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Salesforce Dumped Rest of Its Snowflake Shares During First-Quarter Market Plunge

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Salesforce had $35 million worth of Snowflake shares at the end of 2021, and sold them all in the fourth quarter, according to an SEC filing.

Still, Salesforce made a handsome return on its investment. The stock was priced at $120 in the IPO, and traded between $164.29 and $344 in the first quarter. Salesforce had already exited most of its position by mid-2021, selling when the stock was mostly trading well over $200.In a show of support for Snowflake CEO Frank Slootman, Salesforce co-CEO Marc Beniofffor Slootman's book,"Rise of the Data Cloud.

Snowflake has continued to tumble since Salesforce sold out. The stock is down 53% so far this year, and on Wednesday fell to its lowest since the IPO. The shares rallied the past two days as tech stocks bounced back. In late April Wolfe Research initiated coverage with the equivalent of a buy rating, saying Snowflake offers"a best-in-SaaS product" and noted that the stock is trading for"Black Friday prices."

 

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