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.

See Also: Benzinga Before The Bell: Twitter Whistleblower Peiter Zatko To Depose Before Senate Panel, GameStop To Boost Employee Compensation To Drive Growth, California Proposes Total Ban On New Gasoline Car Sales By 2035

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.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsMoversTrading Ideaspremarket tradingwhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!