My $SNOW trades
See prior trade comment on MDB. After MongoDB's Q2 report, I decided to re-allocate a portion of my MDB holdings to SNOW. While I like MongoDB's long term potential, I think Snowflake has more momentum near term, particularly as profitability has come into focus for the market.
The set-up for 2023 is favorable for MongoDB, though, and I may increase my allocation again as growth re-accelerates. The Q2 report surfaced some execution risk, particularly a large increase in S&M headcount (sequential additions doubled). That should continue the outsized increase in Direct Sales customers that MongoDB achieved in Q2, but could also signal the need for more sales involvement to encourage enterprise customers to migrate more workloads to MongoDB. I think the strategy will work out, but I am taking the higher risk into account with this trade.
@rihardjarc I have written about Elastic extensively in the past on my blog (https://softwarestackinvesting.com/tag/estc/). I have always liked the flexibility of their core technology, but think customers prefer a packaged solution (think Datadog). I am still hopeful they can start to accelerate, but am watching for now.