The market downturn made many companies across different sectors witnessing recent lows. From tech to data cloud services, every industry was affected due to the macroeconomic situations. Prominent data cloud company Snowflake (SNOW) remained no exception—evident by its last earnings releases and SNOW stock price trembling.
Yet the optimism stays with the Snowflake given expectations from data cloud storage space to pullback. The Data Cloud platform facilitates the services to businesses and institutions making data storing easy for them. Thus the clientele gets enabled to combine the data generated from cloud infrastructure services of different applications—including Amazon, Alphabet (Google) and Microsoft, etc.—and analyze it accordingly.
Snowflake’s Positive Image Within the Space
Snowflake (SNOW) also holds good remarks for its strategies for concentrating towards customer acquisition and growth. The company has seen to bring more new customers over the platform and retain the existing ones. Along with the strong fundamentals, the company also holds good financials.
According to Nasdaq data, Snowflake stood at a market capitalization of over 51.1 billion USD. While the total revenue was at 1.21 billion USD. The company’s Q2 earnings release noted the revenue experiencing a significant year over year jump of 83% and reached up to 466.3 million USD.
Upcoming earnings release is expected to drop by December 7th, 2022. Analysts have estimated the price target, rating and earnings per share (EPS) for SNOW stock.
Pessimist SNOW Stock Past Performance Vs Analysts’ Optimism
SNOW stock price has seen multiple ups and downs in the past which shows overall downfall. Currently SNOW stock is trading at 159.69 USD down by more than 5%. Given the longer timeframe, the stock price has seen a drop of 6% in a month and 10% in the last six months. Moreover, it has lost over 55% of its value year over year.
source – TradingView
Many analysts showed optimism for SNOW stock despite its past performance. Investing(dot)com analysts rated the stock “buy” with the average price target of 202.56 USD. While TradingView analysts put the target price of 215.41 USD for SNOW stock with rating of “buy”.
Analysts hold the view that the Montana based company is up to placing itself at a competitive level. From there grabbing more opportunities within the market would become viable for it and further helping the company to attain its valuation based on its growth.
Snowflake Adding HITRUST Certification
Last week, Business Wire reported Snowflake achieving HITRUST r2 Certification given its information security. The report added the achievement makes Snowflake a firm within an elite organizations group receiving the certification.
The HITRUST Assurance Program “includes federal and state level regulations, frameworks, standards and risk based approach” while helping recipient organizations address challenges in their security and data protection operations.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/10/31/positive-signals-from-analysts-for-snow-stock-despite-the-past-performance/