Tyler Radke, an analyst from Citi, maintained the Buy rating on Snowflake (SNOW – Research Report). The associated price target remains the same with $245.00.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Tyler Radke’s rating is based on the strong momentum Snowflake is experiencing with its new products, particularly Cortex AI. The enthusiasm among customers is attributed to the accelerated product development under CEO Sridhar Ramaswamy and the readiness of enterprises to deploy generative AI applications. Snowflake’s focus on interoperability and avoiding vendor lock-in has resonated well with customers, leading to widespread adoption of Cortex AI for tasks like fraud detection and process automation, which reduce operational overhead.
Additionally, the adoption of Apache Iceberg and the Polaris Catalog across various industries highlights the growing demand for vendor-neutral data management solutions. The recent acquisition of Crunchy Data further strengthens Snowflake’s position by enhancing support for Postgres, aligning well with the company’s strategy to provide open operational and analytical workloads for AI. This combination of factors supports Radke’s Buy rating, with an expected share price return of 17.7%.
In another report released on June 9, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $242.00 price target.
Based on the recent corporate insider activity of 216 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.