Shares of the cloud-based data warehouse firm Snowflake (NYSE: SNOW) is up by a 7% in today’s trading session and the stock almost recovered the previous week losses. After trading sideways for the last couple of months the stock finally gained upside momentum during the first half of May. While the bullish momentum faded, and the stock dropped more than 15% on last Wednesday after the database provider gave weaker-than-expected Q2 product revenue guidance.

Snowflake reported the fiscal first quarter financial results on Wednesday, May 24. The results beat analysts’ estimates for first-quarter earnings and revenue. The company also announced that it has agreed to acquire Neeva, a search startup founded by former Google executives.

For the April quarter, Snowflake posted revenue of $623.6 million, up 48% from a year earlier and ahead of the Street consensus forecast at $609 million. However, its guidance for product sales in the fiscal second quarter fell short of analyst consensus. The company expects product revenue will be between $620M & $625M in fiscal Q2 & trims its forecast for the fiscal year ending in Jan. 2024.

Considering the recent financial results and the technical analysis of the $SNOW chart shows that the price is still in the midst of a recovery from the recent drop and broader market sentiment will play a key role in this recovery. So, there is a high likelihood that we might see the stock trading above the $200 price level this month. As of this writing, the stock trades at $176.

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