Snow’s impressive customer growth enabled it to pull off the largest IPO in history in September 2020. SNOW stock drops from $353.14 to $352.91 as of pre-market today but is in the position of a bullish move this month. In October, the tech-Software sector’s index rose 10%, which was its best month since September Snow (SNOW) stock has gained 26% in 2021. It was added to the IBD Leaderboard in October. The stock price of SNOW has been soaring to an all-time high since December 2019. Then, in 2020, it started to fall due to concerns about its lofty valuation.
On June 10, Snowflake outlined a path to $10 billion in revenue by 2029, which coincides with the calendar year 2028. The company’s robust growth rate of 44% would make it one of the fastest-growing tech companies in the world. The company said it plans to add more customers and increase its product revenue over the next couple of years. It also guided lower than expected. In July, the company announced support for the latest digital advertising standard, Unified ID 2.0, across its entire suite.
This move comes as Google prepares to phase out the use of internet cookies for targeted marketing. Amazon Web Services’ potential competition concerns Snow stock. Also, Databricks’ valuation has climbed to almost $300 million. Artificial intelligence company Databricks is expected to launch its IPO soon. It is competing against IBM’s (IBM) Watson platform.