SNOW announced it’s CEO Frank Slootman is retiring along with earnings. The guidance is conservative and along with CEO change means the stock dropped from $230 to $180 in after hours. The company announced Sridhar Ramaswamy as the new income CEO. Sridhar was SVP of ad at Google for 15 years and left Google and eventually started Neeva a search engine and when the Neeva pivoted to enterprise, it was acquired by Snowflake. Sreedhar was in charge of AI at Snowflake. Now we are seeing Sridhar’s ascension to CEO. There were folks who were arguing the reason snowflake bought Neeva is to acquire Sridhar, may be there is some truth to it.
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$SNOW looks like bottomed and staging a breakout, the price is above 50 DMA. The immediate goal is $132. This is one of the beaten down software name, where the valuation is not very outrageous but still Price to Sale is 12x. OTOH it is expected to grow at 25% for the next 3 years. With AI trend, data companies can sustain such growth.
For now I have sold few Jan 25 $110 Puts, hoping post election/ post earnings (11/27) the put premium crashes.
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