SNOW - Down 60% From Its All-Time High Should You Buy Snowflake Stock?
2023-07-12 07:00:00 ET
Snowflake (NYSE: SNOW) has been a high flier in the market for some time. While the stock used to trade at more than $400 per share, it's down to around $170 now. Furthermore, the stock is well off the $245 it was first available for public purchase when it debuted in September 2020.
With Snowflake down that much, some investors may think about picking up some shares, as it looks like a decent value. But is that the case, or is Snowflake's stock still costly? Let's find out.
Snowflake's products are centered around a concept it calls the data cloud. The premise behind the offering is that its clients generate a lot of data but can't efficiently store or process it. With Snowflake's help, users can store structured, semi-structured, or unstructured data on whatever cloud provider they want. Then, they can use that data to power predictive AI models, feed data into other applications, or sell the data set to another party that is interested in it.
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Down 60% From Its All-Time High, Should You Buy Snowflake Stock?