Snowflake Analysts Raise Their Forecasts After Upbeat Results
Portfolio Pulse from Lisa Levin
Snowflake Inc. (NASDAQ:SNOW) reported Q3 financial results exceeding expectations with a 32% year-over-year revenue increase to $734.17 million and earnings of 25 cents per share. The company anticipates Q4 product revenue between $716 million and $721 million, and full-year product revenue of $2.65 billion. Following the announcement, Snowflake's shares rose 8.2% in pre-market trading, and analysts from Piper Sandler, Needham, Morgan Stanley, and JP Morgan raised their price targets while maintaining positive ratings.
November 30, 2023 | 12:21 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Snowflake Inc. reported strong Q3 results with revenue and earnings surpassing estimates, leading to an 8.2% pre-market stock increase and raised price targets from analysts.
The positive earnings report and the subsequent increase in price targets by reputable analysts are likely to instill confidence in investors, potentially leading to a short-term increase in Snowflake's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100