Snowflake Stock – Analysts Update Their price Forecasts For Snowflake Inc (SNOW)
Wall Street analysts’ positive recommendations helped Snowflake Inc. (SNOW) gain momentum last week. SNOW shares are currently trading nearly 47% below their highs at the auction on March 29.
Snowflake Inc. (SNOW) has fallen -20.58% year-to-date on its share price and hit a low of $205.07 as well as a high of $429.00 over the past 52 weeks. In the last trading session, the SNOW stock was seen hovering around $223.49, with the day’s loss setting it -4.90% off its average median price target of $290.00 for the next 12 months.
Snowflake Inc. (SNOW) was rated “Out of Market” by analysts at Evercore last week, and their price target increased to $311. This represents a price increase of more than 30% during the publication of the recommendation. Based on experts’ estimates, Snowflake’s main driver will be a broad targeted market for cloud services: $80 billion is estimated. Evercore emphasizes that few software companies have been as profitable as Snowflake over the past decade.
Investing in Snowflake right now offers investors a terrific risk-reward profile because it has the potential to grow rapidly.
The Snowflake platform allows customers to store all data in one place in a standardized data format. The secure transfer of data outside of an organization’s IT infrastructure is possible now. Despite being listed on NASDAQ last year, its stock has had a relatively low value since then, peaking at nearly $430. There are several reasons for the decline in the quotations, including expectations for lower revenues in the financial year 2022. An 80% YoY growth is predicted for the Snowflake Inc. this year, slower than last year’s growth.
Even though the SNOW stock’s shares are at a low right now, analysts at Evercore are optimistic about the future as they see great potential in its cloud computing business.
In March, UBS analysts published a buy recommendation on Snowflake Inc. (SNOW) shares with an estimated target price of $275 per share.