Benoit Dageville, President of Products at Snowflake Inc . (NYSE:SNOW), recently sold 286 shares of the company's Class A common stock. The transaction, which took place on December 23, involved shares sold at an average price of $165.31, totaling approximately $47,278. According to InvestingPro data, the stock is currently trading near its Fair Value, with 33 analysts having revised their earnings upwards for the upcoming period. This sale was conducted under a pre-established 10b5-1 trading plan adopted by Dageville on March 29, 2024.
Additionally, on December 20, 283 shares were disposed of to satisfy tax withholding obligations related to the vesting of restricted stock units, valued at $46,471. Following these transactions, Dageville holds 47,710 shares directly and has an indirect interest in 4,819,180 shares held by The Snow Trust UTA, for which he serves as a trustee.
In other recent news, Databricks, a leading software company, has secured $10 billion in funding, raising its valuation to $62 billion. The new funds will be used to offer liquidity options to its employees, pursue acquisitions, and expand into international markets. For the first time, Databricks is on track to achieve positive free cash flow, with a projected revenue run rate of $3 billion for the quarter ending January 31 and a year-over-year revenue growth of over 60% for the October quarter.
Meanwhile, Snowflake Inc. has been the focus of several analyst firms, including Jefferies, Baird, and KeyBanc Capital Markets, all of which have raised their price targets for the company. Jefferies' analysis suggests that Snowflake's emphasis on AI product development aligns with the broader industry's shift towards data and AI-centric business models. Baird and KeyBanc have also expressed confidence in Snowflake's growth prospects, reflected in their raised price targets and positive ratings.
Piper Sandler analysts have released insights on the tech sector shares following the 2025 CIO Survey, revealing a strong outlook for IT spending. The survey results indicate a robust demand for tech solutions, with cloud applications and generative AI poised for significant growth. Microsoft Corporation (NASDAQ:MSFT) reported a 16% year-on-year increase in Q1 FY2025 revenue, reaching $65.6 billion. Lastly, Tevogen Bio has partnered with Microsoft to expedite the target identification process for their oncology product, TVGN 920, using AI and cloud technologies.
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