Snowflake (SNOW) Stock Today: Analyst Upgrades, Big Money Flows and the Q3 2026 Earnings Countdown

Snowflake Inc. (NYSE: SNOW) is back at the center of the AI trade as investors head into the final week before the company reports fiscal Q3 2026 results on December 3, 2025. Today, November 29, 2025, the stock is in focus for three big reasons:

fresh Wall Street price target hikes,
a wave of institutional buying (and some selling), and
a growing debate over whether Snowflake’s AI-fueled valuation has gone too far.

Below is a detailed look at the latest Snowflake stock news and what it means for investors tracking SNOW ahead of earnings.

Snowflake stock snapshot on 29 November 2025

Snowflake shares ended Friday, November 28, at $251.14, up about 1.0% on the day, after trading between $248.85 and $254.00. Real‑time data on StockAnalysis shows SNOW at $251.24, with after-hours trading essentially flat. ^[1]

Over the past year:

52‑week range: roughly $120.10 – $280.67 ^[2]
Market capitalization: about $85 billion ^[3]
Year-to-date performance: up around 59–60% in 2025 ^[4]

Valuation is the sticking point. MarketBeat data puts Snowflake at a negative price‑to‑earnings ratio of about -60, reflecting continued GAAP losses despite positive adjusted earnings. ^[5] Simply Wall St estimates that, based on a discounted cash flow (DCF) model, fair value is about $182.63 per share, implying Snowflake is ~38% overvalued at current levels and trades at about 20.7× sales versus an industry average of 2.7×. ^[6]

In other words: the market is already pricing in a lot of AI‑driven growth — and that’s exactly what upcoming earnings and new partnerships will have to justify.

Today’s biggest headline: analysts raise price targets for SNOW

The most eye‑catching news dated November 29, 2025 is an article syndicated by Insider Monkey and carried by Finviz under the title “Analysts Raise Price Targets for Snowflake (SNOW)”. ^[7]

Key points from that piece:

Snowflake is highlighted as one of the “15 Best Performing AI Stocks Heading into 2026.” ^[8]
Jefferies raised its price target from $270 to $300 on November 24 and reiterated a Buy rating, citing strong demand for Snowflake’s services and survey data pointing to AI as a major growth driver. ^[9]
Earlier in November, Bank of America lifted its target from $280 to $310 and kept a Buy rating, while RBC Capital boosted its target from $275 to $300 with an Outperform rating. ^[10]

These upgrades come on top of a long list of bullish research notes over the past quarter:

JPMorgan: PT from $225 → $255, rating Overweight
Truist:$235 → $270, Buy
Raymond James:$212 → $230, Outperform
Needham:$230 → $280, Buy
Citigroup:$275 → $310, Buy
Canaccord Genuity:$220 → $260, Buy ^[11]

According to MarketBeat’s aggregation of analyst views, Snowflake currently carries a “Moderate Buy” consensus with an average price target around $268. ^[12]

Why this matters:
When multiple large banks push targets above $300 while the stock trades around the mid‑$250s, it signals that Wall Street still sees upside — but only if Snowflake delivers on its AI and growth promises.

Big money moves: Norges Bank and other institutions pile into Snowflake

Another major cluster of November 29, 2025 headlines comes from MarketBeat’s instant alerts, all based on newly filed institutional 13F reports. These show a surge of institutional ownership in Snowflake, even as some players trim exposure.

Norges Bank joins as a major shareholder

Norges Bank, Norway’s sovereign wealth fund, disclosed a new position of 4,222,615 Snowflake shares, valued at roughly $944.9 million, representing about 1.26% of the company. ^[13]
The article notes that other large investors such as Kingstone Capital Partners Texas LLC initiated a position worth around $3.9 billion, while Nuveen LLC and AQR Capital Management also built significant stakes. ^[14]

Neuberger Berman, Choreo and others boost holdings

Separate filings show additional institutional interest:

Neuberger Berman Group LLC increased its stake by 310%, now owning 98,831 shares worth approximately $22.1 million. ^[15]
Choreo LLC boosted its position by 41.7% to 9,460 shares, valued at about $2.1 million. ^[16]
Elevation Point Wealth Partners LLC initiated a new stake of 2,765 shares (around $619,000). ^[17]

Altogether, MarketBeat’s coverage notes that about 65% of Snowflake’s float is now held by institutions and hedge funds. ^[18]

Not everyone is adding: Jefferies trims its fund holding

Interestingly, one of the brokers raising its price target is also reducing its direct fund exposure:

Jefferies Financial Group Inc. cut its Snowflake position by nearly 90% in Q2, selling 12,874 shares and leaving just 1,457 shares valued at about $326,000. ^[19]

That illustrates the nuance behind “smart money” signals: the research arm may be bullish on Snowflake’s long‑term AI opportunity, even as the asset‑management arm rotates capital or manages risk at shorter time horizons.

