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Snowflake Stock (NYSE: SNOW) Price Target Reaffirmed By Goldman & Added To Top List

Analyst Team trader
Updated 2 Jul 2024

The Goldman Sachs Group has recently reiterated their buy rating on shares of Snowflake (NYSE: SNOW) with a price target of $220.00 reflecting more than 50% upside potential from the latest close ($142.77). This endorsement continues to find echoes within the financial community as analysts assess the performance and potential of the cloud-based data platform provider.

Alongside Goldman Sachs' lofty price target comes an inclusion into the firms ‘Americas Conviction List', as increasing usages for Snowflake's data is seen to be a component to the next leg up for AI. The raft of bullish price targets stand in contrast to some of the recent drops in price action, and with a street high PT of $240 against a low of $160, we could be forgiven for thinking it was all uphill from here.

Oppenheimer maintains an outperform rating with a matching $220.00 target price and Needham & Company LLC reaffirms a buy rating, although with a slightly lower target of $210.00. The consensus from the 30+ analysts to follow the stock is above $200, which again is a very bullish target on a share price that has given up almost 25% on a YTD basis.

The financial position and market activity of Snowflake also provide valuable insights into the company's current status. The stock has fluctuated between a 12-month low of $122.60 and a 12-month high of $237.72. Investors tend to track the 50-day and 200-day moving averages for trend analysis, which currently stand at $145.65 and $172.66, respectively. With a substantial market capitalization of $47.79 billion, Snowflake's price-to-earnings ratio is on the negative side at -50.98, and the share volatility is captured in a beta of 0.85.

Recent earnings reports indicate that Snowflake's per-share earnings were at -$0.88, trailing behind the consensus estimates among analysts. The company disclosed revenue of $828.71 million for the quarter, reflecting its operational scale and growth trajectory. N

Snowflake Inc. provides the Data Cloud, an innovative cloud-based platform that serves various industries. Users can consolidate their data on this platform, derive key business insights, develop data-driven applications, and share data products, leveraging artificial intelligence to solve complex problems.

If analysts are to be relied upon, there is significant upside in SNOW, but this as always needs to be taken with a pinch of salt. Financial commentators often have active positions in the stocks that they cover, and forecasts can swing at the drop of a hat. You would be well served to do your own DD on the fundamentals, and business operations before making any decision, on this or any other company.

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The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.