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SNOW stock was down on Friday trading but leading analysts gave mark of approval

Snowflake (NYSE:SNOW), a provider of cloud-based data software, had some good news on Friday when Needham analyst Mike Cikos began covering the business with a buy rating and a $240 per share price target.

The stock market then started trading. And with that, shares of Snowflake (NYSE:SNOW) plummeted as much as 6% as the market as a whole tanked owing to increased economic uncertainty sparked by a dismal FedEx report and prognosis (FDX).

In spite of this, Cikos expressed optimism about Snowflake (NYSE:SNOW), noting that the company stands to gain more from its cloud-native data platform, which has massive scale thanks to clouds latest innovations [and] a large growing opportunity if a total addressable market expected to reach $248B in 2026.

Data is the new oil, according to Cikos. The more important asset in todays organizations. The easy of use of Snowflakes goods, according to Cikos, is what draws clients to them and has given the business an advantage over rivals in a still-emerging sector.

Analysis of SNOW stock

SNOW stock currently has a consensus buy rating from Wall Street analysts, however, the authors of Seeking Alpha rate SNOW stock as having a hold rating. The shares of Snowflake (NYSE:SNOW) are rated as Hold by Seeking Alphas quantitative approach, which typically outperforms the stock market.

The firm has been attempting to cement its position with data-sharing capabilities, as indicated by the Stable Edge results, but data warehousing solutions from Snowflake have allowed customers to switch over from pricey legacy platforms like Oracle (NYSE:ORCL), the analyst added. In the first quarter, the metric, which determines permanent data-sharing partnerships, increased by 122% year over year.

In premarket trading on Friday, Snowflake, which went public in September 2020 at a price of $120 per share, was trading at $194.26. The $240 price objective is for Cios. 70% of the analysts that are following the stock on FactSet rank it as a Buy.

Featured Image- Megapixl @ Andreistanescu

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