Snowflake Inc (NYSE:SNOW) reported better-than-expected second-quarter financial results on Wednesday.
Snowflake reported second-quarter revenue of $1.14 billion, beating analyst estimates of $1.09 billion, according to Benzinga Pro. The AI data cloud company reported second-quarter adjusted earnings of 35 cents per share, beating analyst estimates of 27 cents per share.
"Thousands of customers are betting their business on Snowflake and more than 6,100 accounts are using Snowflake's AI every week," said Sridhar Ramaswamy, CEO of Snowflake.
Snowflake expects third-quarter product revenue in the range of $1.125 billion to $1.13 billion, up approximately 25.5% year-over-year. The company now anticipates full-year product revenue of $4.395 billion — representing 27% year-over-year growth — up from prior guidance of $4.33 billion.
Snowflake shares gained 13.6% to $227.79 on Thursday.
These analysts made changes to their price targets on Snowflake following earnings announcement.
- Piper Sandler analyst Brent Bracelin maintained Snowflake with an Overweight rating and raised the price target from $215 to $285.
- Needham analyst Mike Cikos maintained the stock with a Buy and raised the price target from $230 to $280.
- JMP Securities analyst Joe Goodwin maintained Snowflake with a Market Outperform and raised the price target from $260 to $283.
- Bernstein analyst Mark Moerdler maintained the stock with a Market Perform and raised the price target from $191 to $221.
- Rosenblatt analyst Blair Abernethy maintained the stock with a Buy and raised the price target from $210 to $250.
- Keybanc analyst Eric Heath maintained the stock with an Overweight rating and boosted the price target from $250 to $275.
- Evercore ISI Group analyst Kirk Materne maintained Snowflake with an Outperform rating and raised the price target from $240 to $280.
- Cantor Fitzgerald analyst Thomas Blakey maintained Snowflake with an Overweight rating and raised the price target from $242 to $275.
- Truist Securities analyst Joel Fishbein maintained Snowflake with a Buy and raised the price target from $235 to $270.
- Wedbush analyst Daniel Ives maintained Snowflake with an Outperform rating and raised the price target from $230 to $250.
- Stifel analyst Brad Reback maintained Snowflake with a Buy and raised the price target from $220 to $260.
- RBC Capital analyst Matthew Hedberg maintained the stock with an Outperform rating and raised the price target from $250 to $275.
Considering buying SNOW stock? Here’s what analysts think:
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