- Snowflake, the data cloud startup, and Lacework, the data-driven cloud security firm, announced an expanded cooperation that will further automate cloud security at scale and advance the future of cloud architecture.
- Through Snowflake’s safe data sharing, the expanded cooperation gives security teams immediate access to their Lacework cloud security data, enabling unified visibility and customized automation.
Snowflake Inc. (NYSE: SNOW) is a data cloud firm, based in Bozeman, Montana. The company was founded in July 2012. Later after two years in stealth mode, it was released in October 2014. It was founded by Benoit Dageville, Thierry Cruanes and Marcin Zukowski.
The company provides a cloud-based analytics and data storage solution known as “data-as-a-service.” Corporate users can employ cloud-based hardware and software to store and analyze data.
The primary services of Snowflake services include data sharing, data cloning, on-the-fly scalable computation, storage and compute isolation, and support for third-party tools to grow alongside its enterprise clients.
Study of Financial Report of SnowFlake for 2022
The company’s annual report for 2022 was published on March 01, 2023. As per the report published by SnowFlake, the business generated $2.07 billion in sales in 2022. Concurrently, a $1.31 billion gross profit was announced for 2022. In comparison to the previous year, these numbers show a rise in both total revenue and total income.
The company’s initial 2022 operational loss projection was $836.97 million, whereas the actual 2022 net loss was $796.91 million. Nonetheless, the business’s financial results during this time frame weren’t as good as they were for the 2021 financial year.
Daily Technical Indicator of the SNOW Stock
The relative strength index (RSI) line is currently at 38.59, implying a neutral stance at a lower level. Notably, the RSI line is situated below the 50 level, signaling a preference for selling sentiment in the market.
The 100-day EMA signals selling interest at the $158.10 price point. In addition, the 200-day exponential moving average (EMA) suggests selling potential at $160.75.
On the other hand, the 100-day simple moving average (SMA) indicates a selling preference at the current market price of $163.35. Furthermore, the 200-day SMA also points to selling momentum at $157.86.
Technical Analysis of SNOW Stock
In the most recent trading session, the stock experienced a notable incline of 1.80%, equating to an increase of $2.54 in its value.
The price exhibited a change rate of approximately 3.92%, reflecting a significant level of market volatility. Additionally, the Fear & Greed Index is currently situated at 39, indicating a current sense of fear in the market.
Looking at the snow stock previous performance, we can see that it was in a downtrend up to June 2022. It later entered a sideways momentum.
The SNOW stock has declined by 1.47% over the last month and by 3.22% over the last 6 months. The stock has a 1.70% drop in the past 5-day trading session.
Conclusion
According to predictions made by experts, the SNOW stock might fall to $136.33 by 4 November 2023. It would be equivalent to a drop in value by 4.92%, which is significant for any stock. The presence of bearish momentum can be expected, as per the provision made by experts.
Technical Levels
Support level- $138.92 and $125.08
Resistance level- $169.48 and $186.20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
