Snowflake Shares Soar After Q3 Beat, Datavolo Acquisition, Anthropic Partnership

MT Newswires Live00:19

Snowflake (SNOW) shares surged 32% in recent Thursday trading, a day after the company posted better-than-expected fiscal Q3 results and announced the acquisition of Datavolo and a partnership with Anthropic.

The company also issued upbeat fiscal Q4 guidance, prompting several brokerages to raise their price targets for the stock.

"Overall, this was a massive quarter, and we were very impressed as we continue to warm up on the story," Wedbush Securities said Thursday in a report, raising its price target to $160 from $130 and reiterating the neutral rating.

On Wednesday, Snowflake agreed to acquire Datavolo, an open data integration platform, and entered into a multiyear partnership that will make Anthropic's newest Claude 3.5 models available to customers who use Snowflake Cortex AI to build artificial intelligence-powered applications.

Terms of the acquisition and partnership weren't disclosed.

Price: 170.23, Change: +41.11, Percent Change: +31.84

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