Frank Slootman, a director at Snowflake Inc . (NYSE:SNOW), recently sold 1,712 shares of the company's Class A Common Stock, totaling $306,448. The shares were sold at a price of $179 each. The transaction comes as Snowflake's stock, currently trading at $171.96, has experienced an 8% decline over the past week, though maintaining a strong 33.5% gain over the last six months. This transaction was carried out on December 10, 2024, as part of a pre-established 10b5-1 trading plan that Slootman adopted earlier this year. Following this sale, Slootman holds 205,965 shares directly. Additionally, Slootman had 1,058 shares withheld to cover tax obligations related to the vesting of restricted stock units, valued at $194,291. With 33 analysts recently revising their earnings expectations upward, InvestingPro data suggests strong institutional confidence in the company's prospects, with analyst price targets ranging from $115 to $225.
In other recent news, Microsoft (NASDAQ:MSFT) has reported a 16% year-on-year increase in Q1 FY2025 revenue, reaching $65.6 billion. The company's cloud unit, Microsoft Cloud, also reported robust performance, with revenues surpassing $38.9 billion, marking a 22% increase from the previous year. Piper Sandler analysts anticipate increased IT spending following the 2025 CIO Survey, with Microsoft expected to see heightened Azure spending.
In the realm of cloud applications, Snowflake has been recognized for its potential growth, particularly in the Artificial Intelligence (AI) sector. The company has seen its stock upgraded by Wedbush from Neutral to Outperform, with a new price target set at $190.00. KeyBanc Capital Markets also increased their price target for Snowflake, reflecting the company's impressive third fiscal quarter product revenue.
Citi maintained a Buy rating on Snowflake stock and increased its price target from $183.00 to $225.00, citing significant top-line performance and an acceleration in bookings. The company's AI initiatives are gaining traction, with more than 1,000 AI use-cases now in production and 3,200 customers utilizing Snowflake for AI and machine learning tasks. These are recent developments in the tech sector.
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