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BOZEMAN, Mont. - Snowflake Inc. (NYSE: SNOW), a cloud-based data platform valued at $66.75 billion, has entered into a three-year partnership to become the Official Data Collaboration Provider for the LA28 Olympic and Paralympic Games and Team USA. The collaboration aims to enhance athlete performance, fan engagement, and event planning through Snowflake’s AI Data Cloud capabilities. According to InvestingPro data, the company has demonstrated strong momentum with a 27.5% revenue growth in the last twelve months, positioning it well for this significant partnership.
Snowflake’s technology will be utilized to centralize and manage critical data for Team USA, including athlete training information, health records, and nutritional data, supporting competitors’ preparation and performance. Additionally, the platform will enable personalized fan engagement by connecting and enriching fan data to deliver tailored experiences, whether fans are watching from home, engaging on social platforms, or attending events. The company’s robust financial health score from InvestingPro indicates its capability to deliver on such large-scale projects, with over 10 additional exclusive insights available to subscribers.
John Slusher, CEO of U.S. Olympic and Paralympic Properties, emphasized the seamless integration of Snowflake’s technology into their growing technical needs. He pointed out that the partnership will allow them to scale efficiently and achieve their innovation goals for the upcoming LA28 Games.
The LA28 Games, which marks Los Angeles’ third time hosting the Olympic Games and the first for the Paralympic Games, are operated by a privately funded, nonprofit organization. Team USA represents a diverse group of athletes competing in various international sports events, supported by the United States Olympic and Paralympic Committee.
Snowflake, which serves over 11,000 global companies, is positioned to offer LA28 and Team USA a platform for data sharing and collaboration that promises to enhance the technological aspects of the Games. This partnership is based on a press release statement from Snowflake Inc.
In other recent news, Snowflake Inc. has been the subject of several analyst updates following its strong first-quarter performance. Citi analysts have raised their price target for Snowflake shares to $245, maintaining a Buy rating, and highlighted the company’s significant increase in bookings, including two $100 million deals in the financial services sector. Macquarie also increased its price target to $190, noting a 26% year-over-year increase in product revenue, which surpassed the company’s guidance. TD Cowen adjusted its price target to $230, emphasizing Snowflake’s robust product growth and effective go-to-market strategies. RBC Capital Markets raised its target to $236, citing product revenue growth that exceeded expectations and an optimistic outlook for the fiscal year. Truist Securities lifted its target to $235, maintaining a Buy rating, and expressed confidence in Snowflake’s strategic positioning in the AI sector. These recent developments reflect analysts’ increased confidence in Snowflake’s financial performance and growth potential, driven by strong earnings and strategic advancements.
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