Snowflake (NYSE: SNOW) has polarized Wall Street since it went public in late 2020. Some investors adore it for its huge growth potential, but others abhor it because of its wildly expensive valuation.

Unfortunately for Snowflake bulls, the bears have been right so far. Shares have declined 34% over the past three years as the S&P 500 has gained 25%.

But shares have been underperforming the market significantly, even as the data cloud specialist's revenue has soared. Is the bear argument that the stock is too expensive losing some of its luster now that shares are much cheaper than they were a few years ago?

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Source Fool.com