Why Snowflake Stock Surged 12% Thursday

Motley Fool2022-06-24

The popular tech stock could deliver handsome rewards to investors.What happenedShares of Snowflake popped 12.4% on Thursday, following positive analyst commentary.So whatJPMorgan Chase analyst Mark ...

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Comments

SK19
2022-06-24
SK19
💪💪💪
Guavaxf30
2022-06-24
Guavaxf30
Lesson for me here is...... never buy IPO's !
KeeBoonTong
2022-06-24
KeeBoonTong
Lalalala
Ktkw
2022-06-24
Ktkw
Okkk
Eddielkh
2022-06-24
Eddielkh
Plz like tq
逢場作戲又一日
2022-06-24
逢場作戲又一日
Great summer snow

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He sees the data-warehousing leader's shares climbing another 15% from their closing price on Thursday.Murphy's upgrade comes after JPMorgan Chase's annual survey of chief investment officers. Almost two-thirds of Snowflake's existing clients said they planned to spend more on their cloud services in 2022. That was the highest among all the software companies JPMorgan Chase surveyed.Better still, Murphy expects Snowflake to ramp up its free cash flow production as it scales its revenue base in the year ahead. Murphy also praised the company's ability to increase sales, despite its already impressive size. \"The pent-up demand for its solutions has allowed Snowflake to exhibit a very rare level of growth at scale,\" Murphy said.Additionally, Murphy noted that following the recent market swoon, Snowflake's stock was trading near its initial public offering (IPO) price. 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