Snowflake Inc (NYSE:SNOW) experienced a 3.52% increase in pre-market trading on Monday, according to Benzinga Pro.
What Happened: This rise followed an upgrade from Neutral to Outperform by Dan Ives' Wedbush, with a revised price target of $190. Wedbush analysts expressed heightened optimism about the software sector's role in the evolving AI Revolution, projecting growth into 2025.
Wedbush's analysis suggests that Snowflake is well-positioned to capitalize on the anticipated advancements in artificial intelligence, which is expected to drive significant growth in the software industry over the coming years.
Now its time for the broader software space to get in on the AI Party as we believe the use cases are exploding, enterprise consumption phase is ahead of us in 2025, launch of LLM models across the board, and the true adoption of generative AI. SNOW $190 and ESTC $135
— Dan Ives (@DivesTech) November 24, 2024
Why It Matters: The recent upgrades by Wedbush come on the heels of Snowflake's impressive third-quarter financial results, which exceeded analyst expectations. Snowflake reported revenue of $942.09 million, surpassing the estimated $896.99 million. The company's adjusted earnings were 20 cents per share, beating the forecasted 15 cents per share.
Snowflake's total revenue increased by 28% year-over-year, with product revenue rising by 29%. The net revenue retention rate stood at 127% for the quarter. Additionally, the remaining performance obligations reached $5.7 billion, marking a 55% year-over-year growth.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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スノーフレーク社 (NYSE:SNOW) は、Benzinga Pro によると、月曜日のプレマーケットで 3.52% の上昇を経験しました。
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オーストラリアでは、moomooの投資商品及びサービスはMoomoo Securities Australia Limitedによって提供され、オーストラリア証券投資委員会（ASIC）の管理を受けております（AFSL No. 224663）。「金融サービスガイド」、「利用規約」、「プライバシーポリシー」などの詳細は、Moomoo Securities Australia Limitedのウェブサイトhttps://www.moomoo.com/auでご確認いただけます。
Now its time for the broader software space to get in on the AI Party as we believe the use cases are exploding, enterprise consumption phase is ahead of us in 2025, launch of LLM models across the board, and the true adoption of generative AI. SNOW $190 and ESTC $135 今こそ、広範なソフトウェア空間が人工知能パーティーに加わる時です。私たちは、ユースケースが急増しており、2025年には企業消費フェーズが目前に迫っていると信じています。全体にわたるLLmモデルの立ち上げと、生成的人工知能の真の採用が待っています。SNOW 190ドルおよびESTC 135ドル。
