Snowflake Rated Buy at Deutsche Bank, Piper Sandler on Growth Prospects

Snowflake  (SNOW) – Get Report Monday received positive recommendations from analysts at Deutsche Bank and Piper Sandler, who are impressed with the cloud service company’s growth prospects.

Snowflake shares recently traded at $245.51, up 3.15%, but have slipped 4% since the company’s initial public offering in September.

Deutsche Bank analyst Patrick Colville initiated coverage with a buy rating and a $305 price target.

“Data is the coal of the digital economy,” he wrote in a commentary. Production of the commodity “spurned the Industrial Revolution,” he said.

Now, “we find that capturing and analyzing data is becoming paramount to business success in the 21st century,” Colville said. “We see a world where the use of data is democratizing, many more roles and functions are becoming data consumers. … Our estimates call for data warehouse (analytical processing) spending to grow to $45.2bn in 2024, a 13% CAGR from 2019.”

Brent

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Forget Snowflake, These 3 Tech Stocks Are Better Buys Right Now

Snowflake (NYSE:SNOW), a cloud data company, has received a lot of attention from investors lately, following its mid-September IPO. Investors have taken an interest in this tech stock because of its 133% revenue growth in the first half of this year, and the fact that the company believes it has a massive $81 billion total addressable market in the cloud data space. 

But despite Snowflake’s potential, there are a handful of other tech stocks that could be better long-term investments. To help you find a few, we asked three Motley Fool contributors for alternative Snowflake investments. They came back with Alteryx (NYSE:AYX), Zoom Video Communications (NASDAQ:ZM), and Amazon.com (NASDAQ:AMZN). Here’s why. 

A person pointing to a tablet screen.

Image source: Getty Images.

With access to more data than ever, businesses need a way to make sense of it

Brian Withers (Alteryx): Snowflake’s platform excels in capturing enterprise data and centralizing it in one

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Warren Buffett’s Snowflake, Barrick Gold bets signal new strategy

  • Warren Buffett’s Berkshire Hathaway has made surprise bets on Barrick Gold and Snowflake in recent months, clashing with the investor’s past warnings about gold, tech stocks, and IPOs.
  • Berkshire’s bosses may be pursuing smaller, more frequent investments and cashing in on corporate actions, Brian Gongol, a longtime Berkshire shareholder, told Business Insider.
  • “I wouldn’t be surprised if Buffett, Weschler, Combs, and Ajit Jain all got on the phone and had a talk where they decided to ‘think small’ with some fraction of the company’s cash pile,” Gongol said.
  • Buffett and his team also signaled Berkshire was “the best big investment they could find” when they spent $5.1 billion buying back stock in May and June, Gongol said.
  • Visit Business Insider’s homepage for more stories.

Warren Buffett’s Berkshire Hathaway stunned investors when it revealed a $560 million stake in Barrick Gold in August, and shocked them again with its $735 million

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Warren Buffett’s Berkshire Hathaway discloses Snowflake stake, confirming a rapid $800 million gain

Berkshire Hathaway chairman Warren Buffett sings and plays his ukulele with The Quebe Sisters Band at the Berkshire Hathaway annual meeting in Omaha May 1, 2010.


  • Warren Buffett’s Berkshire Hathaway confirmed the size of its Snowflake stake in a regulatory filing on Monday.
  • The billionaire investor’s company owns about 5.1 million Class A shares, or 2.2%, of the cloud-data platform’s outstanding stock.
  • Berkshire has notched a $800 million gain, as it spent $735 million on shares worth more than $1.5 billion as of Monday’s close.
  • The unusual bet shows that Buffett’s company is “evolving and becoming a much more tech-aware, tech-centric, tech-focused conglomerate,” Snowflake CEO Frank Slootman told Yahoo Finance.
  • Visit Business Insider’s homepage for more stories.

Warren Buffett’s Berkshire Hathaway officially disclosed its stake in Snowflake on Monday, confirming it has scored a $800 million gain on its investment in the cloud-data platform.

The famed investor’s

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Stocks fall as tech slides, Fed projects years of low rates, Snowflake doubles in IPO

S&P 500, Nasdaq finish in the red

The major indexes could not shake off the struggles of large tech stocks and drifted lower in the final hour of trading. The S&P 500 and Nasdaq Composite lost 0.5% and 1.3%, respectively. The Dow, at one time up more than 350 points, notched just a 38 point gain. — Jesse Pound

Powell wraps up

Fed chair Jerome Powell concluded his press conference shortly after 3:30 p.m. With less than half an hour remaining in Wednesday’s session, the Dow was up 125 points, while the S&P 500 and Nasdaq Composite had fallen 0.1% and 0.9%, respectively. — Jesse Pound

Tech struggles drag down market

Continued struggles for major tech stocks weighed on the overall market and erased some of its recent gains.

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