Snowflake Inc. (NYSE:SNOW) stock is trading higher Tuesday. The movement appears to be driven by positive analyst coverage.
What Happened: Morgan Stanley analyst Sanjit Singh assumed Snowflake with an Overweight rating on Tuesday and set a price target of $262, citing improvement in secular growth trends.
The analyst sees 20% upside from current levels. Snowflake shares are already up about 45% year-to-date.
Here’s a look at other analyst changes in recent weeks:
- CICC initiated coverage on Snowflake with an Outperform rating and announced a price target of $225.
- Wells Fargo analyst Michael Turrin maintained an Overweight rating on Snowflake and raised the price target from $225 to $250.
- Oppenheimer analyst Ittai Kidron maintained an Outperform rating on Snowflake and raised the price target from $225 to $250.
- Needham analyst Mike Cikos reiterated a Buy rating on Snowflake and maintained a price target of $230.
How To Buy SNOW Stock
By now you're likely curious about how to participate in the market for Snowflake – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
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SNOW Price Action: At the time of publication, Snowflake stock was up 5.01% at $224.44, according to data from Benzinga Pro.
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