Benoit Dageville, President of Products at Snowflake Inc . (NYSE:SNOW), recently reported selling shares of the company. According to the latest SEC filing, Dageville sold a total of 12,500 shares of Snowflake's Class A Common Stock in two transactions on November 29, 2024. The shares were sold at prices ranging from $174.89 to $175.00, amounting to a total value of approximately $2.19 million. The transaction comes as Snowflake, currently valued at $56.9 billion, trades near its Fair Value according to InvestingPro analysis, with the stock showing strong momentum with a 28% gain over the past six months.
The sales were part of transactions executed under a 10b5-1 trading plan, which Dageville adopted on March 29, 2024. Following these transactions, Dageville's direct ownership stands at 53,250 shares.
Additionally, Dageville exercised stock options to acquire 12,500 shares at a price of $0.74 per share, as reported in the same filing.
In other recent news, Snowflake Inc. has been the center of attention following significant top-line growth and an acceleration in bookings, with product revenue increasing by 29% year over year, reaching $900 million. The Remaining Performance Obligations (RPO) showed a 55% year-over-year growth, amounting to $5.7 billion. These strong financial results are attributed to the company's effective management and innovative strategies, particularly in areas of artificial intelligence (AI) and data engineering.
Several analyst firms, including Wedbush, Citi, KeyBanc Capital Markets, Monness Crespi Hardt, Jefferies, and TD Cowen, have either upgraded the stock rating or increased the price target for Snowflake. They cite the company's potential growth, particularly in the realm of AI, and a brighter projection for its financial trajectory in the coming years.
Snowflake has also recently acquired DataVolo to enhance its data connectivity and engineering capabilities, and partnered with Anthropic to integrate powerful AI models into the Snowflake Cortex. These recent developments reflect a broad consensus among analysts about Snowflake's promising future in the data warehousing and cloud-based data analytics sectors.
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