Snowflake

Snowflake’s (SNOW) shares tumbled early Thursday after offering a downbeat short- and long-term product revenue outlook, while the company announced the retirement of its chief executive. Frank Slootman will step down from his role as head of the cloud-based data platform company, it said late Wednesday. Sridhar Ramaswamy, who previously served as the firm’s senior vice president of artificial intelligence, will succeed Slootman as CEO, effective immediately. “There is no better person than Sridhar to lead Snowflake into this next phase of growth and deliver on the opportunity ahead in AI and machine learning,” Slootman, who will continue to serve as chairman of the board, said in a statement. The stock dropped 22% in premarket trading. “We have an enormous opportunity ahead to help all customers leverage AI to deliver massive business value,” according to Ramaswamy. “My focus will be on accelerating our ability to bring innovation to our customers […]

RBC Cuts Price Target on Snowflake to $246 From $255 on Lower Revenue Estimates, Keeps Outperform Rating.

Canaccord Genuity analyst Kingsley Crane reiterates Snowflake with a Buy and maintains $230 price target.

Macquarie analyst Frederick Havemeyer upgrades Snowflake (NYSE:SNOW) from Neutral to Outperform and raises the price target from $182 to $205.

Snowflake (NYSE:SNOW) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/29/2024 18.85% Oppenheimer $240 → $220 Maintains Outperform 02/29/2024 10.75% Macquarie $182 → $205 Upgrades Neutral → Outperform 02/29/2024 24.26% Canaccord Genuity → $230 Reiterates Buy → Buy 02/29/2024 14.53% B of A Securities $265 → $212 Maintains Neutral 02/29/2024 10.75% Mizuho $255 → $205 Reiterates Buy → Buy 02/29/2024 13.45% Truist Securities $250 → $210 Maintains Buy 02/29/2024 29.66% Needham $265 → $240 Maintains Buy 02/29/2024 -5.46% Morgan Stanley $230 → $175 Downgrades Overweight → Equal-Weight 02/29/2024 29.66% Piper Sandler $250 → $240 Maintains Overweight 02/28/2024 13.45% Wedbush $144 → $210 Maintains Neutral 02/27/2024 35.06% Piper Sandler $250 → $250 Reiterates Overweight → Overweight 02/27/2024 56.67% Citigroup $255 → $290 Maintains Buy 02/22/2024 21.56% UBS $185 → $225 Maintains Neutral 02/21/2024 43.17% Needham $225 → $265 Maintains Buy 02/20/2024 35.06% Truist

SNOWFLAKE Reports Q4 EPS $0.35, vs. Street Est of $0.18.

Snowflake Reports 461 Customers With Trailing 12-Month Product Revenue Greater Than $1 Million, Vs Visible Alpha Analyst Consensus of 463.

Snowflake: Sees 1Q FY25 Pdt Rev $745M – $750M, Up 26% – 27% .

Snowflake (SNOW) reported fiscal Q4 non-GAAP net income Wednesday of $0.35 per share, up from $0.14 a year earlier. Analysts polled by Capital IQ expected $0.18. Revenue for the quarter ended Jan. 31 was $774.7 million, up from $589.0 million a year earlier. Analysts surveyed by Capital IQ expected $759.6 million. The company said it expects fiscal Q1 product revenue of $745 million to $750 million. Snowflake said in a separate release that Chief Executive Frank Slootman has decided to retire and Sridhar Ramaswamy was appointed as chief executive, effective immediately. Ramaswamy previously served as senior vice president of AI at Snowflake, according to the company. Slootman will remain as chairman of the board, Snowflake added. The company’s shares were down over 23% in after market activity.

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.