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Thursday, May 27, 2021 8:59:55 AM
Snowflake (SNOW) Analysts Affirm Ratings After Quarterly Report
By: TheStreet | May 27, 2021
• Snowflake topped analyst first-quarter estimates, but the shares are lower. Analysts are concerned about the stock's valuation.
Shares of Snowflake (SNOW) eased on Thursday after the data-analytics platform reported stronger-than-expected first-quarter results and forecast slowing product-sales growth.
The Bozeman, Mont., company reported a first-quarter adjusted net loss of 12 cents a share on revenue of $228.9 million. Analysts surveyed by FactSet were expecting a loss of 15 cents a share on revenue of $212.6 million.
Snowflake shares at last check were down 3.7% to $226.51.
Here's what Wall Street analysts had to say about the company's quarter:
Analysts at Morgan Stanley maintained their equal-weight rating and $270 price target on the stock. A "large opportunity in cloud-based data management" will benefit Snowflake going forward, though the muted guidance raises questions about whether the company's growth is already priced in.
Barclays also affirmed an equal-weight rating and $270 price target. The investment firm notes that while Snowflake beat revenue estimates by $16 million, it raised its full-year guidance by just $18 million. The firm says Snowflake shares will "trade sideways" for a while due to its high valuation.
Jefferies reiterated a buy rating while raising its price target to $250 from $235. The firm's analysts were impressed by "large customer growth," and strong revenue performance obligation. The firm notes that while the company's fundamentals are strong, valuation is still the "key pushback" for the stock.
Last week, Rosenblatt upgraded the stock to buy from neutral while maintaining a $285 price target.
“Given the healthy IT spending environment so far this year, the accelerating digital transformation trends, and the strong first-quarter performance from the leading cloud service providers, we expect Snowflake to meet and possibly exceed our 93% year-over-year product revenue growth estimate,” analysts wrote.
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By: TheStreet | May 27, 2021
• Snowflake topped analyst first-quarter estimates, but the shares are lower. Analysts are concerned about the stock's valuation.
Shares of Snowflake (SNOW) eased on Thursday after the data-analytics platform reported stronger-than-expected first-quarter results and forecast slowing product-sales growth.
The Bozeman, Mont., company reported a first-quarter adjusted net loss of 12 cents a share on revenue of $228.9 million. Analysts surveyed by FactSet were expecting a loss of 15 cents a share on revenue of $212.6 million.
Snowflake shares at last check were down 3.7% to $226.51.
Here's what Wall Street analysts had to say about the company's quarter:
Analysts at Morgan Stanley maintained their equal-weight rating and $270 price target on the stock. A "large opportunity in cloud-based data management" will benefit Snowflake going forward, though the muted guidance raises questions about whether the company's growth is already priced in.
Barclays also affirmed an equal-weight rating and $270 price target. The investment firm notes that while Snowflake beat revenue estimates by $16 million, it raised its full-year guidance by just $18 million. The firm says Snowflake shares will "trade sideways" for a while due to its high valuation.
Jefferies reiterated a buy rating while raising its price target to $250 from $235. The firm's analysts were impressed by "large customer growth," and strong revenue performance obligation. The firm notes that while the company's fundamentals are strong, valuation is still the "key pushback" for the stock.
Last week, Rosenblatt upgraded the stock to buy from neutral while maintaining a $285 price target.
“Given the healthy IT spending environment so far this year, the accelerating digital transformation trends, and the strong first-quarter performance from the leading cloud service providers, we expect Snowflake to meet and possibly exceed our 93% year-over-year product revenue growth estimate,” analysts wrote.
Read Full Story »»»
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