Snowflake (SNOW) gapped from about $240 to a low of $160.

All after issuing guidance that fell short of expectations and the departure of CEO Frank Slootman. However, it looks like most of the negativity has been priced in. 

Helping, insiders are buying the dip. 

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Director Mark McLaughlin just paid $501,300 on March 6 for 3,030 shares at an average price of $165.45 each. Even new CEO Sridhar Ramaswamy just bought $5 million worth.

Better, according to Ramaswamy, “There’s no AI strategy without a data strategy. And this has opened a massive opportunity for Snowflake to address,” as noted in the company’s most recent quarterly call. 

Analysts at Guggenheim also upgraded SNOW to neutral from sell, citing the company’s “attractive” near-term setup. 


Ian Cooper