Wedbush analyst Daniel Ives upgrades $Snowflake (SNOW.US)$ to a buy rating.
According to TipRanks data, the analyst has a success rate of 54.5% and a total average return of 5.1% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Snowflake (SNOW.US)$'s main analysts recently are as follows:
Snowflake's recent quarter was termed as a 'redemption quarter' due to notable sales outperformance and strengthening bookings. The company also showed an increasing contribution from new products and stable recurring revenue. The management's tone was significantly more confident and optimistic, emphasizing the successful adoption of new products and use cases that cater to artificial intelligence and data engineering, which adequately counterbalance traditional challenges associated with Iceberg tables and optimization and storage.
The company is noted to be 'getting back on track.'
Improved Q3 results indicate that the obstacles affecting product revenue and consumption are reducing. It was observed that the product revenue of $900M significantly surpassed expectations of $852M, highlighting a potential trend towards sustained stabilization.
Note:
TipRanks, an independent third party, provides analysis data from financial analysts and calculates the Average Returns and Success Rates of the analysts' recommendations. The information presented is not an investment recommendation and is intended for informational purposes only.
Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
TipRanks provides a ranking of each analyst up to 5 stars, which is representative of all recommendations from the analyst. An analyst's past performance is evaluated on a scale of 1 to 5 stars, with more stars indicating better performance. The star level is determined by his/her total success rate and average return.
