These Analysts Boost Their Forecasts On Snowflake Following Better-Than-Expected Q2 Earnings

Snowflake Inc (NYSE:SNOW) on Wednesday posted upbeat financial results for the second quarter.

Snowflake reported second-quarter revenue of $1.55 billion, beating analyst estimates of $1.48 billion, according to Benzinga Pro. The AI data cloud company reported adjusted earnings of 62 cents per share for the quarter, beating estimates of 45 cents per share.

"AI continues to compound our advantages, creating a flywheel effect across the business. CoWork and CoCo are driving transformational outcomes for our customers, while fueling rapid adoption, user growth, new workloads, and overall platform consumption," said Sridhar Ramaswamy, CEO of Snowflake.

Snowflake sees third-quarter product revenue in the range of $1.588 billion to $1.593 billion, up approximately 37.5% year-over-year. The company noted that it expects an adjusted operating margin of 15.5% in the third quarter and 14.5% for the full year, up from prior guidance of 13.5%.

Snowflake shares jumped 24.3% to $380.00 in pre-market trading.

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

• BTIG analyst Gray Powell maintained the stock with a Buy and raised the price target from $340 to $424.
• Needham analyst Mike Cikos maintained the stock with a Buy and boosted the price target from $330 to $450.

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

Photo via Shutterstock