Snowflake (NYSE:SNOW) stock is on the move Thursday after releasing earnings news for its third quarter of fiscal 2021.
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Here’s what investors need to know about the movement for SNOW stock today.
- Snowflake originally saw its stock fall about 3.6% on Wednesday after releasing its earnings report.
- That was due to its results and guidance not quite performing as well as expected.
- However, analysts were positive about the report with strong revenue growths during the period.
- As a result, several spoke up to weigh in on the company after its earnings results.
- Deutsche Bank analyst Patrick Colville was among them and says that the company’s guidance might be a bit on the conservative side.
- This saw the analyst boosting his price target for the stock to $335 from $305.
- Morgan Stanley felt similar about the results and also boosted its price target for SNOW stock.
- This has it upping its price target to $265 from to $220.
- Piper Sandler also joined in by increasing its price target to $312 from $264.
- Investors are taking note of analysts’ bullish stance on SNOW stock.
- As of this writing, more than 5 million shares have traded.
- That’s a decent boost over its daily average trading volume of 3.48 million shares.
- All of this positive news for Snowflake is easily allowing it to recover from the blow it suffered yesterday.
- The stock ended Wednesday at $292.69 per share but is up to around $337 per share in morning trading.
SNOW stock was up 15.5% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
