An earnings report completed late august has sparked some excitement for Snowflake Inc. again, however the negative sentiment in the market has affected virtually all growth tech stocks and Snowflake is no exception.
The company’s management is on a long-term mission to simplify the use of data. Snowflake is tapping into a multihundred-billion-dollar total available market and continues to grow rapidly.
According to Silicon Angle, the company is embarking on its third major wave of innovation, data apps, while its first and second waves are still flourishing . For short-term traders focussed on the next 90-180 days, that doesn’t matter as much. But those taking a longer view are asking: Should we still be optimistic about the future of this highflier or is it just another overhyped tech play?
Expert trader and Breaking Analysis contributor, Chip Symington said he got out of the stock a while ago after having taken a shot at what turned out to be a bear market rally. He pointed out that the stock had been bouncing around the 150 level for the last few months and broke that to the downside last Friday, Nov. 4. So he’d expect 150 is where the stock will find resistance on the way back up.
But there’s no sign of support right now. Maybe at 120, which was the July low and the IPO price. Perhaps earnings will be a catalyst when Snowflake announces on Nov. 30, but until the mentality toward growth tech flips, nothing’s likely to change dramatically, according to Symington.
Longer-term, Snowflake is targeting $10 billion in revenue for fiscal year 2028. It’s a big number. Is it achievable?
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