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.
Investors have been cautious about high-growth technology stocks in 2024, with broader market uncertainty and concerns over President Donald Trump’s tariff policies putting pressure on valuations.
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.
