Here are some key analyst takeaways:
Cantor Fitzgerald analyst Thomas Blakey reaffirmed an Overweight rating; price target increased from $275 to $278.
Scotiabank analyst Patrick Colville maintained a Sector Outperform rating; price target raised $280 to $290.
Canaccord Genuity analyst Kingsley Crane reiterated a Buy rating; price target is higher from $260 to $270.
KeyBanc Capital Markets analyst Eric Heath reaffirmed an Overweight rating; lifts the price target from $275 to $285.
JPMorgan analyst Mark Murphy reiterated an Overweight rating; raises price target from $255 to $268.
Goldman Sachs analyst Kash Rangan maintained a Buy rating; takes price target higher, from $260 to $275.
Wedbush analyst Dan Ives reaffirmed an Outperform rating and price target of $270.
DA Davidson analyst Gil Luria maintained a Buy rating and price target of $300.
BTIG analyst Gray Powell reaffirmed a Buy rating and price target of $312.
Needham analyst Mike Cikos maintained a Buy rating and price target of $280.
Guggenheim Securities analyst John DiFucci reiterated a Neutral rating on the stock.
BofA Securities analyst Brad Sills reaffirmed a Buy rating and price target of $310.
Check out other analyst stock ratings.
Cantor Fitzgerald: Snowflake reported strong fiscal third-quarter results, with RPO (remaining performance obligations) coming in at $7.9 billion. Customers continue expanding their usage on the company's platform, Blakey said. RPO growth accelerated to 37.5%, from 32.5% in the prior quarter.
Bookings snowballed. Snowflake booking nearly $1 billion in net new RPO in the quarter, 89% higher than in the year-ago quarter, the analyst stated. The company announced $100 million in AI ARR (annual recurrent revenue) one quarter earlier than expected, "driven by Cortex and Snowflake Intelligence, which is its fastest ramping new product in Snowflake history," he further wrote.
Scotiabank: Snowflake's year-on-year product revenue growth decelerated sequentially by around 3 percentage points and "the magnitude of the beat wasn't as strong as last quarter," Colville said. The company's release fell short of expectations, following impressive performances from Datadog Inc (NASDAQ:DDOG), Confluent Inc
