Published: November 30, 2025
As investors head into the first trading day of December, Snowflake Inc. (NYSE: SNOW) sits near the $250 mark after a powerful rebound in November, fresh AI partnership headlines, and a wave of analyst upgrades ahead of its Q3 fiscal 2026 earnings on December 3. [1]
Below is a detailed look at Snowflake’s latest stock price action, the key news from November 28–30, the fundamental backdrop, and what current forecasts are implying before the U.S. market opens on Monday, December 1, 2025.
Snowflake stock price snapshot before the December 1 open
Snowflake last traded at around $251 per share on Friday, November 28, up roughly 1% on the day, modestly outperforming the broader U.S. market into the Thanksgiving-shortened week’s close. [2]
Recent price and valuation markers include:
- Last close: about $251
- 1‑year range:$120.10 (low) to $280.67 (high), with the high set on November 3, 2025 [3]
- 50‑day simple moving average: ~$249
- 200‑day simple moving average: ~$224 [4]
- Market capitalization: roughly $85 billion
- GAAP P/E: still negative (~‑60) as the company reinvests heavily and relies on stock‑based compensation [5]
On a performance basis, Snowflake is one of 2025’s standout large‑cap software names: year‑to‑date total return is in the low‑60% range, with some coverage citing about 64% YTD gains as shares ride the AI and data‑infrastructure wave. [6]
That leaves SNOW entering December above its long-term trend lines but below its early‑November peak, a classic setup where investors are deciding whether the next leg is a breakout or a pause.
What happened between November 28 and 30, 2025?
From Friday through Sunday, several themes dominated Snowflake coverage: analyst upgrades, institutional positioning, technical signals, and ongoing debate about valuation versus AI upside.
1. Analyst ratings stay broadly bullish, price targets drift higher
A fresh roundup of Wall Street research published November 30 shows Snowflake holding an overall “Moderate Buy” to “Strong Buy” profile, with dozens of firms reiterating or lifting targets. [7]
Key points from recent rating and target updates:
- Consensus 12‑month price target on MarketBeat: about $268 (42 analysts; range roughly $210–$325), implying ~7% upside from the current $251 area. [8]
- A separate consensus from Zacks puts the average target near $268 as well, based on about 40 short‑term forecasts. [9]
- TipRanks data (article updated this weekend) shows 33 Buys and 3 Holds, with an average target near $277, or roughly 11–12% potential upside. [10]
- MarketWatch’s analyst summary lists an “Average Recommendation: Buy” and an average target in the mid‑$270s across 51 ratings. [11]
Several specific brokers that have raised targets on Snowflake in recent months are repeatedly cited in weekend coverage:
- Morgan Stanley: target lifted to $272, rating “Overweight” [12]
- JMP Securities: target up to $325, “Market Outperform” [13]
- Royal Bank of Canada: $275 target, “Outperform” [14]
- KeyCorp: $275 target, “Overweight” [15]
- Needham and Scotiabank: both referenced with $280 targets and positive ratings in recent institutional‑holding notes. [16]
Takeaway: Street research published or recirculated between November 28 and 30 broadly frames Snowflake as a high‑growth AI data‑cloud leader with mid‑single‑digit to low‑teens upside over 12 months, but with meaningful dispersion between bullish and more cautious targets.
2. Nvidia AI integration: a powerful catalyst that also fuels valuation worries
A major storyline still driving coverage into the weekend is Snowflake’s native integration with NVIDIA’s CUDA‑X libraries inside the Snowflake AI Data Cloud. Announced November 18, the collaboration lets data scientists run GPU‑accelerated machine‑learning workflows directly in Snowflake, using familiar Python tools and NVIDIA’s cuDF and cuML libraries—no code changes required. [17]
Follow‑up analysis published on November 28–29 underscores two angles:
- Short‑term price reaction
- Several outlets note that Snowflake shares have been up around 6% since the integration announcement, helping SNOW reclaim the $250 level and approach a technical buy point near $255.39 identified by Investor’s Business Daily. [18]
- Is the AI partnership already “priced in”?
- A valuation piece from Simply Wall St argues Snowflake’s recent advance may have overshot fair value, estimating the shares to be about 37.6% overvalued on a discounted‑cash‑flow basis. [19]
- That analysis assumes Snowflake’s revenue could reach around $7.8 billion and nearly $0.5 billion in earnings by 2028, implying ~24% annual revenue growth over the next several years—ambitious but not impossible if AI workloads keep scaling. [20]
- A separate Yahoo Finance note this weekend stresses that while Nvidia‑powered AI capabilities strengthen Snowflake’s strategic narrative, they also increase expectations embedded in the stock’s valuation, leaving less room for execution missteps. [21]
Net effect: The Nvidia deal is clearly a positive fundamental catalyst, but it also sits at the center of the debate over whether Snowflake is reasonably priced or “AI‑hyped.”
