Home > Snowflake Stock Price Rose by 7.6% Yesterday – Here’s Where to Buy It

Snowflake Stock Price Rose by 7.6% Yesterday – Here’s Where to Buy It

SNOW stock reported three-digit revenue growth this quarter, fueling its stock price rally – 7.6% in one day and up to 16.2% this month.  

Snowflake reported its earnings yesterday, but they were somewhat conflicting. With doubled revenues, the tech company reported a wider loss than the market expected. Thus, the question is – is Snowflake really a buy right now? 

Let’s find out why the company is trading for more than double the initial price charged in its IPO and what its growth prospects are. First, let’s start with where you can buy Snowflake stock right now. 

How & Where to Buy Snowflake Stock Online

Snowflake stock can be bought via a well-regulated online broker that has access to assets listed on the New York Stock Exchange. Our top recommendations are:

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What Is Snowflake?

Snowflake (NYSE: SNOW) is a tech company specialised in cloud technology. This young software company set the record as the largest IPO in the US in the software industry, raising $3.4 billion. 

Should I Buy Snowflake Today?

Snowflake stock price went up last month, reaching 16.2% growth, while only the last five days registered a 13.9% growth. Yesterday, when the earnings report was released, the market embraced the news with a 7.6% increase, although the share price dropped by about 0.33% in the after-hours trading session. 

The company’s recorded losses this quarter reached $189.7 million (compared to $77.6 million in 2020). Despite this, the revenues almost doubled, from $133.1 million last year to $272.2 million. 

Because SNOW is a young company, investors pushed its share price higher yesterday despite its losses. This is because growth investors prefer other metrics rather than profitability – such as remaining performance obligations or the revenue-retention rate of its customers. 

The latter, for instance, which shows how much current customers spend on its offering, increased by 169%, and there is a remaining performance obligation (revenues to be cashed in after current contracts with clients) of $1.5 billion, an increase of 122% compared to last year. Thus, it is not surprising that Snowflake stock price is up – and, most likely, it will continue its momentum as long as the revenues keep the triple-digit growth. 

Snowflake Price Prediction 2021

For the next 12 months, analysts predict a high price estimate of $515, which represents more than a 68% share price increase as of this writing. The median estimate is $310, and the low estimate is down by nearly 20% – $245. 

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