while maintaining a Buy rating and highlighted Snowflake's 30% growth in the fourth quarter. Stifel cut its target to $205 from $225 and retained a Buy view, noting product revenue topped expectations but that consumption growth slowed during the holiday period.
BofA Securities reiterated a Buy rating with a $275 target following Snowflake's announcement of a new AI platform, Project SnowWork. Barclays kept an Equalweight rating with a $192 price objective, noting that the AI platform remained in limited preview.
InvestingPro Tips referenced in company materials stated that 24 analysts have revised earnings estimates downward for the coming period while also highlighting the company's 29% revenue growth over the last twelve months. For investors seeking expanded analysis, SNOW's Pro Research Report is available on InvestingPro for this and more than 1,400 other U.S. equities.
The combination of a sizable insider sale under a pre-set plan, concurrent option exercises, robust product revenue growth and mixed analyst adjustments frames the recent period of activity around Snowflake. The filings provide a clear record of the mechanics and pricing of the trades and option exercises but do not attach further commentary from the director on rationale beyond the 10b5-1 plan parameters.