Why Snowflake Stock Is Trading At New 52-Week High

Zinger Key Points
  • Snowflake's stock is up nearly 14% over the past month as excitement surround artificial intelligence and associated technologies builds.
  • Raymond James analyst Simon Leopold maintains Snowflake with an Outperform and raises the price target from $190 to $223.

Snowflake Inc. SNOW shares are trading higher Friday after Raymond James analyst Simon Leopold maintained an Outperform rating on the stock and raised his price target from $190 to $223.

The Details:

Raymond James noted current public cloud trends as positive and specifically highlighted Amazon.com’s AMZN fourth-quarter AWS revenue growth re-acceleration as favorable to Snowflake as its Cloud Data Warehouse platform is built and deployed mainly on Amazon’s AWS.

The analyst also noted the flexibility of Snowflake’s consumption-based model which is appreciated by its enterprise-level buyers and sees another boost to growth with “Snowflake acting as an on-ramp to AI platforms.”

Snowflake’s stock has gained more than 13% over the past month as excitement surround artificial intelligence and associated technologies builds.

According to data from Benzinga Pro, Snowflake shares are trading above the stock’s 50-day moving average of $191.49 and are currently trading at a new 52-week high.

Related News: What’s Going On With Rivian Automotive Stock?

Is SNOW A Good Stock To Buy:

Wall Street analysts view Snowflake SNOW on the whole as a Outperform, given the history of coverage over the past three months. Mark Murphy from JP Morgan in Snowflake is the most optimistic, expecting a 17.65% rise in the stock in the coming year.

But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, Snowflake rose 42.69%, which indicates that opinion improved on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which rose 31.8% over the past year.

A complete overview of how Wall Street views individual stocks is available here, while real time updates on the latest analyst actions will be delivered via Benzinga PRO. Try it for free.

SNOW Price Action: According to Benzinga Pro, Snowflake shares are up 7.76% at $215.45 at the time of publication.

Image: from Shutterstock

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