Insiders are quietly cashing out

While institutions have been net buyers, several company insiders have used the rally to lock in profits:

Over the last 90 days, insiders sold about 221,305 Snowflake shares, worth roughly $52.9 million. ^[20]
Transactions include:
- SVP Vivek Raghunathan selling 11,801 shares at an average price of about $223.22. ^[21]
- Director Michael L. Speiser selling 50,338 shares for more than $11 million, reducing his stake by nearly 59%. ^[22]
- Other insider sales across the leadership team, leaving insiders with around 6.8% of shares outstanding. ^[23]

Insider selling doesn’t automatically mean trouble — executives often diversify after big stock gains — but combined with stretched valuations, it adds fuel to the “priced for perfection” argument.

Guidance reaffirmed after an off‑script Instagram interview

A less flashy but important piece of context comes from a regulatory update in late October.

According to Investing.com, Snowflake issued an SEC filing on October 27, 2025, reaffirming its revenue guidance for Q3 and full fiscal 2026 after an executive made unapproved comments in an Instagram interview. ^[24]

Key points:

Snowflake said the executive featured in the social media interview was not an authorized spokesperson and urged investors not to rely on those comments. ^[25]
The company emphasized that its revenue guidance for Q3 and FY26 remains unchanged from what it provided on August 27, 2025, when it reported Q2 results. ^[26]
It reiterated that it will release Q3 results and any further outlook updates through its regular channels — which brings us to the next catalyst.

Separately, a Business Wire press release confirms that Snowflake will report fiscal Q3 2026 results on December 3, 2025, after market close, followed by a conference call for investors. ^[27]

This combination — no change in guidance, plus firm control over messaging — is intended to calm any fears that the company is either walking back targets or communicating selectively.

AI partnerships and Cortex AI: the growth narrative powering SNOW

The bull case for Snowflake is all about its role as an AI data infrastructure leader.

The Data Cloud and Cortex AI

A recent Motley Fool article, syndicated via Nasdaq, breaks down Snowflake’s strategy:

Snowflake’s Data Cloud sits on top of major cloud platforms like AWS and Google Cloud, pulling fragmented data into one place so enterprises can actually use it to train and run AI models. ^[28]
In 2023, Snowflake launched Cortex AI, a platform that acts as a hub for AI tools and services:
- Document AI to extract data from unstructured sources like invoices and contracts
- Cortex Agents, which analyze business data to find patterns and opportunities
- Access to ready‑made large language models (LLMs) from providers such as OpenAI and Anthropic, which customers can combine with their own data. ^[29]
The article notes that, as of Snowflake’s fiscal Q2 2026 (ended July 31), the company had 12,062 customers, and about 6,100 were using at least one AI product every week, more than double the 2,500 AI‑active customers a year earlier. ^[30]

This is exactly the kind of adoption story analysts are betting on when they push price targets toward or above $300.

Strategic AI partnerships

The guidance‑reaffirmation article on Investing.com also highlights several high‑profile AI‑related partnerships: ^[31]

A strategic collaboration with Palantir, integrating Snowflake’s AI Data Cloud with Palantir’s platforms to enhance data pipelines and AI applications.
A partnership with Cognite to build industrial data‑sharing integrations, improving analytics and intelligence for heavy industry.
A vertical‑specific offering for Cortex AI launched during Snowflake’s World Tour event, aimed at tailored AI capabilities by industry.

Simply Wall St’s piece on valuation explicitly links Snowflake’s “ambitious moves” and partnerships with leading AI innovators to its strong year‑to‑date share price performance — up about 59.5% in 2025, even after a 7.4% pullback over the past month. ^[32]

Earnings preview: what Wall Street expects on December 3

With Q3 results now just days away, several outlets have published earnings previews.

Consensus expectations

A Zacks‑authored note, distributed via Sharewise, lays out the core forecasts:

Q3 EPS (non‑GAAP):$0.31 per share, up ~55% year over year
Q3 revenue:$1.18 billion, up ~25–26% year over year ^[33]

Digging into the components, analysts expect: ^[34]

Product revenue: ~$1.13 billion (+25.4% YoY)
Professional services & other revenue: ~$52.7 million (+26% YoY)
Remaining performance obligations (RPO):$7.46 billion, up from $5.70 billion a year ago
Total customers:12,483 (vs. 10,618 last year)
Customers generating >$1 million in trailing 12‑month product revenue:686 (vs. 542 a year ago)
Non‑GAAP product gross profit: about $916 million, up from $687 million
GAAP product gross profit: about $799 million, vs. $637 million last year

Zacks points out that consensus EPS estimates haven’t meaningfully changed in the past 30 days, and rates Snowflake at Zacks Rank #3 (Hold), suggesting expectations are high but not wildly shifting. ^[35]

Options market and growth context

A short note carried by TradingView and GuruFocus under the title “Snowflake About to Report Q3 Earnings — Options Market Braces for Big Swing” highlights that: ^[36]

SNOW shares are up about 60% year to date, and
options traders are positioning for a large post‑earnings move.

