Snowflake AI Revolution Gains Traction, Stock Forms Golden Cross

Surbhi Jain

December 16, 2024

Snowflake Inc. (NYSE:SNOW) is turning heads in the market with its recently formed a Golden Cross — a bullish technical pattern where the 50-day moving average crosses above the 200-day moving average.

Chart created using Benzinga Pro

At $168.97, the stock price reflects strong momentum, sitting well above both the 50-day SMA (simple moving average) of $138.86 and the 200-day SMA of $138.20.

The MACD (moving average convergence/divergence) indicator stands at a bullish 10.42, reinforcing the stock's upward trajectory.

However, short-term signals present a mixed bag. The eight-day SMA of $174.70 suggests some selling pressure, while the 20-day SMA at $167.46 aligns with a bullish signal, hinting at near-term consolidation.

With an RSI (relative strength index) of 60.03, Snowflake stays in neutral territory, leaving room for further upward movement.

Read Also: Snowflake, Elastic Poised For AI Revolution Gains, Analyst Upgrades The Stocks

Snowflake’s AI Advantage

Jefferies has raised its price target to $200, naming Snowflake a top AI pick for 2025, reported Investing. The firm cites Snowflake's emphasis on AI product development as a key driver for future revenue and backlog growth.

The company's strong fundamentals, including a 30.28% revenue growth rate and a 67.33% gross profit margin, underscore its potential.

Other analysts are equally bullish. KeyBanc recently set a $210 price target, and Citi raised its bar to $225, following what it called a "redemption quarter" for the company.

Both firms highlight Snowflake's ability to capitalize on the surging demand for data and AI-driven solutions, aligning with the broader industry shift toward digital transformation.

Snowflake Poised For Long-Term Growth

With a Golden Cross signaling bullish momentum and Wall Street analysts stacking the deck in its favor, Snowflake appears poised for long-term growth.

The fusion of strong technicals and AI-fueled optimism cements Snowflake's position as a leader in the evolving data landscape.

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