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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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.
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