Snowflake Inc. SNOW posted upbeat earnings for its third quarter and issued product revenue guidance.
Snowflake’s quarterly revenue surged 67% year-over-year to $557 million, topping analysts’ estimates of $539.1 million. Its earnings came in at 11 cents per share, which beat average estimates of 4 cents per share.
Snowflake said it sees fourth-quarter product revenue to be between $535 million and $540 million. The company expects full-year product revenue to be between $1.919 billion and $1.924 billion.
Snowflake shares gained 2.3% to $146.25 in pre-market trading.
These analysts made changes to their price targets on Snowflake after the company released quarterly results.
- Piper Sandler cut price target on Snowflake from $218 to $200. Piper Sandler analyst Brent Bracelin maintained an Overweight rating on the stock.
- UBS slashed Snowflake price target from $175 to $140. UBS analyst Karl Keirstead maintained a Neutral rating on the stock.
- Raymond James cut the price target on the stock from $197 to $180. Raymond James analyst Simon Leopold maintained the stock with an Outperform.
- Needham lowered Snowflake price target from $240 to $165. Needham analyst Mike Cikos maintained the stock with a Buy.
- JP Morgan cut Snowflake price target from $210 to $180. JP Morgan analyst Mark Murphy analyst Meta Marshall maintained an Overweight rating on the stock.
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