Sanjit Singh, an analyst from Morgan Stanley, maintained the Buy rating on Snowflake. The associated price target remains the same with $272.00.
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Sanjit Singh has given his Buy rating due to a combination of factors, including the appointment of Brian Robins as the new CFO of Snowflake. Robins brings extensive experience from his previous role at Gitlab, where he significantly contributed to revenue growth and profitability improvements. His track record suggests he possesses the operational and financial expertise needed to support Snowflake’s strategic objectives.
Despite the transition to a new CFO, Singh remains confident in Snowflake’s robust financial structure, which is expected to mitigate any potential disruptions. The continued involvement of outgoing CFO Mike Scarpelli during the transition period is seen as a stabilizing factor. While there may be a conservative approach to guidance in the near term, the overall outlook remains positive, reinforcing the Buy rating.
In another report released today, Barclays also maintained a Buy rating on the stock with a $255.00 price target.
Based on the recent corporate insider activity of 247 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SNOW in relation to earlier this year.