Wolfe Research on Snowflake Inc. (SNOW) CRO change: co wanted 'more technical leader' for GTM org

Wolfe Research analyst Alex Zukin reiterated an Outperform rating and $235.00 price target on Snowflake Inc. (NYSE: SNOW)

The analyst commented, "We were able to catch up with both management and some checks in our ecosystem following the announcement. On our conversation with management, we were told that the decision to make this change centered around the want for a more technical leader to run the GTM organization given the current environment and need to seize the moment around new capabilities in the platform (Snowflake Intelligence, Cortex Code, etc.). We were also told that JB brings more of an appetite towards how SNOW can utilize AI in the GTM motion and has proven success in how SNOW sells AI, utilizing a more outcomes-based approach, which management views as the right strategy today. Further, as head of US Majors (SNOW's largest accounts), JB had a lot of say and buy-in on the plan and sales quotas for FY27, so there is no prior work being undone and management doesn't expect to see disruption. We would also note that the change had nothing to do with Gannon's participation in an Instagram video late last year that required the company to file an 8-K. Turning to our checks, the sentiment on JB taking over as CRO was overwhelmingly positive as folks we spoke with described him as an "absolute shark" and suggested that he is loved within the sales organization. All in, we don't expect to see any disruption as a result of the change and given the commentary from our checks, the announcement is a potential net-positive."

For an analyst ratings summary and ratings history on Snowflake Inc. click here. For more ratings news on Snowflake Inc. click here.

Shares of Snowflake Inc. closed at $153.67 yesterday.

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