Shares of cloud data warehouse provider Snowflake (NYSE:SNOW) soared in Wednesday’s after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2024. Earnings per share came in at $0.25, which beat analysts’ consensus estimate of $0.16 per share.
Sales increased by 32% year-over-year, with revenue hitting $734.2 million. This beat analysts’ expectations by $21 million.
In addition, Product revenue came in at $698.5 million, equating to a 34% year-over-year increase. The company also noted that the number of clients with more than $1 million in product revenue improved in the last 12 months.
Looking forward, management now expects product revenue for Q4 2024 to be in the range of $716M to $721M. Furthermore, it predicts a full-year 2024 product revenue of $2.65 billion.
What is SNOW’s Target Price?
Turning to Wall Street, analysts have a Strong Buy consensus rating on SNOW stock based on 17 Buys and two Holds assigned in the past three months, as indicated by the graphic below. After a 5.83% increase in its share price this year, the average SNOW price target of $196.61 per share implies 11.57% upside potential.
