Josh Brown, an investor who frequently appears on CNBC, recently identified Snowflake Inc. (NYSE:SNOW) as one of his favorite names in the market when he was on the network.
Snowflake Inc. owns and operates “a cloud-based data platform.” Brown is the CEO of Ritholtz Wealth Management.
Snowflake Inc. (NYSE:SNOW) Has Strong Momentum
SNOW stock reached a peak of $400 and then steadily declined for three years, Brown noted. However, after reaching a low last September, the shares have “been working really well,” Brown reported.
He believes that Snowflake Inc.can climb further “towards some of (its) older highs.”
Snowflake Inc. (NYSE:SNOW)’s Fundamentals Are Improving, Brown Says
Calling SNOW’s first-quarter earnings “fantastic,” the investor noted that more than 600 of its customers are paying it at least $1 million annually. The number of customers in that category surged 27% compared with the same period a year earlier, he reported.
Finally, Brown’s net revenue retention rate of 124% shows that its customers are increasing the amount of money that they spend on SNOW’s offerings.
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This article is originally published at Insider Monkey.