Snowflake Inc. is a cloud-based data warehousing company that provides a platform allowing businesses to store and analyze large amounts of data
By leveraging the power of the cloud, Snowflake enables organizations to access, manage, and derive insights from their data in real-time, facilitating data collaboration across multiple departments. Its innovative architecture allows for seamless scaling, enhanced security, and a user-friendly interface, making it an attractive solution for enterprises looking to harness the power of their data for better decision-making and operational efficiencies. Snowflake supports diverse data workloads and integrates easily with various data tools and applications, positioning itself as a leader in the data analytics space.
Shares of data warehouse-as-a-service Snowflake (NYSESNOW)
jumped 13.5% in the pre-market session after the company reported impressive fourth-quarter results that beat analysts' revenue expectations. Product revenue, which accounts for most of the company's sales, grew 28% and benefited from strong customer adoption and a 126% net revenue retention rate, with several large customers exceeding their commitments.
According to TheFly, at least 13 brokerages lifted their price targets on the stock. Cantor Fitzgerald set the highest target at $228, up from $201, while maintaining an 'Overweight' rating.
Snowflake now has over 11,000 customers, and 580 of those have contributed to more than $1 million in revenue each on a trailing 12-month basis, according to the company.
The S&P 500 and Nasdaq both slipped into the red, reversing early gains on Thursday, while the Dow Jones remained in positive territory in midday trading.
Snowflake Inc. (NYSESNOW) shares are trading higher Thursday after the company reported better-than-expected fourth-quarter results and announced an expanded partnership with Microsoft.
Shares of Snowflake Inc (NYSESNOW) climbed on Thursday after reporting upbeat Q4 results. JPMorgan has a price target of $210, Needham's is $215, and Rosenblatt's is $205.
Data warehouse-as-a-service Snowflake (NYSESNOW) reported revenue ahead of Wall Street’s expectations in Q4 CY2024, with sales up 27.4% year on year to $986.8 million. Its non-GAAP profit of $0.30 per share was 67.3% above analysts’ consensus estimates.
The U.S. stock market had a mixed session today, with the Nasdaq Composite leading gains, rising about 50 points to close Wednesday at 19,075.26. The S&P 500 edged up slightly, finishing nearly flat with a 0.01% gain at 5,956.06, while the Dow dipped 0.43% to 43,433.12. These are the top stocks that gained the attention of retail traders and investors throughout the day:
