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SILICON SLOPES, Utah - Domo (NASDAQ:DOMO), a $560 million market cap company whose stock has surged nearly 100% year-to-date according to InvestingPro data, announced enhanced cloud integration capabilities with Snowflake that allow users of varying technical skill levels to work directly with cloud data without moving or duplicating it.
The AI and Data Products platform provider, which maintains a healthy gross profit margin of 74% despite current profitability challenges, has made several improvements generally available, including Magic ETL Pushdown on Snowflake, which was previously in beta. This feature enables users to perform secure drag-and-drop data transformations while leveraging Snowflake’s built-in security and governance. With earnings scheduled for August 28, investors following InvestingPro insights note that 3 analysts have recently revised their earnings expectations upward.
Other enhancements include native SQL Snowflake syntax support in Magic ETL, append/upsert/partition capabilities, and additional Magic ETL features such as Split Join, Split Filter, Rank & Window, Pivot, and Unpivot.
"These enhanced integrations empower users of all skill levels to effortlessly harness the full power of their cloud data," said Ben Schein, SVP of Product at Domo, in the press release.
The company has also streamlined the write setup process using temporary STS credentials, introduced cloud integration sharing for team collaboration with controlled permissions, and implemented cloud data location configuration for flexible database and schema selection.
David Damitz, Director of IT Business Intelligence and Sales Applications at TaylorMade Golf, stated, "Snowflake’s cloud data platform, paired with Domo’s ease of use, helped empower our business users with data-driven insights."
The updates aim to simplify data management processes while maintaining enterprise-grade security. According to the company’s announcement, the enhancements are designed to enable faster insights and streamline cloud data workflows for business users. With annual revenue of $317 million and current trading levels suggesting the stock may be undervalued according to InvestingPro’s Fair Value analysis, these product improvements could be crucial for the company’s growth trajectory. Discover more insights and 6 additional ProTips about Domo’s potential with an InvestingPro subscription.
In other recent news, Domo announced an expanded partnership with Snowflake, launching a suite of applications on the Snowflake Marketplace. This collaboration includes a new managed offering called "Powered by Snowflake," which provides a fully managed analytics and business intelligence solution. Additionally, Domo has partnered with Burbio to enhance its K-12 data analytics platform by integrating its embedded analytics solution into Burbio’s platform. This integration will allow for the analysis of unstructured school district documents, offering AI-powered insights.
On the financial front, TD Cowen has increased its price target for Domo stock from $10.50 to $13, maintaining a Hold rating. This adjustment follows discussions with Domo’s CFO, highlighting the positive impact of new partnerships and changes to the company’s consumption model. Similarly, Cantor Fitzgerald has raised its price target for Domo to $17 from $12, while reiterating an Overweight rating. The firm noted Domo’s favorable benchmarking against other leading SaaS companies and positive signals from management and investor discussions.
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