Snowflake Inc (NYSE: SNOW) shares were climbing in early trading on Thursday after the company reported upbeat third-quarter results.
The results came amid an exciting earnings season. Here are some key analyst takeaways from the earnings release.
Oppenheimer On Snowflake
Analyst Ittai Kidron maintained an Outperform rating while raising the price target to $240.
Snowflake reported solid results for the third quarter of fiscal 2024, exceeding consensus estimates for both revenues and earnings, Kidron said in a note. “The company benefited from high NRR, new customer adds, and large-customer traction,” he added.
Management raised their product revenue guidance for fiscal 2024 to $2.65 billion, “given improving consumption trends in the quarter,” the analyst stated. “We believe this sets up Snowflake to re-accelerate product revenue growth into FY25,” Kidron further wrote.
Needham On Snowflake
Analyst Mike Cikos reiterated a Buy rating while lifting the price target from $216 to $225.
Snowflake’s quarterly results were “healthily above elevated expectations (following stabilizing growth from hyperscalers and a strong earnings print from Datadog),” Cikos said.
“Key to the call was Snowflake’s discussion of broad-based strength in Consumption, with trends continuing to build throughout 3QFY24 into October and November,” the analyst stated. “We view a stabilized/improving Consumption environment as driving Revenue upside in the short-term, while the company’s growing arsenal of new product introductions should begin to bear fruit over the medium-/longer-term,” he added.
Truist Securities On Snowflake
Analyst Joel Fishbein reaffirmed a Buy rating while raising the price target from $200 to $210.
“Snowflake produced a strong beat and raise across the board, driven by stabilizing demand and resumed growth in their largest customers’ consumption,” Fishbein wrote in a note
“We remain impressed by the resiliency of their data cloud platform and continue to believe they will be a leading beneficiary of next-gen workloads,” the analyst stated. “Looking forward into FY25 the company noted positive expectations from new products and tailwinds from GenAI, which we believe could drive upside to Street numbers,” he added.
Scotiabank On Snowflake
Analyst Patrick Colville…
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