This insider cluster is sub-material on a proportional basis and lacks C-suite participation, reducing its predictive value. Even with the 83% historical win rate on SNOW reports, the signal here is weak. Monitor for a 10-Q or 8-K filing in the next 30 days that could justify the concentrated selling — if one appears, the cluster's context becomes more bearish. Otherwise, ignore as routine director-level liquidity trading.
Price Chart
Executive Summary
Snowflake Inc. (SNOW) insider cluster shows director Frank Slootman executing two large derivative exercises (251,010 shares at $8.88/strike and 48,990 shares at $8.88/strike) paired with immediate open-market sales totaling about $90M across Aug 18-19, and director Benoit Dageville selling $16.79M on Aug 12. Total open-market sales of $107.8M represent 0.096% of Snowflake's $112.6B market cap, falling just below the materiality threshold. All cash sales are by directors, none by active C-suite executives, and the derivative exercises have $0 economic value — these are routine portfolio moves, not an informed bearish signal.
Key Financial Metrics
Key Facts
- Total open-market sales: ~$107.8M across 17 transactions from 2 directors
- Slootman exercised 251,010 shares at $8.88/strike on Aug 18; sold 221,333 shares at $322-$329 same day
- Slootman exercised 48,990 shares at $0 (non-cash) and another 48,990 at $8.88 on Aug 19; sold 49,000 shares at $319-$325 same day
- Dageville sold 50,000 shares at $335.70 for $16.79M on Aug 12, a standalone open-market sale
- Total sale value of ~$107.8M equals ~0.096% of $112.6B market cap — below the 0.1% materiality floor
- No CEO or CFO traded; all cash sales were by directors, not C-suite
- Slootman's sales are typically part of a trading plan to cover tax obligations on exercised options; Dageville's sale is non-routine but isolated
- Historical performance shows 83% win rate T+20 on prior SNOW reports, with avg alpha +12.2%
Financial Impact
Total sale proceeds of ~$107.8M, representing ~0.096% of $112.6B market cap — sub-materiality threshold
Risk Factors
- Slootman's large-volume sales on Aug 18-19 could be perceived as bearish by retail, creating short-term selling pressure
- Dageville's $16.79M standalone sale is outside a typical plan pattern — may indicate a change in personal view
- Cluster occurs near the end of Q2 earnings season; if upcoming results disappoint, the sales could be reinterpreted as informed
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-SNOW-1787270481587 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 15d ago | 144 | $331.02 $334.81 | ▼ −1.14% | ▲ +0.68% | $341.99 (−3.31%) |
Sep 11, 2026 21d ago | Insider Cluster | $328.99 $332.43 | ▲ +1.05% | ▲ +1.27% | $341.99 (+3.95%) |
Sep 9, 2026 22d ago | Insider Cluster | $329.72 $338.39 | ▲ +2.63% | ▲ +3.13% | $341.99 (+3.72%) |
Sep 9, 2026 22d ago | Insider Cluster | $329.72 $338.39 | ▲ +2.63% | ▲ +3.13% | $341.99 (+3.72%) |
Sep 9, 2026 22d ago | Insider Cluster | $329.72 $338.39 | ▲ +2.63% | ▲ +3.13% | $341.99 (+3.72%) |
Sep 4, 2026 27d ago | 144 | $337.18 $332.35 | ▲ +1.43% | ▲ +0.22% | $341.99 (−1.43%) |
Sep 4, 2026 27d ago | 144 | $337.18 $332.35 | ▼ −1.43% | ▼ −0.22% | $341.99 (+1.43%) |
Sep 3, 2026 28d ago | Insider Cluster | $337.18 $332.35 | ▼ −1.43% | ▼ −0.22% | $341.99 (+1.43%) |
Sep 2, 2026 29d ago | 8-K | $356.47 $328.99 | ▼ −7.71% | ▼ −6.56% | $341.99 (−4.06%) |
Aug 28, 2026 4w ago | Insider Cluster | $331.43 $335.50 | ▲ +1.23% | ▲ +1.37% | $341.99 (+3.19%) |
US Market Status
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