Snowflake Stock is on fire on Thursday: here is why – Snowflake (NYSE: Snow)

Snowflake Inc SNOW Shares rise on Thursday after the company had reported better than expected financial results for the second quarter. Various analysts also increased price goals after the report.

What happened: Snowflake Beat Analyst estimates on the upper and operating results, with a turnover of the second quarter of $ 1.14 billion versus estimates of $ 1.09 billion, and adapted profit per share of 35 cents versus estimates of 27 cents.

The total turnover and product income has risen 32% on an annual basis. The remaining performance obligations amounted to $ 6.9 billion, an increase of 33% on an annual basis. Snowflake ended the quarter with 654 customers with a backlog of 12 months of product income of more than $ 1 million.

Snowflake led from the third quarter of $ 1.125 billion to $ 1.13 billion, and increased his prediction of product income from the entire year from $ 4.33 billion to $ 4.395 billion.

“We have a huge opportunity for the bow while we continue to authorize every company to achieve its full potential through data and AI,” said Sridhar RamaswamySnowflake CEO.

Analysts respond: Multiple analysts maintained positive ratings on snowflake and raised price goals according to the company’s quarterly results.

• Bernstein analyst Mark Moerdler maintained market performance and increased the target price from $ 191 to $ 221.

• Rosenblatt analyst Blair Abernethy held a buy and increased the price target from $ 210 to $ 250.

• Keybanc analyst Eric Heath retained an overweight and increased the price target from $ 250 to $ 275.

• Needham analyst Mike Cikos held a buy and increased the price target from $ 230 to $ 280.

• JMP Securities -analyst Joe Goodwin maintained a market better than performing and increased the price target from $ 260 to $ 283.

• Piper Sandler analyst Brent Bracelin maintained an overweight and increased the target price from $ 215 to $ 285.

Snow price promotion: Snowflake shares was according to 11.56% at $ 223.40 at the time of publication Thursday, according to Petrol.

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