"Shares of cloud-based storage solutions provider Snowflake Inc. (NYSE: SNOW) gained 15.35% over the past month after slipping 0.68% the month prior. Since hitting its year-to-date low on April 4, the stock is up 72.37%, bringing its year-to-date gain to 42.56%. When the company reported Q2 earnings on Aug. 27, it announced: Product revenue: $1.09 billion, representing 32% YoY growth. Total revenue: $1.14 billion, beating analysts' estimates of $1.09 billion and representing a 31.8% YoY increase. Adjusted earnings per share (EPS): 35 cents, significantly beating the consensus estimate of 27 cents."
"As a result, the stock received numerous price target adjustments to the upside this summer. Analysts at Bernstein ($221 from $191), Bank of America ($280 from $240), BTIG ($276 from $235), Canaccord ($260 from $220), Citi ($275 from $250), Jefferies ($270 from $250), JPMorgan ($255 from $225), Morgan Stanley ($272 from $262), Raymond James ($230 from $212), Stifel ($260 from $220) and Wells Fargo ($275 from $250) all raised their price targets on SNOW following the Q2 earnings beat."
"Big Data is big business, and the companies that provide cloud storage solutions are at the forefront of an explosive industry. Snowflake is the quintessential example. Despite having to face cloud-based data warehousing competitors such as Google BigQuery, a subsidiary of Alphabet Inc. (NASDAQ: GOOGL), or Redshift, a business division of Amazon Inc. (NASDAQ: AMZN), the company is well-positioned to take advantage of the $602.31 billion industry's projected growth. According to Grand View Research, the global cloud computing market size is expected to grow at a compound annual growth rate (CAGR) of 21.2% between 2024 and 2030, with the U.S. cloud computing market forecast to grow at a slightly lower - but still considerable - CAGR of"
Snowflake shares climbed 15.35% over the past month and recovered 72.37% from an April 4 low, producing a 42.56% year-to-date gain. Q2 results on Aug. 27 showed product revenue of $1.09 billion (32% YoY), total revenue of $1.14 billion (31.8% YoY) that beat estimates, and adjusted EPS of $0.35 versus a $0.27 consensus. Numerous analysts raised price targets across major firms including Bernstein, Bank of America, BTIG, Canaccord, Citi, Jefferies, JPMorgan, Morgan Stanley, Raymond James, Stifel, and Wells Fargo. Snowflake competes with Google BigQuery and Amazon Redshift while positioned to capture growth in a multibillion-dollar cloud computing market projected to expand rapidly.
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