<p><img src="https://static3.businessinsider.com/image/5ff86767d184b30018aadb94-2400/Cloud Storage..jpg" border="0" alt="Cloud Storage." data-mce-source="courtneyk/Getty Images" data-mce-caption="Cloud storage play Snowflake rallies." data-link="https://www.gettyimages.com/detail/photo/woman-using-a-laptop-with-cloud-icon-on-working-at-royalty-free-image/1217242706'adppopup=true"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p><a href="https://markets.businessinsider.com/stocks/snow-stock">Snowflake</a> shares were up over 6% on Friday morning, a day after a 13% move upward on Thursday. This comes despite a lockup expiration that allowed early investors to sell over <a href="https://www.sec.gov/Archives/edgar/data/1640147/000162828020013518/snowflakes-1a2.htm">37.9 million shares</a> of the data storage company.</p><p>Observers had expected shares to fall following the end of the lockup period. </p><p>"With Snowflake stock up almost 133% from its IPO price, we expect some investors to cash out as lock-ups expire. This could weigh on share price accretion from here," Deutsche Bank analyst Patrick Colville wrote in a research note on Tuesday.</p><p>Instead, shares of Snowflake jumped 13.5% and the rally has persisted on Friday. The news is a relief for investors who have watched the stock price fall from all-time highs of over $350 per share in December.</p><p><em><strong>Read more:</strong></em><em data-stringify-type="italic"> <a href="https://www.businessinsider.com/stock-picks-to-buy-6-growth-firms-aram-green-clearbridge-2021-1'utm_source=markets&utm_medium=ingest" data-stringify-link="https://www.businessinsider.com/stock-picks-to-buy-6-growth-firms-aram-green-clearbridge-2021-1" data-sk="tooltip_parent"><strong>A growth-fund manager who's beaten 96% of his peers over the past 5 years shares 6 stocks he sees 'dominating their space' for the next 5 to 10 years - including 2 he thinks could grow 100%</strong></a></em></p><p>The rally comes just days after CEO Frank Slootman made an appearance on CNBC's 'Squawk Alley' to talk up his company's future.</p><p>Slootman noted in the interview Snowflake is set to take advantage of "long-term secular trends," including movement away from physical data centers to the cloud and pent-up demand for data analytics.</p><p><em><strong>Read more:</strong></em><em data-stringify-type="italic"> <a href="https://www.businessinsider.com/stock-picks-buy-cheap-financials-insurance-banks-dividends-deutsche-bank-2021-1'utm_source=markets&utm_medium=ingest" data-stringify-link="https://www.businessinsider.com/stock-picks-buy-cheap-financials-insurance-banks-dividends-deutsche-bank-2021-1" data-sk="tooltip_parent"><strong>Deutsche Bank says buy these 14 beaten-down financial stocks poised for a bullish recovery from 2020's 'savage sell-off' - including one that could rally 30%</strong></a></em></p><p>He also mentioned that the "notion of a headquarters is pretty much evaporating in front of our eyes," and discussed Pinterest going 'headquarter-less' while writing off their San Francisco lease. Slootman called the move "very profound". </p><p>Snowflake still operates in the red, losing over $1 per share according to their <a href="https://investors.snowflake.com/financials/sec-filings/default.aspx">latest quarterly SEC filing</a>, but the company is expected to top $500 million in revenue for the first time in 2021.</p><p>Snowflake was trading at $321.67 per share as of 10:15am E.T. on Friday. </p><p><a href="https://markets.businessinsider.com/news/stocks/snowflake-stock-rallies-6-despite-lockup-expiration-2021-1-1029943966#comments">Join the conversation about this story »</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/economist-weighted-voting-could-help-save-us-democracy-2018-5">A top economist explains how weighted voting could change democracy</a></p>
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