Snowflake Inc (NYSE:SNOW) is trading higher Wednesday following positive analyst coverage from Barclays.

Barclays analyst Raimo Lenschow upgraded Snowflake from an Equal-Weight rating to an Overweight rating.

Although the analyst notes that the stock is pricey, Lenschow thinks Snowflake is better positioned for the short term than its software competitors following an "exceptional" third quarter, according to StreetInsider.

During its most recent earnings report, Snowflake announced a quarterly GAAP earnings loss of 51 cents per share. The company reported quarterly revenue of $334.44 million, which beat the estimate of $305.57 million.

Snowflake said it expects fiscal fourth-quarter product revenue of $345 million to $350 million.

Multiple analyst firms raised price targets on the stock in December following Snowflake's better-than-expected financial results. 

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SNOW Price Action: Snowflake has traded as low as $184.71 and as high as $405 over a 52-week period.

The stock was up 2.33% at $308.28 at time of publication.

Photo: courtesy of Snowflake.