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Snowflake Set To Beat Q3 Estimates Based On Insider Leaks: Leading Analysts Remain Bullish

Benzinga · 2d ago

Cloud-based data storage company Snowflake Inc. (NYSE:SNOW) is set to report its third-quarter results on Wednesday. The market is already buzzing with some early clues regarding the quarter, following a slip-up by a senior executive at the company.

Exec Leaks Financial Results

Over a month ago, the company’s Chief Revenue Officer, Mike Gannon, inadvertently revealed its upcoming financial results during an interview with an influencer, known as “theschoolofhardknockz,” on Instagram and TikTok.

Gannon said that Snowflake would report $4.5 billion in revenue for the year and was on track to hit $10 billion over the next couple of years. This is ahead of the company’s projections at $4.395 billion for the year, hinting at a potential beat on its own projections during the quarter.

See Also: Snowflake’s New ‘AI-Driven Migration’ Tech Could Speed Up Cloud Moves By 4x, Analyst Says

This prompted the company to file an 8-K document, disavowing Gannon’s statement, saying that he is “not a designated spokesperson authorized to disclose financial information on behalf of the Company.”

Analysts, however, have continued to rely on his statements and are expecting the company to post a beat on its top-line estimates during the quarter.

Analysts Maintain Bullish Stance

Leading analysts continue to maintain a bullish stance on the stock, with DA Davidson reiterating their “Buy” rating, while raising their Price Target to $300 from $275 per share, representing an upside of 15.52% from current levels.

The analysts pointed to a pickup in the core data-warehousing business and solid product traction across the lineup as key drivers behind the move. In their note, they even described the company as “arguably one of the best stories in software,” underscoring their confidence in its trajectory.