According to recent SEC filings, Michael L. Speiser, a member of the board of directors at Snowflake Inc. (NYSE: SNOW), has liquidated common stock valued at roughly $7.18 million. The transactions were finalized on May 1, 2026, with individual share prices falling within a range of $140.505 to $142.074.
The sale was executed under the framework of a pre-arranged 10b5-1 trading plan, which Mr. Speiser had previously adopted on December 27, 2024. This type of plan is designed to facilitate trades at predetermined times or prices to avoid conflicts regarding non-public information.
Breakdown of Share Dispositions and Remaining Holdings
The total volume of the sale involved a combination of direct and indirect ownership structures. Mr. Speiser personally disposed of 403 shares of common stock at weighted-average prices between $140.505 and $142.074. Following these specific transactions, his direct holdings in Snowflake consist of 22,509 shares, a figure that includes shares to be issued from restricted stock units in which he holds a pecuniary interest alongside other parties.
The indirect component of the sale was more extensive, involving several entities and trusts:
- Limited Partnership: 12,973 shares were sold via a limited partnership where Mr. Speiser acts as a trustee for the general partner’s trust.
- Primary Trust: 34,005 shares were sold through a trust under his trusteeship.
- Additional Trusts: Four separate trusts (AMS-21, ESS-21, LES-21, and WWS-21) each saw the sale of 840 shares, contributing an additional 3,360 shares to the total volume.
Mr. Speiser disclaims beneficial ownership of these indirectly held shares except for his specific pecuniary interest. Despite the recent sales, Mr. Speiser maintains significant indirect holdings in Snowflake, including 790,158 shares through Sutter Hill Ventures, 2,288 shares through SHM Investments, LLC, 2,500 shares via a trust identified as SCT, and 402 shares through a trust known as SRT. He serves as a managing director and management committee member for the general partner of Sutter Hill Ventures and is a managing member of SHM Investments, LLC.
Market Context and Analyst Perspectives
At the time of these transactions, Snowflake shares were trading at $144.21, representing a slight recovery from the prices at which Mr. Speiser sold his shares. However, the stock has undergone significant downward pressure, having declined 45.67% over the preceding six-month period.
The institutional outlook on Snowflake remains varied. While an InvestingPro assessment suggests that the stock might be undervalued based on a Fair Value calculation, current market sentiment faces headwinds. Specifically, 24 analysts have revised their earnings expectations downward for the upcoming period. Furthermore, recent updates to analyst ratings reflect concerns regarding competition and growth dynamics:
- UBS: Adjusted its price target from $235 down to $210 while maintaining a Buy rating, citing competitive pressures within the AI sector.
- Evercore ISI: Lowered its price target from $225 to $200, retaining an Outperform rating but noting a slight deceleration in growth for Snowflake's core cloud data warehousing business.
- Mizuho: Reiterated an Outperform rating with a $220 price target following the appointment of Jonathan Beaulier as the new chief revenue officer.
- Piper Sandler: Maintains an Overweight rating with a $230 target, noting that AI was a central theme in recent investor discussions.
In a broader view of the software-as-a-service (SaaS) landscape, Thoma Bravo CEO Orlando Bravo has expressed optimism regarding firms like Snowflake, suggesting that current lower valuations provide an opportunity to leverage AI technology.