Snowflake Inc (NYSE:SNOW)) reported better-than-expected second-quarter earnings.
Snowflake said second-quarter revenue increased 36% year-over-year to $674.02 million, which beat the consensus estimate of $662.24 million. The company reported quarterly earnings of 25 cents per share, which beat analyst estimates of 10 cents per share.
Snowflake sees third-quarter product revenue of $670 million to $675 million versus $640.2 million in the second quarter. The company expects full-year product revenue to be between $2.6 billion.
Snowflake shares fell 5% to trade at $147.80 on Thursday.
These analysts made changes to their price targets on Snowflake following earnings announcement.
- Piper Sandler cut the price target on Snowflake from $210 to $205. Piper Sandler analyst Brent Bracelin maintained an Overweight rating.
- Barclays lowered the price target on Snowflake from $190 to $183. Barclays analyst Raimo Lenschow maintained an Overweight rating.
- Raymond James slashed the price target on Snowflake from $180 to $170. Raymond James analyst Simon Leopold maintained an Outperform rating.
- Wells Fargo increased the price target on Snowflake from $195 to $200. Wells Fargo analyst Michael Turrin maintained an Overweight rating.
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