Snowflake Inc. (SNOW) is gearing up to release its earnings results for the second quarter on Wednesday, August 21st, after the market closes. Analysts are projecting earnings per share to come in at 16 cents, a decline from 22 cents per share in the same period last year. Revenue is expected to reach $849.7 million, according to data from Benzinga Pro.
Snowflake previously announced a 33% year-over-year increase in revenue for the first quarter, reaching $828.7 million, surpassing the consensus estimate of $785.87 million. The company’s shares closed at $131.92 on Tuesday, showing a 0.4% gain.
Several analysts have recently adjusted their ratings and price targets for Snowflake, offering insights into their outlook for the company’s future performance.
Baird analyst William Power maintained an Outperform rating while lowering the price target from $200 to $165 on August 20th. This analyst has an accuracy rate of 84%.
Stifel analyst Brad Reback kept a Buy rating but reduced the price target from $200 to $168 on August 19th. This analyst boasts an accuracy rate of 76%.
UBS analyst Karl Keirstead maintained a Neutral rating and trimmed the price target from $171 to $155 on August 19th. This analyst has a 75% accuracy rate.
TD Cowen analyst J. Derrick Wood maintained a Buy rating but slashed the price target from $230 to $180 on August 19th. This analyst has a 74% accuracy rate.
Barclays analyst Raimo Lenschow maintained an Equal-Weight rating and lowered the price target from $191 to $146 on August 19th. This analyst has an accuracy rate of 73%.
These recent analyst adjustments highlight the diverse perspectives on Snowflake’s future trajectory. As investors eagerly await the second-quarter earnings release, these ratings and price targets provide valuable insights into the market sentiment surrounding the company.
