Snowflake Inc. (NYSE:SNOW) on Wednesday reported upbeat financial results for the first quarter of fiscal 2027.
Snowflake posted first-quarter revenue of $1.39 billion, beating analyst estimates of $1.32 billion, according to Benzinga Pro. The AI data cloud company reported adjusted earnings of 39 cents per share for the quarter, beating analyst estimates of 32 cents per share.
"AI continues to be a powerful tailwind for Snowflake, and Q1 marks a clear inflection point in that journey. With Cortex Code and Snowflake Intelligence, we are extending from the trusted foundation for enterprise data and context to become the control plane for the Agentic Enterprise," said Sridhar Ramaswamy, CEO of Snowflake.
Snowflake sees second-quarter product revenue in the range of $1.415 billion to $1.42 billion, up approximately 30% year-over-year. The company noted that it expects an adjusted operating margin of 12.5% in the second quarter and 13.5% for the full year.
Snowflake also announced a new multi-year strategic collaboration agreement with Amazon Web Services (AWS) to accelerate enterprise agentic AI adoption.
Snowflake shares gained 38.5% to $242.80 in pre-market trading.
These analysts made changes to their price targets on Snowflake following earnings announcement.
- BTIG analyst Gray Powell maintained the stock with a Buy and raised the price target from $235 to $280.
- Goldman Sachs analyst Kash Rangan maintained the stock with a Buy and raised the price target from $216 to $278.
- Morgan Stanley analyst Sanjit Singh maintained Snowflake with an Overweight rating and raised the price target from $245 to $300.
Considering buying SNOW stock? Here’s what analysts think:
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