Benzinga | Sep 30, 2021 11:16AM EDT

Why Snowflake Shares Are Heating Up Today

Snowflake Inc (NYSE:SNOW) is trading higher Thursday after BTIG analyst Gray Powell upgraded the stock from a Neutral rating to a Buy rating and announced a price target of $353 per share.

After looking into spending trends, Powell thinks Snowflake is "sitting in front of a huge opportunity in a rapidly growing data analytics software market."

The BTIG analyst also cited Snowflake's multiple competitive advantages over its competition as a reason for the upgrade.

Snowflake is a data lake, warehousing and sharing company with more than 3,000 customers.

SNOW Price Action: Snowflake has traded as high as $429 and as low as $184.71 over a 52-week period.

The stock was up 1.84% at $299.21 at time of publication.

Photo: courtesy of Snowflake.