Snowflake: What To Know Ahead Of Q1 Earnings Tomorrow

Snowflake Inc (NYSE:SNOW) is gearing up to report its first-quarter results on Wednesday, May 21.

Of the 13 datapoints collected on the company ahead of its quarterly results, nine were positive and four cautious, according to Citizens.

The Snowflake Analyst: Analyst Patrick Walravens reiterated a Market Outperform rating and price target of $201.

The Snowflake Thesis: The company "seems to have found its groove for product differentiation with [Sridhar] Ramaswamy's focus on ease of use and cost-effectiveness," combined with his commitment towards "driving product cohesion," Walravens said in the note.

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The positive datapoints collected indicated that Snowflake has a lot of traction with agents, the analyst stated. Another positive datapoint about the Snowflake Data Marketplace indicated that most of a client's customers use Snowflake.

"Through publicly available sources, we found six instances of salespeople meeting or exceeding their internal attainment numbers for the quarter, with the highest beat coming in above 300%," Walravens wrote.

As another positive datapoint, the analyst cited Microsoft Corp.'s CEO Satya Nadella comment that Snowflake was growing on Azure, he added.

SNOW Price Action: Shares of Snowflake had risen by 0.32% to $182.58 at the time of publication on Tuesday.

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