Why Snowflake Stock Is Soaring Today

Snowflake Inc SNOW shares are trading higher Thursday after the company reported better-than-expected topline results and issued strong product revenue guidance.

Snowflake said fiscal second-quarter revenue increased 83% year-over-year to $497.2 million, which beat average analyst estimates of $467.15 million, according to Benzinga Pro. Product revenue totaled $466 million in the second quarter. 

The data cloud company reported a quarterly net loss of 70 cents per share.

Snowflake said it now has 6,808 total customers and 246 customers with trailing 12-month product revenue greater than $1 million.

Snowflake expects third-quarter product revenue to be between $500 million and $505 million. Full-year product revenue is expected to be in a range of $1.905 billion to $1.915 billion.

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Analyst Assessment: Several analysts adjusted price targets on the stock following the company's quarterly results.

• JMP Securities analyst Patrick Walravens maintained Snowflake with a Market Outperform and raised the price target from $180 to $215.
• Oppenheimer analyst Ittai Kidron maintained Snowflake with an Outperform and raised the price target from $200 to $230.
• Piper Sandler analyst Brent Bracelin maintained Snowflake with an Overweight and raised the price target from $164 to $220.
• Goldman Sachs analyst Kash Rangan maintained Snowflake with a Buy and raised the price target from $192 to $220.
• Rosenblatt analyst Blair Abernethy maintained Snowflake with a Buy and lowered the price target from $255 to $245.
• Barclays analyst Raimo Lenschow maintained Snowflake with an Overweight and lowered the price target from $210 to $207.

SNOW Price Action: Snowflake has a 52-week high of $344 and a 52-week low of $110.26.

The stock was up 19% at $189.83 at press time, according to Benzinga Pro.

Photo: courtesy of Snowflake.