Slootman Frank sold $993K of SNOW

Connor Riley Moucka, a Canadian hacker, pleaded guilty in Seattle federal court to computer fraud, wire fraud, aggravated identity theft, and conspiracy tied to 2024 breaches of 165+ Snowflake customer environments. Prosecutors said stolen credentials and missing MFA enabled access, exposing data tied to at least 100 million people, with $9.5M in direct losses and $2.5M in ransom payments. Sentencing is Oct. 27.

Snowflake shares rose to about $260, up ~54% from $169 after its Q4 release. In Q1 FY27 (reported May 27), revenue grew 33.5% to $1.39B and non-GAAP EPS was $0.39 vs $0.32 consensus. Remaining performance obligations rose 38% to $9.21B. The company also announced a $6B multi-year AWS collaboration and raised FY27 product revenue guidance to $5.84B.

The U.S. Department of Justice said Connor Moucka pleaded guilty to hacking Snowflake and breaking into dozens of its customers, including AT&T, LendingTree, and Ticketmaster. The DOJ said he stole data from more than 100 million AT&T customers and received over $2.5 million in ransom payments. Victims’ losses were cited at $9.5 million. Sentencing is set for Oct. 27.

Snowflake (SNOW) shares rose about 5.7% to $285.87 after Wells Fargo kept an Overweight rating and raised its price target to $500 from $320. The firm cited AI-driven workload and platform spend, easing customer concerns in Q2, and valuation comps, while noting SNOW is near its 52-week high around $285.

Snowflake said it launched Cortex AI Gateway, an AI agent runtime control plane to track agent activity, enforce governance policies, and apply cost controls across models and tools. The technology is based on Snowflake’s Natoma acquisition. Analysts said it addresses gaps in securing and auditing agentic workflows as consumption-based AI pricing grows.

Snowflake launched Cortex AI Gateway2 and related AI security products to centralize governance for AI agents accessing models, tools, enterprise systems and data, and to track AI spending. Snowflake says it can support 100+ MCP servers and routes requests to approved models. Integrations include 1Password, Okta and others; Natoma tech is folded in.