Snowflake’s Strong Growth and Strategic Advancements Justify Buy Rating and $220 Price Target

In a report released yesterday, Kingsley Crane from Canaccord Genuity maintained a Buy rating on Snowflake (SNOW – Research Report), with a price target of $220.00.

Kingsley Crane has given his Buy rating due to a combination of factors that highlight Snowflake’s strong performance and promising future prospects. Snowflake’s recent quarterly results showed impressive product revenue growth of 26% year-over-year, surpassing expectations and demonstrating robust momentum. The company also raised its full-year guidance, reflecting a positive outlook on macroeconomic conditions and signaling confidence in its growth trajectory.
Furthermore, Snowflake’s strategic advancements in AI and data science are noteworthy. The adoption of Cortex as a foundational element for enterprise AI infrastructure, along with successful product integrations like Iceberg and Connectors, is expanding Snowflake’s market relevance. The company’s execution in these areas, coupled with strong forward-looking metrics such as RPO growth and net new customer additions, supports the view that Snowflake is well-positioned to capitalize on the ongoing data management investment cycle. These factors collectively underpin Crane’s Buy rating and the $220 price target.

In another report released today, Barclays also maintained a Buy rating on the stock with a $219.00 price target.

Based on the recent corporate insider activity of 212 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.