Piper Sandler on Snowflake Inc. (SNOW): 'AI Momentum Building at $100M ARR'

Piper Sandler analyst Hannah Rudoff reiterated an Overweight rating and $285.00 price target on Snowflake Inc. (NYSE: SNOW).

The analyst commented: "AI Momentum Building at $100M ARR; Potential Q4 Growth Reacceleration; Healthy Q3 results were underpinned by strong execution and continued demand for core, data engineering, and AI workloads. Product growth decelerated slightly to 28.7% y/y from 31.5% last quarter on a slimmer-than-usual beat, driving a -9% move after hours (note: shares +72% YTD at close). That said, we are encouraged by total RPO growth that accelerated to 37% y/y (vs. 33% last quarter), strong bookings with a record four 9-figure deals signed during the quarter, record net adds of 615 q/q, the achievement of $100M in AI revenue run-rate, and a full-year guidance raise of $51M (on the back of a $31M beat). CEO Sridhar Ramaswamy and the Snowflake team continue to charge towards bold ambitions to be at the center of all data and AI needs for their customers. We believe SNOW remains well positioned to grow into one of the major data platforms best positioned to monetize AI."

For an analyst ratings summary and ratings history on Snowflake Inc. click here. For more ratings news on Snowflake Inc. click here.

Shares of Snowflake Inc. closed at $265.00 yesterday.

You May Also Be Interested In

• Stripe, Advent In Talks To Buy Paypal - WSJ
• Intuitive Machines Inc. (LUNR) PT Lowered to $32 at Cantor Fitzgerald, Reaffirms Overweight Rating
• Freedom Broker Upgrades Serve Robotics (SERV) to Buy