Key Takeaways
- Frank Slootman, a Snowflake director, offloaded 348,020 shares over two days in mid-August 2026, netting $97.4 million.
- The transactions occurred at prices ranging from $319.07 to $333.37, executed through a scheduled 10b5-1 plan.
- Following these sales, Slootman’s direct ownership plummeted nearly 90%, leaving only 28,535 shares in his possession.
- Snowflake shares currently hover around $321, reflecting a 65% gain year-over-year and trading near the $341.95 peak.
- Wall Street maintains an optimistic stance: 34 analysts rate it Buy, 5 say Hold, 1 recommends Sell, with an average target of $320.65.
Frank Slootman, serving as a director at Snowflake (SNOW), unloaded 348,020 shares during a two-day window spanning August 18-19, 2026, securing proceeds totaling $97.4 million. The shares changed hands at prices spanning $319.07 to $333.37 each.
Snowflake shares are currently changing hands near $321, approaching the stock’s yearly peak of $341.95. The company’s equity has surged 65% during the trailing twelve months.
These transactions were executed according to a Rule 10b5-1 plan established by Slootman on September 19, 2025. Such arrangements allow company insiders to schedule stock sales ahead of time, providing legal protection against potential insider trading allegations.
The sales involved stock option activities as well. Slootman converted options into 300,000 shares at a strike price of $8.88 apiece, investing $2.66 million total, before divesting them at substantially elevated market valuations.
During the first day, he acquired 251,010 shares via option conversion and disposed of 299,030. On the following day, he exercised and sold an additional 48,990 shares.
When the transactions concluded, Slootman retained direct ownership of merely 28,535 shares. This represents an 89.79% reduction in his direct holdings. He maintains indirect ownership through multiple family trust structures.
Ongoing Divestiture Trend
These sales represent a continuation of established behavior. Slootman has been systematically reducing his position for several months. During May, he disposed of more than 837,000 shares through two separate transactions. Late May saw another 400,000 shares sold, with additional hundreds of thousands divested throughout June and July.
Each of these previous transactions was conducted under the identical pre-established trading arrangement.
The latest round of sales commanded significantly higher valuations compared to earlier transactions this year. His June divestitures were executed at prices between $224 and $264 per share. The August sales fetched $319 to $333, illustrating the stock’s substantial appreciation.
Wall Street Maintains Positive Outlook
Notwithstanding the substantial insider selling activity, Wall Street analysts have not soured on SNOW. Among 40 analysts monitored by MarketBeat, 34 maintain Buy recommendations, five suggest Hold, and only one advocates Sell. The average price objective stands at $320.65.
UBS recently boosted its price objective to $425, citing robust artificial intelligence demand and projecting 36-37% revenue expansion for the upcoming quarter. TD Cowen elevated its target to $370 with a Buy recommendation. Needham increased its objective to $330, while Piper Sandler adjusted upward to $320.
The company’s most recent earnings disclosure occurred on May 27. Revenue reached $1.39 billion, representing a 33.5% year-over-year increase and surpassing analyst projections of $1.32 billion. Earnings per share of $0.39 exceeded the consensus estimate of $0.32.
Institutional shareholders have been accumulating positions as well. Vanguard expanded its stake by 5.1% during the fourth quarter. Jennison Associates grew its holdings by 27.7%. Norges Bank initiated a fresh position valued at approximately $974 million.
Market participants are expected to closely monitor Snowflake’s upcoming quarterly report, particularly given UBS’s forecast of 36-37% product revenue growth for the period.
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