Michael Scarpelli, Chief Financial Officer of Snowflake Inc. (NYSE:SNOW), executed several stock transactions on March 25, 2025, according to a recent SEC filing. Scarpelli sold a total of 299,000 shares of Class A Common Stock, generating approximately $48.96 million. The sales were executed at prices ranging between $162.705 and $164.444 per share, notably above the current trading price of $156.98.
According to InvestingPro data, the stock has shown strong momentum with a 40% gain over the past six months. In addition to the sales, Scarpelli exercised stock options to acquire 300,000 shares at a price of $8.88 per share, totaling $2.66 million. Following these transactions, Scarpelli holds 292,610 shares directly, with additional shares held in various trusts and a family trust. These transactions were part of regular financial activities and provide insight into the executive’s stock management strategy.
In other recent news, Snowflake Inc. has announced the appointment of Mike Gannon as its new Chief Revenue Officer, effective March 14, 2025. This change follows the retirement of Chris Degnan, who played a pivotal role in Snowflake’s growth to $3.4 billion in revenue for the last fiscal year. Gannon, with his extensive experience from VMware (NYSE:VMW) by Broadcom (NASDAQ:AVGO), is expected to contribute significantly to Snowflake’s future strategies and market expansion.
Additionally, RBC Capital Markets has maintained its Outperform rating on Snowflake with a price target of $221, citing the company’s strong leadership and market potential. DA Davidson also reaffirmed its Buy rating for Snowflake, setting a price target of $225, and highlighted the company’s strategic alignment with industry trends like artificial intelligence and cloud computing.
In the broader software sector, DA Davidson noted Monday.com as a resilient stock amidst market volatility, suggesting it could demonstrate robust growth despite economic uncertainties. These recent developments underscore the dynamic changes and potential investment opportunities within the software industry.
Snowflake’s co-founders Benoit Dageville and Thierry Cruanes, who previously worked at Oracle, embarked on their entrepreneurial journey to build a software company that would eventually achieve the largest IPO in U.S. tech history. Reflecting on their decision to leave Oracle, Cruanes described the current moment in technology as an inflection point, particularly with the rise of artificial intelligence. “You can feel it,” he stated, emphasizing the uncertainty surrounding new technological advancements.
The duo founded Snowflake in 2012, believing they could reinvent data warehousing solutions in the cloud. Dageville recalled how they began their journey: “We went to my apartment, we bought this whiteboard from Amazon... My wife was not very happy with the whiteboard in the living room, but that’s okay.” They spent countless hours brainstorming and developing their ideas around that whiteboard, which ultimately led to the creation of a groundbreaking software platform.
In 2020, Snowflake made headlines when it listed on the New York Stock Exchange with a staggering valuation of $70 billion, marking the largest software IPO at the time. Reflecting on that monumental day, Cruanes admitted to feeling a “sinking feeling” as it represented the immense expectations placed upon them. Dageville added, “I would have rather Snowflake started with a lower valuation,” indicating the pressure that came with such high expectations.
Despite the challenges, the co-founders maintained a strong friendship throughout their entrepreneurial journey. Cruanes remarked, “This interaction created Snowflake, but it created us too,” highlighting the personal growth they experienced alongside their professional achievements. Dageville noted that their close bond was a concern when they first started Snowflake, fearing that it might lead to conflicts. However, he concluded, “I would say, [Snowflake] has 100 times improved our friendship.”
Today, both Dageville and Cruanes continue to play vital roles within the company, leading product teams and shaping the broader strategic vision of Snowflake. “Everyone is scared when we’re coding too much, but we love coding too,” Dageville said, showcasing their passion for technology and innovation.
As Snowflake continues to grow and adapt to the changing landscape of technology, the company remains focused on harnessing the potential of artificial intelligence and cloud computing. With strong leadership and a clear vision, Snowflake is well-positioned to capitalize on emerging opportunities in the software industry.
