A senior executive at Snowflake (SNOW) has publicly shared unauthorized financial guidance about the company, raising eyebrows among regulators.
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The cloud-based data storage company had to make a filing with the U.S. Securities and Exchange Commission (SEC) after an executive announced unauthorized guidance during a video interview posted to social media site Instagram.
Montana-based Snowflake said in the filing that the executive, who was not named, is not a “designated spokesperson authorized to disclose financial information” on behalf of the company. “As a result, investors should not rely upon such statements.”
Saying Too Much
The video posted on Instagram features Snowflake Chief Revenue Officer Mike Gannon providing financial advice for business owners and discussing his company’s revenue. “So we’re going to exit this year probably just over about $4.5 billion,” said Gannon. “We’re getting to $10 billion in a couple of years.”
In the video, Gannon, who was appointed Snowflake’s chief revenue officer in March of this year, does not appear to realize he is discussing unauthorized financial information about the company. In the SEC filing, Snowflake reaffirmed its previous guidance for the third quarter and full Fiscal year 2026, which was first issued in August.
That guidance calls for sales of $4.395 billion for the entire Fiscal year, a little more than $100 million less than Gannon’s estimate in the Instagram video.
Is SNOW Stock a Buy?
The stock of Snowflake has a consensus Strong Buy rating among 34 Wall Street analysts. That rating is based on 31 Buy and three Hold recommendations issued in the last three months. The average SNOW price target of $270.94 implies 0.22% downside from current levels.
