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BOZEMAN, Mont. - Data cloud company Snowflake (NYSE:SNOW), which has seen its stock surge over 111% in the past year and currently commands a market capitalization of $76.48 billion, announced Wednesday that Brian Robins will join as Chief Financial Officer effective September 22, replacing Mike Scarpelli who is retiring from the position.
Robins, who currently serves as CFO at GitLab Inc., will lead Snowflake’s global finance organization, including planning, treasury, tax, reporting, and investor relations. Scarpelli will remain with the company temporarily to ensure a smooth transition before moving into an advisory role.
"Brian’s deep commitment to operational rigor and long-term high growth aligns perfectly with the strategic direction of Snowflake," said Sridhar Ramaswamy, CEO of Snowflake, in a press release statement.
Robins brings significant financial leadership experience to the role, having previously served as CFO at several technology companies including Sisense, Cylance, AlienVault, and Verisign (NASDAQ:VRSN). He currently serves on the GitLab Foundation Board of Directors and the Board of Directors of ID.me, where he also chairs the audit committee.
The incoming CFO holds a B.S. degree in Finance from Lipscomb University and an M.B.A from Vanderbilt University.
Snowflake, which describes itself as the platform for the AI era, reported that it currently serves more than 12,000 customers globally, including hundreds of the world’s largest companies. For detailed analysis and additional insights about Snowflake’s financial health and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Snowflake Inc. reported impressive second-quarter earnings, with product revenue reaching $1,090 million, marking a 32% year-over-year growth. This exceeded consensus estimates by $47 million, showcasing a significant acceleration from the previous quarter’s 26% growth. The company’s remaining performance obligations increased by 33% to $6,932 million, with a net revenue retention rate improvement to 125%. Following these strong results, several firms have adjusted their price targets for Snowflake. Macquarie raised its target to $235, maintaining a Neutral rating, while Piper Sandler increased its target to $285, citing AI growth and maintaining an Overweight rating. TD Cowen and KeyBanc both raised their targets to $275, with TD Cowen highlighting improvements across various financial metrics and KeyBanc noting a significant beat in quarterly results. Bernstein also adjusted its target to $221, maintaining a Market Perform rating, emphasizing the company’s robust earnings performance. These developments reflect Snowflake’s accelerating growth and the positive outlook from multiple analyst firms.
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