Snowflake shares hit record highs on Friday

Wall Street congratulated Snowflake on its outstanding performance, several equity firms such as Goldman Sachs and Deutsche Bank raised their sales targets for Snowflake shares, and analysts said investors underestimated the company’s market opportunity, and it was ranked as one of the world’s smartest tech companies at understanding its customers and their requirements.

Snowflake is rapidly acquiring a share of the traditional data storage providers market, a huge market with a management tied to $14 billion and more than $80 billion when considering the entirety of cloud data storage, as its shares rose 14% to a record value on Friday estimated at $387.7, which led to an increase in its gains since it announced revenue at the beginning of the same week.

The company enjoyed strong profits when it announced its first revenues since its launch in the stock market in September, and its revenues increased by 119% year on year to reach $ 159.6 million, and the increase in the number of its customers and the increasing sales of its existing customers helped in the expansion of the company, and despite its current strong growth, The company has a lot of room for expansion and prosperity in the future.

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