Snowflake (NYSE:SNOW) stock was down down as much as 20% today after the cloud-based software giant reported slowing revenue and disappointing earnings.
Snowflake’s revenue grew 101% year over year in its fiscal fourth quarter of 2022, which ended Jan. 31. The company also reported a $132 million net loss, which narrowed from $199 million a year earlier. Snowflake said it had almost 6,000 customers at the end of its Q4.
However, Snowflake said it expects its product revenue growth to slow to 79%-81% in the current fiscal first quarter, leading its stock to fall.
This begs the question of whether investors should buy the current dip in SNOW stock. Here are the views of three analysts who cover the company.
SNOW Stock Price Predictions
- Citigroup has a “buy” rating on SNOW stock and a $310 price target, implying 34% upside.
- Morgan Stanley also has a “buy” rating on Snowflake stock and a price target of $355, which would be 54% higher.
- Credit Suisse too maintains a “buy” rating on SNOW stock and has a price target of $415 per share, which would be 80% higher than current levels.
What’s Next for Snowflake
Analysts clearly see Snowflake stock as a buy right now. Among 24 analytes who cover the San Francisco-based company, the median price target on the share price is $370, which would be 63% higher than where the stock currently sits. Investors looking to pick up technology growth stocks on the cheap should take a look at shares of Snowflake.
On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.