3. Technical picture: trending higher, but short‑term signals mixed
Technical screens published November 28–29 paint a nuanced picture:
- Zacks/Finviz recap notes Snowflake “laps the stock market” by ending Friday’s session at $251.24, up about 1.04%, versus a more modest gain in the S&P 500. [22]
- A detailed TipRanks technical view shows:
- Price hovering just below the 20‑day exponential moving average (low‑$250s), which generates a short‑term “Sell” signal.
- However, the 50‑, 100‑ and 200‑day moving averages all sit below the current price, creating medium‑ and long‑term “Buy” indications. [23]
Investor’s Business Daily, in a feature last week that is still being widely cited, notes that Snowflake is up about 64% year‑to‑date, has found support at its 50‑day line, and is approaching a buy point around $255.39 ahead of earnings. [24]
Taken together, short‑term indicators suggest the stock could easily pause or pull back after its strong run, while the longer‑term trend remains decisively upward.
4. Institutional moves and ownership trends
Over November 28–30, several filings highlighted institutional activity in SNOW:
- New and increased positions:
- Trimming by trading‑oriented firms:
- XTX Topco Ltd reported selling some Snowflake shares, with the same filing reminding investors of SNOW’s 52‑week range (about $120 to $281), 50‑day SMA near $249, and market cap around $85 billion. [27]
Meanwhile, IBD’s Nvidia‑partnership article notes that mutual funds own roughly half of Snowflake’s float, and the stock carries an Accumulation/Distribution Rating of B+, suggesting more institutional buying than selling over recent months. [28]
5. Weekend valuation pieces: enthusiasm vs. caution
In addition to the Nvidia‑related DCF work, other analyses over the past few days sharpened the bull‑bear contrast:
- A Seeking Alpha article titled “Don’t Be Fooled By Non‑GAAP Metrics” (from earlier this week but heavily referenced in weekend commentary) acknowledges Snowflake’s impressive growth and customer retention but warns that GAAP losses, stock‑based compensation and premium valuation leave little margin for error. [29]
- Simply Wall St’s valuation report reiterates that even after adjusting for AI‑driven growth, Snowflake screens as expensive on a cash‑flow basis compared with many software peers. [30]
Bottom line: The growth story is not in question, but the price investors are paying for that growth is a central topic in research dated November 28–30.
Fundamental backdrop: Snowflake’s growth engine going into December
Q2 FY2026 results: 32% product revenue growth, strong net retention
Snowflake’s most recent reported quarter (Q2 FY2026, ended July 31, 2025) continues to anchor bullish narratives:
- Product revenue:$1.09 billion, up 32% year‑over‑year, exceeding guidance. [31]
- Total revenue: about $1.14 billion, also up roughly 32%. [32]
- Net revenue retention: a strong 125%, indicating existing customers are still expanding their usage. [33]
- $1M+ customers:654 customers now contribute more than $1 million in trailing 12‑month product revenue. [34]
- Remaining performance obligations (RPO):$6.9 billion, up 33% year‑over‑year, highlighting robust contracted demand. [35]
- Non‑GAAP operating margin:11%, showing continued progress on profitability even as the company invests heavily in growth. [36]
Management also noted that more than 6,100 accounts use Snowflake’s AI every week, underscoring the platform’s centrality in enterprise AI workflows. [37]
Guidance and reaffirmation after the “unauthorized comments” episode
When Snowflake reported Q2 results in August, it raised its fiscal 2026 product‑revenue forecast to about $4.40 billion, implying roughly 27% year‑on‑year growth, and guided Q3 product revenue to $1.125–$1.130 billion (25–26% growth). [38]
In late October, the company filed an 8‑K after its Chief Revenue Officer made forward‑looking comments in a media interview that went beyond official guidance. Snowflake clarified that the executive was not authorized to discuss future financial results, and the company reaffirmed its existing Q3 and FY26 guidance, stressing that its outlook had not changed. [39]
This episode created short‑term volatility in early November but, as of this weekend, investors appear to be refocusing on the official guidance and upcoming Q3 report.
Leadership change: new CFO from GitLab
Another medium‑term storyline is Snowflake’s CFO transition:
- In September, GitLab’s stock dropped after announcing that its CFO, Brian Robins, would leave to become Snowflake’s CFO in late September. [40]
- While GitLab investors worried about leadership churn, coverage noted that Snowflake’s hire of an experienced public‑cloud CFO could support more disciplined, margin‑focused financial management over time.
