- The shares of Snowflake Inc (NYSE: SNOW) have received a $290 price target from Piper Sandler. These are the details.
The shares of Snowflake Inc (NYSE: SNOW) have received a $290 price target from Piper Sandler. And Piper Sandler analyst Brent Bracelin is maintaining an “Overweight” rating on the shares.
Bracelin noted that the intraday selloff in shares of Snowflake on fears of moderating growth metrics on elongating sales cycles can be considered overdone.
Even though the remaining performance obligation growth could moderate to 144% during the second quarter from a prior four-quarter average of 218%, Bracelin said that this is solely a function of a tough comparison due to the company closing its first eight-figure contract a year ago.
Bracelin believes this is not reflective of elongating sales cycles and is inevitable as the remaining performance obligation (RPO) approaches multi-billion levels. And Bracelin’s data-driven analysis in the last 30 days shows growing popularity and meaningful new plans to re-platform onto Snowflake at Ansys, Baxter, Kimberly Clark, Labcorp, T-Mobile, Traveler’s, and Williams Sonoma.
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