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