For Monday’s open, the CFO move is largely priced in, but it matters for investors who are watching how Snowflake balances growth, profitability, and stock‑based compensation in upcoming quarters.
Forecasts for Snowflake stock: short‑term models vs. 12‑month Street targets
Short‑term algorithmic forecasts
Quantitative models like those compiled by CoinCodex currently project Snowflake’s price to hover in the mid‑$250s in early December, with forecasts around:
- Dec 1–4, 2025: implied price path from roughly $251–$259, representing low‑single‑digit percentage changes from Friday’s close. [41]
These short‑term model outputs are highly sensitive to recent volatility and generally don’t incorporate fresh fundamental news like earnings surprises. They’re best viewed as a rough gauge of expected near‑term trading range, not a precise prediction.
12‑month Wall Street view
Across the research aggregated over November 28–30, the dominant 12‑month narrative looks like this:
- Average target range: roughly $268–$277, depending on the data provider. [42]
- Implied upside: about 7–12% relative to the ~$251 current price. [43]
- Ratings mix: overwhelmingly Buy‑leaning, with a few Holds and virtually no Sell ratings in the latest tallies. [44]
- Upside/downside dispersion:
In other words, Wall Street still skews bullish, but not unanimously euphoric. The consensus implies moderate upside, with substantial debate about how much AI optimism is already reflected in the price.
Key risks and opportunities to watch this week
As trading resumes on Monday, December 1, Snowflake investors are focused on a cluster of near‑term catalysts and risk factors.
Potential upside drivers
- Q3 FY2026 earnings on December 3
- Snowflake reports on Wednesday, December 3, after the close. [47]
- Consensus expects EPS around $0.31 and revenue near $1.18 billion, implying ~56% earnings growth and 26% revenue growth year‑over‑year. [48]
- Historically, Snowflake has been very volatile around earnings; last quarter’s report saw shares jump around 20% on the back of a big beat and raised guidance. [49]
- AI data‑cloud momentum and Nvidia partnership
- The Nvidia CUDA‑X integration and Snowflake’s AI workloads metrics (thousands of customers, thousands of weekly AI users) reinforce the view that Snowflake is a core infrastructure play for enterprise AI. [50]
- Macro tailwinds for growth stocks
- November ended with a broad U.S. stock‑market rebound, driven partly by mounting expectations of a Federal Reserve rate cut at the December meeting. AI‑related growth names were among the beneficiaries. [51]
- If bond yields continue to ease into December, valuation pressure on long‑duration growth stocks like Snowflake could lessen, supporting higher multiples.
Key downside risks
- Rich valuation and DCF downside
- Multiple independent models flag Snowflake as expensive relative to discounted cash‑flow estimates, with one DCF suggesting the shares are about 35–40% above intrinsic value under reasonable assumptions. [52]
- With the stock already more than doubling from its April lows, any disappointment on growth or margins could trigger a sharp rerating. [53]
- Competition and spending shifts
- Snowflake faces intense competition from Databricks and from the hyperscalers (AWS, Azure, Google Cloud), all of which are aggressively investing in AI data platforms. [54]
- Any slowdown in enterprise AI budgets or preference for rival platforms could pressure Snowflake’s net retention and long‑term growth thesis.
- Execution and communication risk
- The unauthorized‑comment 8‑K and the CFO transition are reminders that governance and messaging matter for a premium‑valued stock. Missteps in guidance or capital‑allocation communication could amplify volatility. [55]
Bottom line before the December 1, 2025 market open
Heading into Monday’s U.S. open, Snowflake sits at the intersection of powerful AI‑driven growth, elevated expectations, and a major earnings catalyst just days away:
- The stock trades near $251, above key long‑term moving averages but below its early‑November highs. [56]
- News and analyses from November 28–30 emphasize ongoing analyst upgrades, strong institutional interest, and excitement around the Nvidia AI integration, while also highlighting valuation concerns and competitive risks. [57]
- Consensus forecasts point to solid double‑digit EPS growth and mid‑20s revenue growth for Q3 FY2026, and mid‑single‑digit to low‑teens upside in the stock over 12 months if Snowflake delivers on its AI data‑cloud ambitions. [58]
For traders and longer‑term investors alike, the week ahead is likely to hinge on how Wednesday’s earnings and guidance compare with these heightened expectations—and whether Snowflake can keep convincing the market that its AI‑driven growth path still has a long way to run.
This article is for informational and educational purposes only and does not constitute financial or investment advice. Always do your own research and consider consulting a licensed financial professional before making investment decisions.
References
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