Snowflake Inc SNOW shares are surging Thursday after the company reported better-than-expected financial results for the second quarter. Several analysts also raised price targets following the report.
What Happened: Snowflake beat analyst estimates on the top and bottom line, reporting second-quarter revenue of $1.14 billion versus estimates of $1.09 billion, and adjusted earnings per share of 35 cents versus estimates of 27 cents.
Total revenue and product revenue climbed 32% year-over-year. Remaining performance obligations came in at $6.9 billion, up 33% year-over-year. Snowflake ended the quarter with 654 customers with trailing 12-month product revenue greater than $1 million.
Snowflake guided for third-quarter product revenue of $1.125 billion to $1.13 billion, and raised its full-year product revenue forecast from $4.33 billion to $4.395 billion.
“We have an enormous opportunity ahead as we continue to empower every enterprise to achieve its full potential through data and AI,” said Sridhar Ramaswamy, CEO of Snowflake.
Analysts React: Multiple analyst firms maintained positive ratings on Snowflake and lifted price targets following the company’s quarterly results.
- Bernstein analyst Mark Moerdler maintained a Market Perform and raised the price target from $191 to $221.
- Rosenblatt analyst Blair Abernethy maintained a Buy and raised the price target from $210 to $250.
- Keybanc analyst Eric Heath maintained an Overweight and raised the price target from $250 to $275.
- Needham analyst Mike Cikos maintained a Buy and raised the price target from $230 to $280.
- JMP Securities analyst Joe Goodwin maintained a Market Outperform and raised the price target from $260 to $283.
- Piper Sandler analyst Brent Bracelin maintained an Overweight and raised the price target from $215 to $285.
SNOW Price Action: Snowflake shares were up 11.56% at $223.40 at the time of publication Thursday, according to Benzinga Pro.
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