Shares of Snowflake surged more than 31% on Thursday, after third-quarter results beat analyst estimates on the top and bottom line. And analysts see even more gains in store. The sharp move higher puts the cloud-based data stock on pace for its best day ever. Snowflake executives on Wednesday upped their full-year product revenue forecast to $3.43 billion, or growth of 29%, compared to a previous estimate that called for $3.36 billion.
mountain Snowflake stock headed for its best day ever on Thursday. The company added on Wednesday that it plans to partner with the Amazon-backed artificial intelligence startup Anthropic. CEO Sridhar Ramaswamy also noted that Snowflake could grow its business involving the federal government. Goldman analyst Kash Rangan reiterated a buy rating on Snowflake following its third-quarter results, and maintained his price target of $220 per share.
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