Benzinga | Oct 13, 2021 01:38PM EDT

Why Snowflake's Stock Is Heating Up Today

Snowflake Inc (NYSE:SNOW) is trading higher Wednesday after the company announced a partnership with UiPath Inc (NYSE:PATH) to integrate UiPath Insights with the company's platform.

The companies said that the combined offering of UiPath with Snowflake's compute, elastic scaling, and enterprise-grade secure data sharing capabilities will provide customers with faster data processing, while enabling them to perform long-term historical analysis to scale automation.

"Our partnership with UiPath can help make scalable, secure RPA analytics on Snowflake more accessible to citizen analysts across an organization, to help drive business outcomes," said Colleen Kapase, senior vice president of worldwide partnerships at Snowflake.

Kapase continued, "As demand for analytics and RPA on Snowflake increases, partnerships with organizations, such as UiPath, help us serve customers globally and support our mission of mobilizing the world's data."

Snowflake is a data lake, warehousing and sharing company with more than 3,000 customers.

SNOW Price Action: Snowflake has traded as high as $429 and as low as $184.71 over a 52-week period.

The stock was up 2.73% at $321.44 at time of publication.

Photo: courtesy of Snowflake.