Investing.com – Snowflake (NYSE :) shares fell almost 4% before the market on Friday after offering investors an ambitious long-term goal.
On Thursday’s Investor Day, the company planned to achieve $ 10 billion in product revenue by the end of 2028. This is a sharp increase from $ 554 million in 2021 and the long-term operating margin target is 10%.
“The new product revenue guide emphasizes management’s confidence in their ability to continue to grow at a high rate over the years. In addition, this long-term guide does not include this week’s product launch. It’s important to be careful. ” Mizuho According to StreetInsider, (NYSE :) Greg Moskowitz said in a memo.
Moskowitz added that investors might have wanted even more, as stock prices remained bullish.
That said, stock prices rose 30% last month, and investors may have wanted to deposit their profits in banks.
Oppenheimer (NYSE :) analyst Ittai Kidron is also positive about the direction and growth prospects of the company’s platform. He has an outperform rating with a price target of $ 320 per share, a premium of almost 30% against Thursday’s closing price of $ 248.80.
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Snowflake fall following Investing.com’s ambitious investor day goal
Source link Snowflake fall following Investing.com’s ambitious investor day goal