Snowflake Inc. continued a post-earnings surge on Friday that sent its market valuation above $100 billion for the first time.

The cloud-computing company gained as much as 16 per cent, a day after Wall Street largely cheered its third-quarter earnings report that revealed triple-digit revenue growth. Short-term bullish options were also active for a second day as total call volume spiked to almost five times the 20-day average.

Snowflake shares have now more than tripled since its initial public offering in September. Yet, despite the investor fanfare, analysts remain relatively cautious on the stock with more than half of the 22 covering it maintaining a hold rating, according to data compiled by Bloomberg.

Snowflake shares are now 31 per cent higher than the average analyst price target.