What's Going On With Snowflake Stock?

Snowflake, Inc. SNOW shares are trading higher Monday, and the stock is up nearly 5% over the past five days. Here’s a look at what’s going on.

What To Know:

Several analysts have recently updated their coverage on Snowflake, including:

• Truist Securities analyst Ki Bin Kim maintained Snowflake with a Buy and raised the price target from $210 to $230.
• Needham analyst Mike Cikos reiterated Snowflake with a Buy and maintained a $225 price target.
• Barclays analyst Raimo Lenschow downgraded Snowflake from Overweight to Equal-Weight and announced a $198 price target.

Earlier in January, RBC Capital analyst Matthew Hedberg initiated coverage on Snowflake with an Outperform rating and a $230 price target. The analyst cited improving cloud optimization trends, the rapid adoption of Snowpark and new generative AI offerings.

Hedberg also noted that the company’s move into the data lake market through Snowpark should enable cross-selling into machine learning and generative AI use cases.

According to data from Benzinga Pro, Snowflake shares are trading above the stock’s 50-day moving average of $183.82 and just under its 52-week high of $202.82.

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SNOW Price Action: According to Benzinga Pro, Snowflake shares are up 3.35% at $199.60 at the time of publication.

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