These Analysts Raise Their Forecasts On Snowflake After Q3 Results

Snowflake Inc (NYSE:SNOW) posted upbeat quarterly results on Wednesday.

Snowflake delivered third-quarter revenue of $1.21 billion, beating analyst estimates of $1.18 billion, according to Benzinga Pro. The AI data cloud company reported adjusted earnings of 35 cents per share for the period, beating analyst estimates of 31 cents per share.

"Snowflake is the cornerstone for our customers' data and AI strategies, driving real business impact at scale. Snowflake Intelligence, our enterprise AI agent, saw the fastest adoption ramp in Snowflake history and is transforming how businesses interact with their data, delivering real-time, actionable intelligence," said Sridhar Ramaswamy, CEO of Snowflake.

Snowflake expects fourth-quarter product revenue in the range of $1.195 billion to $1.20 billion, up approximately 27% year-over-year. The company noted that it expects adjusted operating margin of 7% in the fourth quarter, down from 11% in the third quarter. Operating margin guidance appears to be weighing on shares after hours.

Snowflake shares fell 11.2% to trade at $235.20 on Thursday.

These analysts made changes to their price targets on Snowflake following earnings announcement.

• Keybanc analyst Eric Heath maintained Snowflake with an Overweight rating and raised the price target from $275 to $285.
• Baird analyst William Power maintained the stock with an Outperform rating and raised the price target from $260 to $270.
• Cantor Fitzgerald analyst Thomas Blakey maintained Snowflake with an Overweight rating and raised the price target from $275 to $278.
• Morgan Stanley analyst Sanjit Singh maintained the stock with an Overweight rating and raised the price target from $272 to $299.
• Wells Fargo analyst Ryan Macwilliams maintained Snowflake with an Overweight rating and raised the price target from $275 to $290.
• Scotiabank analyst Patrick Colville maintained the stock with a Sector Outperform and raised the price target from $280 to $290.
• Canaccord Genuity analyst Kingsley Crane maintained Snowflake with a Buy and raised the price target from $260 to $270.
• Stifel analyst Brad Reback maintained Snowflake with a Buy and raised the price target from $260 to $280.

Considering buying SNOW stock? Here’s what analysts think:

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