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Why Snowflake Is Heating Up Today

May 14, 2021 8:08 am
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Why Snowflake Is Heating Up Today

Snowflake Inc (NYSE:SNOW) is trading higher Friday after Goldman Sachs analyst Kash Rangan upgraded Snowflake from Neutral to Buy and raised the price target from $270 to $275.

What Happened: Snowflake has underperformed in 2021 as the cloud-based data platform company fell more than 50% from its all-time highs. 

Rangan sees significant upside in Snowflake because the world's shift to the cloud is still very early on, he said in a note. 

Snowflake will release its financial results for the first quarter of the fiscal year 2022 after the close on May 26.

See Also: Stocks That Hit 52-Week Lows On Tuesday

Price Action: Snowflake traded as high as $429 and as low as $184.71 since its IPO on Sept. 17.

At last check Friday, the stock was up 5.03% in premarket trading at $197.70.

Photo courtesy of Snowflake.

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