Think of Snowflake stock ( NYSE:SNOW ) as a proxy for the development of the cloud computing behemoths Google ( NASDAQ:GOOG ), Microsoft ( NASDAQ:MSFT ), and Amazon.com ( NASDAQ:AMZN ). One worry for SNOW stock is that if the US economy enters a recession, public cloud growth would slow. Tools for data management and analytics are sold by Snowflake ( NYSE:SNOW ) and are based on cloud computing systems. SNOW stock has increased more than 14% in 2023 as of February 14. Snowflake stock has climbed back above its 200-day moving average thanks to the gain . The iShares Expanded Tech-Software ETF (IGV), one software benchmark, is up 11% in 2023. In 2022, it dropped by more than 35%. Snowflake’s trading multiple is significantly lower in 2020 and 2021, making it one of the most expensive stocks in the software sector.Analysts preserve to disagree at the rate of Snowflake stock, regardless of the company’s stellar however slowing sales growth.
SNOW Stock: Biggest Software IPO
Because Snowflake’s enterprise version is predicated extra on intake than it does on subscriptions, pessimistic buyers have expressed the situation of approximately how a capability U.S. recession might affect demand.Snowflake desires to make it viable for customers to get the right of entry to and percentage records at some point in their company ecosystem, accelerating commercial enterprise intelligence and superior analytics. In September 2020, Snowflake Stock finished the most important preliminary public presentation through a software program corporation in history. $3.4 billion was raised in the Snowflake IPO. In 2022, SNOW stock fell by more than 57%. In June 2022, Snowflake held an analyst day and user conference in Las Vegas. According to the company, new products in the fields of data security, app...
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