Snowflake Inc Stock Price, News & Analysis

Snowflake Computing (NYSE: SNOW) has partnered with Saturn Cloud to enhance data science and machine learning capabilities. The alliance integrates their products, allowing users to leverage Python for accelerated machine learning processes. Saturn Cloud's recent benchmark showed a remarkable 2000x faster runtime than traditional tools. The partnership aims to simplify data loading and enhance performance, with Snowflake's platform providing a seamless experience across multiple clouds. This strategic move positions both companies to capitalize on the growing demand for efficient data-driven decision-making.

Snowflake announced a remarkable growth of over 300% in the total number of data providers on its Data Marketplace since April 2020. Key features include seamless access to live data without costly integrations, enabling data professionals to gain insights faster. Users can now access over 350 datasets from 120 providers, with 26% of datasets being open for all customers. Leading brands such as DoorDash and Pacific Life Insurance are already benefiting from this enhanced data accessibility, facilitating better decision-making and operational efficiency.

Snowflake, the Data Cloud company, has been added to the NASPO ValuePoint Cloud Solutions contract with Carahsoft Technology Corp. This partnership enables Carahsoft to provide Snowflake’s Data Cloud technology to state and local governments as well as educational institutions. The collaboration aims to enhance data mobilization and improve citizen services by offering secure data sharing and integrated platform capabilities. NASPO ValuePoint’s cooperative purchasing program ensures competitive pricing and high-quality contracts for public entities.

Snowflake (NYSE: SNOW) reported a strong third quarter of fiscal 2021, ending October 31, 2020, with total revenue of $159.6 million, reflecting 119% year-over-year growth. Product revenue reached $148.5 million (115% YoY growth), and remaining performance obligations soared to $927.9 million (240% YoY growth). The net revenue retention rate was an impressive 162%. Despite a GAAP operating loss of $169.5 million and free cash flow usage of $37.9 million, the company's customer base grew to 3,554, with 65 customers generating over $1 million in product revenue.

Snowflake has launched its inaugural global Startup Challenge, encouraging early-stage organizations to innovate within the Snowflake Data Cloud. Participants will submit their applications for a chance to be one of three finalists, who will pitch at the Snowflake Summit in Summer 2021. The winner could secure up to $250,000 in investment and gain access to a global network. This initiative is set to showcase the innovative potential of startups while allowing them to utilize Snowflake’s resources to accelerate their data application development.

Snowflake (NYSE: SNOW) has announced significant updates to its Data Cloud, enhancing customer value through new features. These include Snowpark, which streamlines developer experience, Data Services on Snowflake Data Marketplace that allows live access to third-party data sets, and support for unstructured data management. Additionally, customers can implement Row Access Policies to improve data governance. These innovations aim to eliminate data silos and drive better business outcomes.

Snowflake (NYSE: SNOW) will release its Q3 fiscal year 2021 financial results on December 2, 2020, after U.S. market close. The company will host a conference call at 2 p.m. Pacific Time to discuss these results. Investors can register for the call via the provided link, which will also be available for live webcast on Snowflake's Investor Relations website. An audio replay of the conference call will be accessible for 30 days post-event.

Snowflake has achieved HITRUST CSF Certified status for its Cloud Data Platform, demonstrating compliance with key regulations for managing sensitive information risk. This certification positions Snowflake among an elite group of organizations globally recognized for information security excellence. Todd Crosslin, Head of Healthcare Strategy at Snowflake, emphasized the company's commitment to protecting customer data, especially in the healthcare sector. HITRUST's certification provides added confidence for customers managing compliance in the cloud environment.