Snowflake had its Relative Strength (RS) Rating upgraded from 78 to 82 Monday.
IBD's proprietary RS Rating measures market leadership by using a 1 (worst) to 99 (best) score that shows how a stock's price action over the trailing 52 weeks matches up against other publicly traded companies.
Decades of market research shows that the market's biggest winners typically have an RS Rating of over 80 as they launch their biggest runs.
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Now is not an ideal time to jump in since it isn't near a proper buy zone, but see if the stock goes on to offer and clear an appropriate buy point.
Snowflake posted -20% EPS growth last quarter. Revenue gains came in at 28%.
The company holds the No. 62 rank among its peers in the Computer Software-Enterprise industry group. Datadog, Samsara and ServiceNow are among the top 5 highly rated stocks within the group.
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