Famous Investor Identifies Snowflake (SNOW) as One of the Market's Top Stocks

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. (NYSE:SNOW) 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. (NYSE:SNOW)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.

While we acknowledge the potential of SNOW as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than SNOW and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.