Meanwhile, Investor’s Business Daily describes Snowflake as being in “major growth mode”, trading near its 10‑week moving average and expected to deliver Q3 profit growth of ~56% alongside 26% revenue growth, after reporting a 94% jump in adjusted profit and 32% revenue growth to $1.14 billion in Q2. ^[37]

In short, the bar is high: Snowflake is expected not just to grow, but to keep up a robust AI‑driven growth trajectory while marching toward sustainable profitability.

The valuation debate: AI winner or priced for perfection?

Not all recent coverage has been uncritically bullish.

Bearish valuation takes

The Simply Wall St article published today, “Has Snowflake’s Recent AI Partnership Boosted Its Value Too Far in 2025?”, makes a structured case that the stock may have run ahead of fundamentals: ^[38]

Year‑to‑date share price gain of 59.5%, despite a recent 7.4% monthly pullback.
DCF‑based fair value of $182.63, implying 37.6% downside from current levels.
Price‑to‑sales of 20.68×, versus:
- 2.68× for the broader software industry on average
- 20.17× for a peer group of high‑growth software names
Their proprietary “Fair Ratio” model suggests a more appropriate multiple of 15.06×, again pointing to overvaluation.

Motley Fool echoes similar concerns, noting that Snowflake’s P/S multiple — they cite about 18.9× based on their dataset — looks rich even compared with cloud giants like Microsoft Azure, Google Cloud, AWS and Oracle Cloud, which are also growing quickly but trade at lower overall valuation multiples through their parent companies. ^[39]

Profitability vs. growth

Snowflake’s Q2 numbers show the tension clearly:

Product revenue: $1.09 billion, up 32% year over year, an acceleration from prior quarters. ^[40]
GAAP net loss: about $298 million in Q2 and $728 million for the first half of fiscal 2026, driven by heavy investment in R&D and sales & marketing. ^[41]
Non‑GAAP results: Q2 EPS of $0.35 vs. $0.27 expected and strong free‑cash‑flow growth, suggesting the business is very profitable before stock‑based compensation and other adjustments. ^[42]

Bulls argue that Snowflake is building a foundational AI data infrastructure and can afford to spend heavily now to lock in market share. Bears counter that at 20× sales and negative GAAP margins, execution risk is high: any slowdown in consumption growth or AI spending could lead to a sharp valuation reset.

What today’s news means for SNOW investors

Putting all of today’s November 29 headlines together, the Snowflake story looks like this:

Strong institutional and analyst support
- Sovereign wealth and major asset managers (Norges Bank, Neuberger Berman, Kingstone and others) have taken large positions, and about two‑thirds of the float is institutional‑owned. ^[43]
- Wall Street analysts have raised price targets well above current levels, with several clustered around $300–310. ^[44]
Insider selling and rich valuations add risk
- Executives and directors have sold over $50 million of stock in the last quarter, even as analysts get more optimistic. ^[45]
- Independent valuation work suggests the stock is significantly overvalued on both DCF and sales multiples, especially compared with the broader software sector. ^[46]
AI narrative is central — and increasingly crowded
- Snowflake’s Cortex AI platform, Data Cloud architecture, and partnerships with Palantir, Cognite, and others position it as a key player in enterprise AI infrastructure. ^[47]
- At the same time, major cloud providers like Microsoft, Google and Oracle are growing their own cloud businesses rapidly, and investors are debating whether Snowflake’s premium is justified.
Earnings are the next big catalyst
- Consensus calls for >50% EPS growth and ~25–26% revenue growth in Q3, along with strong increases in big‑ticket customers and RPO. ^[48]
- Options markets are pricing in meaningful volatility around the December 3 print. ^[49]

Should you buy Snowflake stock now?

Whether Snowflake is a buy before earnings comes down to risk tolerance and time horizon:

For growth‑focused, long‑term investors:
The case for SNOW centers on its Data Cloud moat, rapid AI adoption, and expanding high‑spend customer base. If you believe Snowflake can remain a core layer of enterprise AI infrastructure for many years, today’s valuation may prove reasonable in hindsight — especially if free cash flow ramps as forecast.
For valuation‑sensitive or short‑term traders:
Multiple independent analyses suggest Snowflake may already be priced for perfection, with limited upside if Q3 results are merely “in line” and meaningful downside if guidance disappoints or growth slows. Insider selling and lofty sales multiples amplify that risk.

As always, this article is for informational purposes only and does not constitute financial advice. Before buying or selling any stock, including Snowflake, you should consider your own financial situation, risk tolerance and investment objectives, and, if needed, consult with a qualified financial professional.

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