Movement Alert｜Snowflake Rises 3.13% in Regular Trading, Q1 Earnings Beat and $6B AWS Deal Continue to Drive Momentum

Market Focus05-29 21:48

On May 29, Snowflake rose 3.13% in regular trading, trading at $244.58/share, with trading volume of $787 million. The stock continued its upward trajectory following a 36% surge in the prior session.

The sustained rally is driven by Snowflake's Q1 fiscal 2027 results released on May 27 after market close. The company reported adjusted EPS of $0.39 versus the $0.32 consensus estimate, while revenue of $1.39 billion (up 33% YoY) topped the $1.324 billion expectation. Management raised full-year product revenue guidance to $5.84 billion, surpassing Wall Street's $5.67 billion forecast.

Additionally, Snowflake announced a five-year, $6 billion strategic procurement agreement with AWS, covering Graviton processors and AI-focused GPUs, representing a significant scale-up from prior commitments. The company noted AI product adoption is accelerating, with Cortex Code users doubling quarter-over-quarter to 7,100 customers.

Multiple investment banks raised price targets post-earnings: Morgan Stanley to $300, Wedbush to $280, and Macquarie to $200, reflecting broad optimism around Snowflake's AI monetization trajectory.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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