Snowflake (SNOW) at a record high: growth accelerating, $3.75 billion of convertibles, and $505 million of insider sales

Snowflake closed at $368.89 on October 9, 2026, its highest close in this site’s daily data, worth $130.1 billion. The stock is up 47% over twelve months, 68% in 2026 and 45% since June 30 — and it has tripled since its twelve-month low of $121.11 on April 10, 2026. The company still reports losses under GAAP accounting: $1.33 billion in its last fiscal year.

Growth that is speeding up

In the second quarter of fiscal 2027 (to July 31, 2026), revenue was $1.55 billion, up 35%, and product revenue $1.49 billion, up 37% — the company says its third consecutive quarter of accelerating product revenue growth. Net revenue retention was 126%, customers paying more than $1 million a year grew 27% to 828, and remaining performance obligations (contracted revenue not yet recognized) reached $9.00 billion, up 30%. Snowflake raised its fiscal 2027 product revenue outlook to $6.07 billion (+36%), from $5.84 billion, and its non-GAAP operating margin target to 14.5%.

Convertibles and a $100 billion award

On September 28, 2026 Snowflake completed a private offering of $3.75 billion of convertible notes that pay no interest: $2.0 billion due 2029 and $1.75 billion due 2031, with options for the buyers to take up to $550 million more. In July the board granted chief executive Sridhar Ramaswamy a performance award of up to 1,000,000 shares in five tranches tied to stock-price milestones that, in full, would mean adding up to $100 billion of shareholder value from the July 15, 2026 close; the tranches can vest no earlier than September 2029 and 2030.

Who held it at the end of June

Twelve of the 38 managers held Snowflake at the end of June, up from nine in March, with 17.5 million shares against 11.7 million. Steve Cohen’s Point72 went from 110,400 shares to 2.8 million; Israel Englander’s Millennium and Ken Griffin’s Citadel more than doubled; Andreas Halvorsen’s Viking and Daniel Sundheim’s D1 came back after leaving in 2023. These values are at the June 30 price; at the October 9 close they were 45% higher. A 13F does not say on which day of the quarter shares were bought.

Insiders: $505 million sold, mostly by plan

In the three months to October 7, insiders sold $504.8 million of Snowflake stock and none bought. $482.7 million went through 10b5-1 trading plans, led by director Frank Slootman ($282.7 million in 57 sales), director Benoit Dageville ($110.5 million) and director Michael Speiser ($49.3 million). Sales not marked as planned added up to $22.1 million, most of it a single $17.5 million sale by director Mark Garrett. Daily data is on the Snowflake page. Not investment advice.