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Investing.com - JMP Securities has reiterated its Market Outperform rating and $260.00 price target on Snowflake Inc . (NYSE:SNOW) ahead of the company’s quarterly results, due in 7 days. According to InvestingPro data, analyst targets for the stock range from $150 to $440, with the company currently commanding a market capitalization of $64.1 billion.
The firm cited positive industry feedback, including a source close to Snowflake indicating "Q2 feels good" and a large bank customer expressing satisfaction with their Snowflake purchase decision.
JMP highlighted potential AI integration developments, noting a software engineer at an AI company stated Snowflake may make OpenAI models available on its platform, which could be significant given ChatGPT’s market share.
The firm also pointed to competitor Databricks’ recent funding news from Monday, where the company signed a term sheet for its Series K round at a valuation exceeding $100 billion.
JMP’s research uncovered six instances of Snowflake sales representatives exceeding their quotas this quarter, with two representatives beating targets by over 160%, suggesting strong sales performance.
In other recent news, Snowflake Inc. has been involved in several significant developments. The company, along with Capital One (NYSE:COF) Ventures, has invested in Hightouch’s AI platform to support the development of AI agents for marketing. This strategic investment extends Hightouch’s Series C funding round, focusing on enhancing AI Decisioning products. In partnership news, Snowflake has teamed up with Bloomreach to improve marketing data activation, allowing businesses to connect customer data with AI-powered marketing solutions. This integration aims to aid marketing teams in personalizing customer interactions more effectively.
Meanwhile, Snowflake has also participated in a funding round for AI startup Reka AI, contributing to a $110 million investment that increased Reka AI’s valuation to over $1 billion. On the financial analysis front, UBS has adjusted its price target for Snowflake to $250 from $265, maintaining a Buy rating due to insights on demand trends and future outlook. Conversely, Citizens JMP has raised its price target for Snowflake to $260 from $245, maintaining a Market Outperform rating, indicating their continued confidence in the company. These updates reflect Snowflake’s active involvement in AI and data solutions as well as the varied perspectives from financial analysts.
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