Snowflake stock opened at $338.47 on Monday, sitting well off its 52-week low of $118.30 but below its high of $384.56. The stock jumped 16.55% on September 3 after the company posted fiscal Q2 2027 results that topped expectations across the board.
Revenue came in at $1.55 billion, up 35.1% year over year, beating the $1.48 billion analyst estimate. Product revenue rose 37% to $1.49 billion. Adjusted EPS hit $0.62 versus the $0.45 expected, a beat of $0.17.
Management pointed to AI demand as a key driver. AI-related offerings accounted for roughly half of the recent growth acceleration. The company’s CoCo coding agent added more than 2,000 new accounts during the quarter.
Snowflake raised its fiscal 2027 product revenue guidance to $6.07 billion, up from $5.84 billion. That prompted a wave of analyst target increases. UBS, Citi, JPMorgan, TD Cowen, Truist, DA Davidson, and Bank of America all moved their targets higher, with several landing in the $450 to $500 range.
Of 40 analysts covering the stock, 34 rate it a Buy, five a Hold, and one a Sell. The average price target sits at $414.24, though the 35-analyst subset tracked by TipRanks puts the average at $435, implying about 29% upside from current levels.
Not everyone is convinced. TipRanks’ AI analysts split two Buy and four Hold. Cautious models flag that Snowflake still runs at a GAAP net loss. The company reported a net loss of $191.7 million in Q2, improved from $297 million a year ago, but still a loss. Management also lowered fiscal 2027 gross margin guidance to 74%, citing rising costs tied to expanding AI workloads.
Insider activity has been heavy. EVP Christian Kleinerman sold 10,000 shares for roughly $3.8 million under a pre-arranged 10b5-1 plan. Director Michael Speiser sold 50,338 shares on August 7 at $324.06 each, cutting his position by 65.9%. Director Frank Slootman sold 289,685 shares on July 20 at $274.39, reducing his stake by 91%.
In total, insiders offloaded 1,131,160 shares worth approximately $318 million last quarter. Corporate insiders now own just 4.8% of the company.
On the institutional side, Saudi Central Bank nearly doubled its SNOW position, adding 11,109 shares to bring its total to 22,989 shares valued at about $5.85 million. Institutional investors collectively hold 65.1% of the stock.
The stock has a market cap of $117.31 billion, a beta of 1.33, and a debt-to-equity ratio of 1.18. Its 50-day moving average sits at $297.66 and its 200-day at $220.60.
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