SNOW - Forget Amazon Microsoft and Google: This Disruptive Cloud Startup Could Be the Biggest Threat to Snowflake's Long-Term Growth
2023-09-08 06:17:00 ET
Snowflake (NYSE: SNOW) has been a divisive stock since it went public three years ago. The bulls were dazzled by its triple-digit-percentage revenue growth and retention rates, but the bears balked at its steep losses, nosebleed valuations, and the competitive threats to its business.
Snowflake priced its IPO at $120 per share, and the stock more than doubled to $245 on its very first trade. It eventually hit an all-time high of $401.89 on Nov. 16, 2021. But today, it trades at only about $160. It lost its luster as its revenue growth cooled off and rising interest rates popped its bubbly valuation.
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Forget Amazon, Microsoft, and Google: This Disruptive Cloud Startup Could Be the Biggest Threat to Snowflake's Long-Term Growth