What's Going On With Snowflake Stock?

Snowflake Inc (NYSE: SNOW) shares are falling Thursday after the company reported fourth-quarter results and issued a weak forecast. Several analysts are also out with price target adjustments following the print.

• Q4 Revenue: $589.01 million beat estimates of $575.72 million
• Q4 EPS: 14 cents beat estimates of 4 cents

"We are operating in a vast and growing market, prioritizing capabilities that support the core mission of the enterprise, and staying on track for our $10 billion product revenue goal in fiscal 2029," said Frank Slootman, chairman and CEO of Snowflake.

Snowflake expects first-quarter product revenue in a range of $568 million to $573 million. The company sees fiscal year 2024 product revenue of approximately $2.705 billion.

See Also: What's Going On With Plug Power Stock Today?

Analyst Take:

• Piper Sandler analyst Brent Bracelin reiterated Snowflake with an Overweight and maintained $194 price target.
• Needham analyst Mike Cikos maintained Snowflake with a Buy and raised the price target from $165 to $180.
• Raymond James analyst Simon Leopold maintained Snowflake with an Outperform and lowered the price target from $180 to $170.
• Mizuho analyst Gregg Moskowitz maintained Snowflake with a Buy and lowered the price target from $195 to $185.
• JMP Securities analyst Joe Goodwin reiterated Snowflake with a Market Outperform and maintained a $215 price target.
• TD Cowen analyst J. Derrick Wood maintained Snowflake with an Outperform and lowered the price target from $225 to $205.

What Else: Snowflake also announced a multi-year expansion of its partnership with Amazon.com Inc (NASDAQ: AMZN). The company said the expansion will take a deep, multi-faceted approach to fuel growth and drive customer-focused innovation across sales and marketing, industry solutions, product integrations and more.

SNOW Price Action: Snowflake has a 52-week high of $110.26 and a 52-week low of $268.50.

The stock was down 9.77% at $139.44 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Snowflake.