Many investors believed that shares of cloud-based data company Snowflake (NYSE: SNOW) were overpriced from the moment the company went public in 2020. But while some argue that Snowflake stock is overvalued, others hold the counterargument that the company's revenue growth rate is superb, and it warrants a high valuation.

Well, Snowflake's management just lowered its revenue growth guidance and expects the company to grow at its slowest pace ever. So what now?

Snowflake went public when it was growing revenue at a 100%-plus annual rate. I believe all reasonable investors expected the growth rate to decline over time -- after all, management's own forecasts suggested this trend. And indeed, revenue growth has slowed for Snowflake, as the purple line on the chart shows.

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Source Fool.com