American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Business

Snowflake stock jumps 33% on Thursday, analysts see more upside potential

by admin November 22, 2024
November 22, 2024
Snowflake stock jumps 33% on Thursday, analysts see more upside potential

Snowflake Inc (NYSE: SNOW) rallied more than 30% this morning on the back of a solid third quarter and raised guidance for the full year.

Still, Kash Rangan – a Goldman Sachs analyst is convinced you haven’t missed the boat in SNOW as it’s poised for continued gains ahead.

Rang sees Snowflake stock as competitively positioned to “capitalize on a generational shift of data and analytics to the cloud.”

Shares of the California-based company do not currently pay a dividend.

Snowflake stock could hit $220 next year

Goldman Sachs maintained its “buy” rating on Snowflake stock on Thursday. Its $220 price target indicates potential for another 30% upside from here.

Kash Rangan expects SNOW to sustainably grow revenue at an accelerated rate on the back of “strong secular tailwinds including cloud adoption, big data, AI/ML, and secure data sharing.”

Shares of the cloud company are soaring today also because it announced plans to team up with the Amazon-backed AI startup Anthropic.

The multi-year strategic partnership will deliver Claude models to customers in Snowflake Cortex AI.

Additionally, Sridhar Ramaswamy – the chief executive of Snowflake Inc. expressed confidence in the company’s ability to grow its business with the federal government on the earnings call.

Snowflake stock is on course to record its best day ever on Thursday.

SNOW is an AI play

Snowflake raised its product revenue guidance for the full year today to $3.43 billion which suggests about a 29% year-on-year increase.

Analysts, in comparison, had called for $3.36 billion instead.

The company’s upbeat guidance made JPMorgan raise its price objective on SNOW as well.

The investment firm dubbed Snowflake stock an exceptional name among software companies due to “the combination of alignment to secular trends like data growth and digital transformation, very rapid revenue growth at scale, and a solid, efficient business model” in its research note on Thursday.

Note that Snowflake offers you exposure to the artificial intelligence market that Statista forecasts will grow at a compound annualized rate of more than 28% through the end of 2030.

Snowflake’s loss widened in Q3

On the downside, Snowflake reported $324 million of net loss for its third financial quarter which translates to 98 cents a share.

A year ago, the data storage firm had lost 65 cents per share only.

Analysts had also called for a narrower 97 cents a share loss for its Q3. So, the possibility of a moderate pullback in Snowflake stock once the post-earnings frenzy subsides can’t be entirely ruled out.

But the prospects of this company should deliver some confidence to investors in buying any dip that may materialize in the coming weeks.

Note that our market analyst Ritesh A. had recommended buying Snowflake shares ahead of the earnings release.  

The post Snowflake stock jumps 33% on Thursday, analysts see more upside potential appeared first on Invezz

0
FacebookTwitterGoogle +Pinterest
previous post
Zoom Video stock is in trouble, but a 130% rebound is possible
next post
Netflix stock set to rise as live event strategy gains momentum with Jake Paul vs Mike Tyson fight

Related Posts

Top stocks to watch: Carnival, LUNR, Nike, FedEx,...

March 16, 2025

Nissan issues ‘do not drive’ warning for 84,000...

June 1, 2024

Can reselling jets made for China to Asian...

April 22, 2025

These high-yielding REIT stocks are soaring in 2025

February 5, 2025

Constellation Energy to buy Calpine: what CEG investors...

January 11, 2025

JetBlue stock price pattern points to a 55%...

January 27, 2025

European Union slashes planned tariffs on China-made Tesla...

August 22, 2024

GSK shares surge around 6% as drugmaker raises...

February 5, 2025

This Asian stock index outperforms India’s Nifty and...

December 25, 2024

Europe markets open: stocks eye higher start; Mediobanca...

April 28, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest News

    • FBI raid on John Bolton’s home in Washington linked to classified documents

      August 25, 2025
    • Argentine senate deals blow to Milei’s austerity agenda with university budget boost

      August 25, 2025
    • Jackson Hole Symposium: what Powell said about economic effects of Trump’s tariffs

      August 25, 2025
    • At Jackson Hole, Fed Chair Powell signals possible cuts while warning of uncertainty

      August 25, 2025
    • Trump threatens to fire Fed Governor Lisa Cook amid mortgage fraud allegations

      August 25, 2025

    Categories

    • Business (3,763)
    • Investing (2,783)
    • Latest News (2,048)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 americaninvesthub.com | All Rights Reserved