What's Going On With Snowflake Stock?

Snowflake Inc SNOW shares are volatile Wednesday. Multiple analysts reacted positively to announcements from Snowflake Summit 2023.

What To Know: The Snowflake conference kicked off on Monday and will continue through Thursday. The company announced a partnership with Microsoft at the beginning of the week to enable new product integrations across AI.

On Tuesday, Snowflake and Nvidia announced that they will partner to provide businesses with an accelerated path to create customized generative AI applications using their own proprietary data. 

Following the announcements, multiple analysts raised price targets and maintained bullish ratings.

• Piper Sandler analyst Brent Bracelin maintained Snowflake with an Overweight and raised the price target from $194 to $210.
• Goldman Sachs analyst Kash Rangan maintained Snowflake with a Buy and raised the price target from $185 to $210.
• JPMorgan analyst Mark Murphy maintained Snowflake with an Overweight and raised the price target from $155 to $180.
• Wedbush analyst Taz Koujalgi reiterated Snowflake with a Neutral and maintained a $144 price target.
• Needham analyst Mike Cikos reiterated Snowflake with a Buy and maintained a $216 price target.

Snowflake also announced on Wednesday that it achieved U.S. Department of Defense Impact Level 4 authorization on Amazon Web Services GovCloud. 

See Also: NVIDIA, Chipmakers Brace For Impact As US Mulls New Chip Export Restrictions To China: Could This End AI Stock Rally?

SNOW Price Action: Snowflake shares were up 0.32% at $177.59 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Snowflake.