Snowflake Inc (NYSE:SNOW) reported mixed financial results for the first quarter on Wednesday.
Snowflake said first-quarter revenue increased 33% year-over-year to $828.7 million, beating the consensus estimate of $785.87 million, according to Benzinga Pro. The data cloud company reported quarterly earnings of 14 cents per share, missing analyst estimates of 18 cents per share.
"Our core business is very strong. Our AI products, now generally available, are generating strong customer interest. They will help our customers deliver effective and efficient AI-powered experiences faster than ever," said Sridhar Ramaswamy, CEO of Snowflake.
Snowflake said it sees second-quarter product revenue in a range of $805 million to $810 million, up 26% to 27% on a year-over-year basis. The company expects full-year product revenue of $3.3 billion, up 24% year-over-year.
Snowflake shares gained 0.4% to close at $163.34 on Wednesday.
These analysts made changes to their price targets on Snowflake after the company reported quarterly results.
- Needham slashed the price target on Snowflake from $240 to $210. Needham analyst Mike Cikos maintained a Buy rating.
- Keybanc increased Snowflake price target from $185 to $200. Keybanc analyst Eric Heath maintained an Overweight rating.
- Rosenblatt boosted the price target on Snowflake from $185 to $195 Rosenblatt analyst Blair Abernethy maintained a Buy rating.
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