Snowflake soars after promising forecast; other software stocks also rise

Mongodb

21/11/2024 17:06

(Updates)
    ** Shares of data analytics provider Snowflake  SNOW.N 
surge 31.5% to $169.80 
        ** Stock set for biggest single day percent gain on
record 
  
    ** Co late on Wednesday lifted FY25 product revenue forecast
and announced AI partnership with Anthropic to enhance its cloud
services 
    ** SNOW forecast $3.43 bln in FY25 product revenue vs $3.36
bln estimated earlier; it also beat Q3 revenue and EPS
estimates, according to data compiled by LSEG 
    ** At least 20 brokerages raise PT on stock
    ** Brokerage Barclays says SNOW's strong Q3 results contrast
with market expectations of deceleration and suggest that co
reaffirms its status as "best-in-class" in software
    ** J.P. Morgan says SNOW's "twin engines" of consumption and
bookings led to a raised FY25 revenue outlook and accelerated
product development is acting as a "flywheel flurrying into
growth"
    ** Shares of other U.S. software companies also gain
following SNOW's rise 
        ** MongoDB  MDB.O  rises 16.3%, Datadog  DDOG.O  up 6.4%
and Cloudflare  NET.N  gains 7.7%   
    ** Thirty of 45 analysts that track SNOW rate the stock
"buy" or higher, 14 "hold" and one "sell"; median PT is $183.50
- LSEG data
    ** Including session's move, stock down ~14% YTD

 (Reporting by Ragini Mathur)
 ((mailto:Ragini.Mathur@thomsonreuters.com;))