Snowflake Gets Price Target Cuts By Analysts Following Q1 Results
Portfolio Pulse from Lisa Levin
Snowflake Inc. (NYSE:SNPW) reported Q1 sales of $623.60 million, beating estimates of $608.36 million, but issued a weak outlook for Q2 product revenue. Shares dropped 14.9% in pre-market trading. Several analysts cut their price targets on Snowflake following the earnings announcement.
May 25, 2023 | 12:55 pm
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NEGATIVE IMPACT
Snowflake's Q1 sales beat estimates, but weak Q2 outlook led to a 14.9% drop in shares and multiple price target cuts by analysts.
Snowflake's weak Q2 outlook has led to a significant drop in share price and multiple price target cuts by analysts. This negative sentiment is likely to impact the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100