Snowflake (NYSE:SNOW) stock is down over 28% in 2024 so far. The decline is primarily due to a slowdown in revenue growth, changes in leadership, and intense competition in the AI space. Despite this drop in share price, individual investors maintain a Very Positive view of the company. This suggests that these investors are capitalizing on the dip to take long positions in SNOW stock.
According to TipRanks data, the number of portfolios holding the stock increased by 5.2% in the last 30 days. Overall, among the 743,298 portfolios monitored by TipRanks, 1.6% have invested in SNOW stock.
Learn more about TipRanks’ powerful Investor Sentiment tool here.
Snowflake is a cloud-based data warehousing company that allows firms to analyze large data sets. For a thorough assessment of the stock, go to TipRanks’ Stock Analysis page.
Bloggers are Bullish on SNOW
It is worth highlighting that, apart from the investors, bloggers are also bullish on the company. Using TipRanks’ Blogger Opinion tool, we can see that of the 76 writers tracked by TipRanks, 78% of them are bullish, which is higher than the sector average.
Jefferies Analyst Reiterates a Buy
Yesterday, analyst Brent Thill from Jefferies maintained a Buy rating on SNOW stock with a price target of $160, which implies 12.1% upside potential.
The analyst believes that Snowflake’s strong momentum in its core business positions it well for growth. Also, Thill anticipates that SNOW’s AI products, including Cortex and Notebooks, will gradually capture market share due to sustained customer demand.
Is SNOW a Good Stock to Buy?
Wall Street is optimistic about the company’s prospects. SNOW sports a Strong Buy consensus rating based on 25 Buy and eight Hold recommendations. The analysts’ average price target on Snowflake stock is $203.59, implying 42.6% upside potential from current levels.
