Snowflake Inc SNOW shares are moving higher Thursday after the company reported better-than-expected financial results. Multiple analysts also raised price targets following the company's quarterly results.
- Q3 Revenue: $734.17 million beat estimates of $712.78 million
- Q3 EPS: 25 cents beat estimates of 16 cents
Total revenues were up 32% year-over-year, product revenue was up 34% year-over-year, remaining performance obligations were up 23% year-over-year. Snowflake said it ended the quarter with 436 customers with trailing 12-month product revenue of more than $1 million.
Guidance: 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.
"During Q3, product revenue grew 34% year-over-year to reach $698 million and non-GAAP adjusted free cash flow was $111 million, representing 70% year-over-year growth. These results reflect strong execution in a broadly stabilizing macro environment," said Frank Slootman, chairman and CEO of Snowflake.
Analyst Assessment:
- Piper Sandler analyst Brent Bracelin maintained Snowflake with an Overweight and raised the price target from $195 to $220.
- Needham analyst Mike Cikos maintained Snowflake with a Buy and raised the price target from $216 to $225.
- Morgan Stanley analyst Keith Weiss maintained Snowflake with an Overweight and raised the price target from $215 to $230.
- JPMorgan analyst Mark Murphy maintained Snowflake with an Overweight and raised the price target from $170 to $200.
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SNOW Price Action: Snowflake shares were up 7.63% at $188.70 at the time of publication, according to Benzinga Pro.
Photo: Joshua Woroniecki from Pixabay.
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