Snowflake Analysts Raise Their Forecasts After Upbeat Results

Snowflake Inc. SNOW reported better-than-expected third-quarter financial results.

Snowflake said third-quarter revenue increased 32% year-over-year to $734.17 million, which beat the consensus estimate of $712.78 million, according to Benzinga Pro. The company reported quarterly earnings of 25 cents per share, which beat analyst estimates of 16 cents per share.

Snowflake sees fourth-quarter product revenue in a range of $716 million to $721 million, up 29% to 30% year-over-year. The company expects full-year product revenue of $2.65 billion, up 37% year-over-year.

Snowflake shares gained 8.2% to $189.73 in pre-market trading.

These analysts made changes to their price targets on Snowflake following earnings announcement.

• Piper Sandler increased the price target on Snowflake from $195 to $220. Piper Sandler analyst Brent Bracelin maintained an Overweight rating.
• Needham boosted the price target on Snowflake from $216 to $225. Needham analyst Mike Cikos maintained a Buy rating.
• Morgan Stanley raised the price target on Snowflake from $215 to $230. Morgan Stanley analyst Keith Weiss maintained an Overweight rating.
• JP Morgan increased the price target on Snowflake from $170 to $200. JP Morgan analyst Mark Murphy maintained an Overweight rating.

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