Analysts Just Trimmed Price Targets for These 5 Stocks

02. Snowflake Inc. (NYSE:SNOW)

Price Reaction after the Price Target Cut: -8.03 (-5.16%)

On August 24, Barclays, adjusted its price target for Snowflake Inc. (NYSE:SNOW), a significant player in the cloud data platform industry. The previous price target of $190 has been revised downwards to $183, signifying a decrease in the projected valuation. Correspondingly, the current market price of Snowflake Inc. (NYSE:SNOW) is at $147.68, indicating a decline of approximately -5.2%. Crucially, Barclays has maintained its Overweight rating for the company, reaffirming its positive stance on Snowflake Inc. (NYSE:SNOW) potential. This comprehensive evaluation provided by Barclays offers investors and stakeholders valuable insights, allowing them to make informed decisions considering both the adjusted price target and the persistent Overweight rating, all within the context of Snowflake Inc. (NYSE:SNOW) role in the dynamic cloud data platform landscape.

Baron Opportunity Fund made the following comment about Snowflake Inc. (NYSE:SNOW) in its second quarter 2023 investor letter:

“Our sale of Snowflake Inc. (NYSE:SNOW), a leading data management software vender, was a position-size trim, and we used the proceeds to fund purchases of other software names like ZoomInfo and Cloudflare. We remain confident in Snowflake’s management team, technology, and long-term growth opportunity.”