Snowflake Inc ( SNOW ) shares are trading higher Thursday on the heels of the company’s second-quarter financial results. Several analysts also lowered price targets on the stock following the print.

Q2 Revenue: $868.823 million, versus estimates of $849.704 million

Q2 EPS: 18 cents, versus estimates of 16 cents

Total revenue was up 29% on a year-over-year basis, while product revenue totaled $829.3 million, up 30% year-over-year. Net revenue retention rate was 127% in the second quarter.

Remaining performance obligations came in at $5.2 billion, up 48% year-over-year. Snowflake noted that it ended the quarter with 510 customers, trailing 12-month product revenue surpassing $1 million.

The company’s board also authorized an additional $2.5 billion for its share repurchase program and extended the duration through March 2027. The company said it had $491.9 million remaining on its buyback as of July 31.

"The quarter was hallmarked by innovation and product delivery, and great traction in the early stages of our new AI products. With the combination of our platform, the network effect of collaboration and our AI innovations, we have a huge opportunity ahead to deliver even greater value to our customers," said Sridhar Ramaswamy, CEO of Snowflake.

Outlook: Snowflake sees third-quarter product revenue in the range of $850 million to $855 million, up approximately 22% on a year-over-year basis. 

The company also raised its full-year product revenue expectations. Snowflake now expects full-year product revenue of $3.356 billion, up 26% year-over-year.

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Analyst Changes:

Baird maintained Snowflake with an Outperform and lowered its price target from $165 to $152.

Needham maintained Snowflake with a Buy and lowered its price target from $210 to $160.

JMP Securities maintained Snowflake with a Market Outperform and lowered its price target from $235 to $190.

SNOW Price Action: Snowflake shares were down 9.55% at $122.22 at the time of writing, according to Benzinga Pro.