"Big Data is big business, and the companies that provide cloud storage solutions are at the forefront of an explosive industry. Snowflake is the quintessential example. Despite having to face cloud-based data warehousing competitors such as Google BigQuery, a subsidiary of Alphabet Inc. (NASDAQ: GOOGL), or Redshift, a business division of Amazon Inc. (NASDAQ: AMZN), the company is well-positioned to take advantage of the $602.31 billion industry's projected growth."
"Shares of cloud-based storage solutions provider Snowflake Inc. (NYSE: SNOW) lost 5.34% over the past month after gaining 11.97% the month prior. Since hitting its year-to-date low on April 4, the stock is up more than 79%, bringing its year-to-date gain to 48.76%. When the company reported Q3 earnings on Nov. 20, it beat on the top and bottom lines with EPS of 20 cents exceeding expectations of 15 cents, and revenue of $942.1 million exceeding expectations of $898.5 million."
"In addition to its data management services, Snowflake provides clients with customized infrastructure solutions, a pay-as-you-go pricing model, scalability, low to no latency as well as analytics capabilities. In doing so, the Bozeman, Mont.-based company has amassed a $71.10 billion market cap. However, its stock has struggled since 2021 when it hit its all-time high of $392.15 per share, falling 36.25% since."
Snowflake's shares fell 5.34% last month after gaining 11.97% the previous month. Since a year-to-date low on April 4, the stock climbed over 79%, producing a 48.76% year-to-date gain. In Q3, Snowflake posted EPS of $0.20 and revenue of $942.1 million, both above expectations, and holds about a $71.10 billion market cap. The company offers scalable cloud data services and competes in a market projected to grow about 21% annually through 2030. Analyses indicate notable upside potential over five years given industry expansion and Snowflake's position, despite the stock remaining below its 2021 high.
Read at 24/7 Wall St.
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