SNOW - 1 No-Brainer Tech Stock to Buy Hand Over Fist Before It's Too Late
2023-09-01 16:00:00 ET
Shares of Snowflake (NYSE: SNOW) have underperformed the broader stock market in 2023, which seems a tad surprising given the company's impressive growth as well as a solid rally in technology stocks this year.
The cloud-based data platform provider has appreciated just 14% this year. For comparison, the tech-laden Nasdaq-100 Technology Sector index has jumped 38% in 2023. Snowflake's results for the second quarter of fiscal 2024 (for the three months ended July 31, 2023), which were released on Aug. 23, couldn't improve investors' sentiment despite a solid set of numbers.
Snowflake stock fell 5% after the report. But this could be an opportunity for savvy investors to buy a fast-growing company that's sitting on a massive addressable market. Let's look at why buying this cloud stock could turn out to be a smart long-term move.
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1 No-Brainer Tech Stock to Buy Hand Over Fist Before It's Too Late