Piper Sandler Boosts Snowflake (SNOW) Price Target Following 31.5% Product Growth

Snowflake Inc. (NYSE:SNOW) ranks among the best predictive analytics stocks to buy right now. On August 28, Piper Sandler maintained its Overweight rating on Snowflake Inc. (NYSE:SNOW) and raised its price target from $215 to $285. The firm reported faster product growth, up 31.5% year-over-year from 26.2% in the prior period, with Snowflake now reaching a $4 billion-plus run rate.

Piper Sandler reported that Snowflake Inc. (NYSE:SNOW) CEO Sridhar Ramaswamy has implemented a “founder mode always-on approach” that has improved accountability and accelerated transformation across marketing, operations, and research and development divisions.

Snowflake’s 22% year-to-date increase in sales and marketing workforce indicates even greater growth goals for the company.

Snowflake Inc. (NYSE:SNOW) is an American cloud-based data storage company that provides a platform for data analysis and simultaneous access to large datasets with low latency. The platform is based on AWS, Microsoft Azure, and Google Cloud Platform. Snowflake Inc.’s (NYSE:SNOW) predictive analytics features uncover patterns in data from diagnostic and descriptive analytics, enabling predictive data modeling of future trends.

While we acknowledge the potential of SNOW to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than SNOW and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.