Snowflake Inc. (SNOW) PT Raised to $400 at FBN Securities, Following Earnings
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FBN Securities analyst Shebly Seyrafi raised the price target on Snowflake Inc. (NYSE: SNOW) to $400.00 (from $375.00) while maintaining a Outperform rating.
Analyst says: "The company is executing well on its land and expand strategy, as total customers of 5,41 6 grew by 52% Y/Y and by 426 (9%) Q/Q, and beat consensus of 5,395. We are quite impressed by the number of customers with over $1M in TTM product revenue as this number hit 148, up 128% Y/Y and up from 116 in FQ2. Moreover, the number of customers with TTM product revenue in excess of $10M hit eight. Expansion also impressed as the dollar-based net retention rate (DBNRR) hit 173%, up from 170% in FQ2 and 162% the year before. While international is only 18% of revenue, it is growing rapidly as EMEA and APAC product revenue grew by 174% Y/Y and 219% Y/Y, respectively."
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