<p>In its first meeting with analysts since <a href="https://www.schaeffersresearch.com/content/news/2020/12/03/wall-street-newcomer-sees-post-earnings-options-surge" target="_blank"><strong>going public</strong></a>&nbsp;last year, cloud computing concern<strong> Snowflake Inc (NYSE:SNOW)</strong>&nbsp;set a financial target of reaching $10 billion in annual product revenue by 2029. This is compared to $554 million in product revenue for the January 2021 fiscal year. Investors seem unfazed by the lofty goal, as SNOW was last seen down 5.7% to trade at $234.73.</p>
<p>Analysts seem unsure as well, with Rosenblatt Securities cutting its price target on Snowflake stock to $265 from $270. Coming into today, 14 of the 25 brokerages covering the equity carried a "hold" or worse rating, meaning an unwinding of this pessimism has the potential to send the security higher. Meanwhile, the 12-month consensus price target of $291.46 is a 23% premium to current levels.</p>
<p>Options traders have been quick on the draw this morning. So far today, 9,753 calls and 6,111 puts have crossed the tape, which is double what’s typically seen at this point. Most popular is the weekly 6/11 240-strike call, followed closely by the 235-put from the same series, with new positions are being opened at both. </p>
<p>On the charts, Snowflake stock has had a rough go of it in 2021, carving out a channel of lower highs since a Dec. 8 peak of $429. Now down 16% year-to-date, the security is now being pressured by short-term resistance at the $260 mark, while just above there sits its newly-formed 160-day moving average.&nbsp;</p>

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Analysts, Options Traders React to Snowflake’s Revenue Goal

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