Snowflake Inc. (SNOW): Analysis & Opinions from Wall Street Experts

The stock of cloud technology firm Snowflake Inc. (NYSE: SNOW) surged over 8% to $122.54 during the trading session on June 15. Positive expectations from Wall Street analysts, who feel that Snowflake shares might be a medium-term investment direction, were one of the reasons.

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Snowflake was upgraded from Hold to Buy by Canaccord Genuity, with a $185 price objective. Despite the fact that the firm currently has certain issues, analysts believe that the huge demand for cloud technology will help sales increase.

Furthermore, Snowflake makes significant investments in new goods, which will help it to remain competitive in the long run. Many of Snowflake’s products, including Python and a new platform for data scientists, are expected to remain in demand in the foreseeable future, according to Cannacord.

Snowflake is also regarded well by Evercore. Snowflake is a one-of-a-kind investment, according to the business, for individuals willing to look 6-9 months into the future.

Snowflake offers a diverse set of digital transformation technologies, including tools for storing, analyzing, and displaying data from disparate sources. The company’s technology is compatible with a variety of cloud ecosystems and has built-in data security features. In the continuing digital transition, the provider has an opportunity for growth.

More and more businesses are trying to shift their data to the cloud, ensuring that their consumer base grows. Snowflake also has a strong client retention rate of more than 170 percent. Management has announced its entry into a huge and attractive IT solutions industry for healthcare and biotechnology.

A look at its technical shows that SNOW’s 50-day SMA is $159.87 while its 200-day SMA stands at $268.40. The stock has a high of $405.00 for the year while a low is $110.26. The stock, however, witnessed a rise in its short on 05/31/22. Compared to the previous close which recorded 9.69 M shorted shares, the short percentage went higher by 13.98%, as 11.04M SNOW shares were shorted.