SNOW - Snowflake Stock: Time to Buy the Dip?
2023-08-17 08:25:59 ET
Shares of data cloud platform provider Snowflake (NYSE: SNOW) have endured a rough August so far. The tech stock has declined more than 15% as of this writing. The pullback in the stock price may have some investors wondering whether this may be a good time to buy the stock. This question is particularly timely given that the fast-growing company is scheduled to report its second-quarter results for fiscal year 2024 next week.
So, is Snowflake stock a buy ahead of earnings? To help investors consider whether buying shares of the tech company makes sense today, let's look at its recent business trends, what management has been saying, and the growth stock's valuation.
Snowflake is growing fast. Product revenue (95% of Snowflake's total revenue) in its most recent quarter rose 50% year over year. And this growth is occurring off of a large base. Its annual revenue is well over $2 billion.
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Snowflake Stock: Time to Buy the Dip?