Cloud computing Snowflake Inc. post-earnings surge continued on Friday, sending its market valuation above $100 billion for the first time. The company gained as much as 16% on Friday, following a triple-digit revenue growth in its third-quarter.
- Despite the strong earnings, investors are cautious on Snowflake’s stock, with many analysts maintaining a hold rating.
- The company’s short-term bullish options were active for a second day as total call volume spiked to almost five times the 20-day average.
- Snowflake shares have now more than tripled since its initial public offering in September.
- The company’s shares are now 31% higher than the average analyst price target.
Snowflake’s stock is currently gaining. SNOW: NYSE is up 13%