Could Buying Snowflake Today Set You Up for Life?
The cloud software company is maturing, but it still has plenty of room to grow.
Snowflake's (NYSE: SNOW) stock initially skyrocketed after its IPO in September 2020. The cloud-based data warehousing company went public at $120, and it more than doubled to $245 on its first trade before setting a record high of $401.89 in November 2021.
Today, Snowflake's stock trades at about $170. The bulls retreated as its growth slowed down, it racked up steep losses, and rising interest rates popped its bubbly valuations. Two of its biggest IPO investors also headed for the exits: Salesforce (NYSE: CRM) sold most of its stake in Snowflake in 2022, and Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) liquidated all of its shares in 2024. Frank Slootman also stepped down last February from Snowflake's CEO position after leading the company for five years.
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