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Snowflake Inc Ordinary Shares - Class A SNOW

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Morningstar’s Analysis

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5-Star Price

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PREMIUM

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Snowflake’s Q2 a Result of Platform Use Precipitation & Paving the Way to More Growth; Raising FVE

Julie Bhusal Sharma Equity Analyst

Analyst Note

| Julie Bhusal Sharma |

Snowflake’s second quarter was one characterized by strong execution to fulfill enterprises’ long-awaited demands for an interoperable data lake and data warehouse--and momentum on indicative data points of the company’s future--such as net new customer growth and net revenue retention rates. Considerable customer count growth over prior periods pushed revenue to increase by 104% year over year, as large customers can take nine to 12 months before consuming on the Snowflake platform. The firm’s net retention rate increased sequentially to a spectacular 169% from 168% in the quarter. While GAAP EPS came under our expectations and the market’s, according to FactSet consensus, a boost in outlook made up for the miss.

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Company Profile

Business Description

Founded in 2012, Snowflake is a data lake, warehousing, and sharing company that came public in 2020. To date, the company has over 3,000 customers including nearly 30% of the Fortune 500 as its customers. Snowflake’s data lake stores unstructured and semistructured data that can then be used in analytics to create insights stored in its data warehouse. Snowflake’s data sharing capability allows enterprises to easily buy and ingest data almost instantaneously compared with a traditionally months-long process. Overall, the company is known for the fact that all of its data solutions that can be hosted on various public clouds.

Contact
450 Concar Drive
San Mateo, CA, 94402
T +1 844 766-9355
Sector Technology
Industry Software - Application
Most Recent Earnings Jul 31, 2021
Fiscal Year End Jan 31, 2022
Stock Type Speculative Growth
Employees 2,495