Snowflake Analysts Raise Forecasts As Stock Jumps To 52-Week High On Strong Results
As the demand for data-driven insights and cloud-based solutions intensifies, companies providing these services are experiencing significant growth and investor interest. Snowflake Inc. (NYSE:SNOW), a leader in data cloud services, is at the forefront of this trend, capturing attention with its robust financial performance and strategic innovation.
Shares of Snowflake rallied in early trading on Thursday, after the company reported upbeat fiscal second-quarter results on Wednesday.
Here are some analyst takeaways.
Citizens JMP Securities analyst Patrick Walravens reiterated a Market Outperform rating, while raising the price target from $260 to $283.
KeyBanc Capital Markets analyst Eric Heath maintained an Overweight rating, while lifting the price target from $250 to $275.
Wedbush analyst Daniel Ives reaffirmed an Outperform rating, while taking the price target higher from $230 to $250.
JPMorgan analyst Mark Murphy reiterated an Overweight rating, while raising the price target from $225 to $255.
Rosenblatt Securities analyst Blair Abernethy maintained a Buy rating, while lifting the price target from $210 to $250.
Goldman Sachs analyst Kash Rangan reaffirmed a Buy rating, while taking the price target higher from $230 to $260.
Needham analyst Mike Cikos reiterated a Buy rating, while raising the price target from $230 to $280.
Cantor Fitzgerald analyst Thomas Blakey reaffirmed an Overweight rating, while lifting the price target from $242 to $275.
BofA Securities analyst Brad Sills maintained a Buy rating, while raising the price target from $240 to $280.
Check out other analyst stock ratings.
Citizens JMP Securities: Snowflake reported strong quarterly results, with non-GAAP earnings of 35 cents per share, topping consensus of 27 cents per share, Walravens said in a note. The company's total revenues climbed 32% year-on-year to $1.14 billion, surpassing consensus of $1.09 billion, with product revenues of $1.09 billion beating expectations by around $52 million, he added.
Total remaining performance obligations (RPO) of $6.93 billion grew 33% year-on-year and 34% sequentially, the analyst stated. "Snowflake addresses a huge opportunity that is expected to more than double to $355B in 2029, from $170B in 2024," he further wrote.
KeyBanc Capital Markets: Snowflake's ...
