Why Snowflake Inc. (SNOW) Soared Today

We recently published a list of These 10 Stocks Soared by Double Digits Today! In this article, we are going to take a look at where Snowflake Inc. (NYSE:SNOW) stands against other stocks that soared today.

Cloud-based data storage provider Snowflake jumped by 13.43 percent on Thursday to close at $203.18 apiece following news that it cracked past the $1-billion revenue mark in the first quarter of fiscal year 2026.

In its financial statement, Snowflake Inc. (NYSE:SNOW) said that revenues increased by 25.7 percent to $1.04 billion during the period from the $829 million registered in the same period last year, on the back of higher product revenues.

A software engineer at work, surrounded by a wall of computer monitors connected to a ‘Data Cloud’ platform.

However, it remained at a 35-percent higher net loss of $430 million versus $318 million year-on-year.

For the second quarter, Snowflake Inc. (NYSE:SNOW) expects product revenues to grow by 25 percent to a range of $1.035 billion to $1.04 billion.

Following the results, Citi Group gave a Buy recommendation on the company’s stock, while also raising its price target to $245 from $235 previously. The new price target represented a 20.6-percent upside from its latest closing price.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.