On Monday, Snowflake got an upgrade for its IBD SmartSelect Composite Rating from 94 to 96.
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The upgrade means the stock currently tops 96% of all other stocks in terms of key performance metrics and technical strength. The market's biggest winners often have a 95 or higher grade in the early stages of a new price run, so that's a good item to have on your checklist when looking for the best stocks to buy and watch.
Snowflake is now out of buy range after breaking out from a 194.40 buy point in a cup without handle.
One weak spot is the company's 48 EPS Rating, which tracks quarterly and annual earnings-per-share growth. Look for that to improve to 80 or better to show it's in the top 20% of all stocks.
Its Accumulation/Distribution Rating of B shows moderate buying by institutional investors over the last 13 weeks.
In Q1, the company posted 71% earnings growth. It has now posted accelerating EPS growth for two consecutive quarters. Revenue growth came in at 26%, down from 27% in the prior quarter.
Snowflake holds the No. 7 rank among its peers in the Computer Software-Enterprise industry group. Palantir Technologies, Cloudflare and monday.com are among the top 5 highly-rated stocks within the group.
This article was created automatically with Stats Perform's Wordsmith software using data and article templates supplied by Investor's Business Daily. An IBD journalist may have edited the article.
