Benoit Dageville, founder and chief architect of Snowflake Inc. (NASDAQ: SNOW), reported insider sales in filings with the Securities and Exchange Commission that show he disposed of shares on March 16 and 17, 2026.
According to the Form 4 filings, Dageville sold 1,919 shares of common stock on March 17, 2026, at a price of $175.34 per share, generating proceeds of approximately $336,477. On March 16, 2026, he transferred two lots totaling 1,943 shares - specifically 1,007 and 936 shares - which were surrendered to cover tax obligations at a price of $178.66 per share, amounting to $347,136.
The filings indicate these transactions were executed under a 10b5-1 trading plan that Dageville adopted on March 28, 2025. The Form 4 shows his resulting direct and indirect holdings: a direct ownership of 53,262 shares; indirect ownership of 750,000 shares through The Selene GRAT No. 1 dated 3/13/2025, for which he is listed as trustee; and indirect ownership of 3,001,555 shares via The Snow Trust UTA dated 9/10/19, where he also serves as trustee.
At the time the insider sale was reported, Snowflake was trading at $173.25 and the company was valued at $59.3 billion. An InvestingPro analysis cited in the filings estimates a Fair Value of $178.76 for the stock at current levels.
Snowflake’s financial momentum remains material to the context of the insider activity. The company reported $1.23 billion in product revenue for the quarter, representing a 30% year-over-year increase, and exceeding the high end of guidance by $27 million. Its remaining performance obligations grew to $9.77 billion, up 42% from the prior year, a figure the filings note was bolstered by a $400 million agreement with a financial services company. On a broader basis, Snowflake has maintained revenue growth of 29% over the last twelve months.
Analyst coverage and price targets have shifted in the wake of recent results and product announcements. Macquarie lowered its price target to $177 from $250 and maintained a Neutral rating, citing valuation concerns. TD Cowen trimmed its target to $255 from $270 while retaining a Buy rating and highlighting 30% growth in the fourth quarter. Stifel reduced its target to $205 from $225, keeping a Buy rating and noting product revenue slightly exceeded expectations despite moderated growth.
Snowflake has also been positioning new product offerings. The company launched Project SnowWork, described as an autonomous enterprise AI platform, which is currently available in limited preview. The announcement prompted BofA Securities to reiterate a Buy rating with a $275 price target, while Barclays kept an Equalweight rating and a $192 target in response to the AI platform launch.
The disclosed insider sales, the 10b5-1 plan under which they were executed, and the detailed ownership structure provide a clear record of Dageville’s holdings and recent activity. At the same time, the company’s revenue trends, a sizeable increase in remaining performance obligations, recent large customer agreements, and the early-stage rollout of an AI platform have been factors in recent analyst reappraisals and target adjustments.
Context and next steps - The Form 4 filings document the specific transactions and the instruments through which Dageville retains substantial indirect ownership. Investors and market participants tracking insider activity can reference the filing details for exact counts and prices. Separately, analysts’ divergent price targets and the company’s product rollouts indicate continued debate over valuation and growth expectations.