Technology

By Denny Jacob Snowflake shares fell 20% in extended-hours trading after the cloud-data company provided a weak sales outlook for the current year and said Frank Slootman has retired as chief executive, effective immediately. Slootman had been Snowflakes CEO since 2019 and led the company through its initial public offering ( in 2020, one of techs biggest IPOs that year ( The 65-year-old will continue to serve as chairman, Snowflake said. He will be replaced by Sridhar Ramaswamy, who previously served as senior vice president of artificial intelligence. Earlier, Ramaswamy led Googles advertising products ( which included search, display and video advertising, among other items. Snowflake shares recently traded at $183, down 20% from the stock’s 4 p.m. close. News of the CEO change came as the company reported its fourth-quarter results and provided an outlook for 2025. Here are the highlights: — Fourth-quarter sales rose 32% to $774.7 million,

Snowflake (NYSE:SNOW) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/27/2024 24.17% Citigroup $255 → $290 Maintains Buy 02/22/2024 -3.67% UBS $185 → $225 Maintains Neutral 02/21/2024 13.46% Needham $225 → $265 Maintains Buy 02/20/2024 7.04% Truist Securities $230 → $250 Maintains Buy 02/15/2024 -8.37% HSBC → $214 Downgrades Buy → Hold 02/02/2024 -4.52% Raymond James $190 → $223 Maintains Outperform 01/22/2024 -9.23% JMP Securities → $212 Reiterates Market Outperform → Market Outperform 01/16/2024 -1.52% Truist Securities $210 → $230 Maintains Buy 01/12/2024 -15.23% Barclays → $198 Downgrades Overweight → Equal-Weight 01/08/2024 -3.67% Needham → $225 Reiterates Buy → Buy 01/05/2024 -1.52% RBC Capital → $230 Initiates Coverage On → Outperform 01/04/2024 -31.5% Monness, Crespi, Hardt → $160 Downgrades Neutral → Sell 01/02/2024 7.04% Piper Sandler $220 → $250 Maintains Overweight 12/11/2023 -1.52% TD Cowen $215 → $230 Maintains Outperform 12/01/2023 -18.65%

Citigroup analyst Tyler Radke maintains Snowflake with a Buy and raises the price target from $255 to $290.

Snowflake Inc (NYSE:SNOW), will be reporting its fourth-quarter earnings on Wednesday, Feb. 28. Wall Street expects 18 cents in EPS and $759.10 million in revenues as the company reports after market hours. Snowflake is known for its cloud-based data warehousing platform, providing scalable and efficient data storage, processing, and analytics solutions for organizations. The SNOW Analyst: Needham analyst Mike Cikos, CFA has a Buy rating on Snowflake stock with a price target of $265 (raised from $225) a share. The SNOW Thesis: Cikos believes Snowflake is poised for a robust performance in FY24, with an expectation to outperform both revenue and margin guidance. To this end, he underscored the pivotal role of Cloud migrations, saying, “Cloud migrations continue to serve as a foundation to growth, especially as the last 18 months’ headwinds dissipate.” “Snowflake is undertaking a meaningful expansion of the number of use-cases to go well beyond a ‘Data Warehouse’ in pursuit of

Piper Sandler analyst Brent Bracelin reiterates Snowflake with a Overweight and maintains $250 price target.