Snowflake Stock Was Trending On Wednesday: Here's Why

Snowflake Inc. SNOW shares were trending on Wednesday after multiple analysts raised their price targets in response to a wave of product updates announced at the company's annual Summit.

Analyst Ratings: UBS upgraded Snowflake from Neutral to Buy on Wednesday and raised its price target from $210 to $265. Multiple other analyst firms adjusted targets and reiterated positive ratings. Here’s a roundup of the changes:

• Loop Capital raised its target from $220 to $245.
• RBC boosted its target from $236 to $250.
• Evercore ISI increased its target from $232 to $240.
• Mizuho raised its target from $215 to $235.
• JMP Securities reiterated Market Outperform with a price target of $245.
• DA Davidson maintained Buy with a price target of $250.

Analysts responded to a slate of announcements from Snowflake as the company continues to expand its AI and data platform strategy. Snowflake launched Snowflake Openflow, a new data ingestion service powered by Apache NiFi, which allows customers to pull in structured and unstructured data from almost any source.

Snowflake also introduced Standard Warehouse Gen2 for faster performance and Adaptive Compute, which automatically adjusts compute resources without manual tuning.

The company announced the launch of Cortex AISQL, embedding generative AI into SQL queries for working with unstructured data. New products like Snowflake Intelligence and Data Science Agent aim to let both technical and non-technical users build models and analyze data through natural language.

The announcements come after Snowflake reported better-than-expected first-quarter results last month and issued 25% product revenue growth guidance for the second quarter. The market appears to be responding to Snowflake's efforts to strengthen its position in enterprise data and AI infrastructure.

SNOW Price Action: Snowflake shares closed Wednesday up 0.13% at $209.42, according to Benzinga Pro.

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