Snowflake Stock Slides After Q3 Beat — Analysts Raise Targets Anyway

Snowflake Inc. (NYSE:SNOW) shares are trading lower Thursday following the company’s third-quarter financial results.

SNOW stock is struggling to find support. See the full breakdown here.

What To Know: Snowflake reported adjusted earnings per share of 35 cents, beating the consensus estimate of 31 cents. In addition, the company reported revenue of $1.21 billion, beating the consensus estimate of $1.18 billion.

The company highlighted product revenue of $1.16 billion, up 29% year over year. Net revenue retention came in at 125%, and Snowflake ended the period with 688 customers generating more than $1 million in trailing 12-month product revenue.

Snowflake also reported 766 Forbes Global 2000 customers and remaining performance obligations totaling $7.88 billion, up 37% from last year.

CEO Sridhar Ramaswamy said the quarter reflected continued momentum across the company's data and AI initiatives, noting rapid adoption of Snowflake Intelligence and strength in strategic partnerships.

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

• Keybanc analyst Eric Heath maintained an Overweight rating on Snowflake and raised the price target from $275 to $285.
• Baird analyst William Power maintained an Outperform rating on Snowflake and raised the price target from $260 to $270.
• Cantor Fitzgerald analyst Thomas Blakey maintained an Overweight rating on Snowflake and raised the price target from $275 to $278.

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SNOW Price Action: At the time of writing, Snowflake shares are trading 10% lower at $238.36, according to data from Benzinga Pro.

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