Snowflake's Solid Q3 Driven By Strongest Consumption Activity In 2 Years: 9 Of 10 Analysts Raise Their Price Targets
Portfolio Pulse from Priya Nigam
Snowflake Inc (NYSE:SNOW) reported strong Q3 results, surpassing consensus estimates for revenues and earnings, leading to 9 out of 10 analysts raising their price targets. The company's product revenue guidance for fiscal 2024 was raised to $2.65 billion due to improving consumption trends. Analysts highlighted the company's high net revenue retention, new customer additions, large-customer traction, and the potential impact of new products and GenAI on future growth. Shares of Snowflake rose by 4.30% to $183.30 following the earnings release.
November 30, 2023 | 5:37 pm
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POSITIVE IMPACT
Snowflake Inc's strong Q3 results and raised guidance for fiscal 2024 have led to positive analyst sentiment, with 9 out of 10 analysts raising their price targets. The company's shares rose by 4.30% following the earnings release.
The positive earnings report and raised guidance indicate strong performance and future growth potential for Snowflake, which is likely to continue driving investor confidence and stock price in the short term. The unanimous positive outlook from analysts and the immediate stock price increase reflect the market's favorable reception of the news.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100