New York, May 19, 2026, 10:11 EDT
- Snowflake shares climbed 6.3% in the morning, topping slower U.S. index trackers.
- BofA raised its price target. Citizens analyst Patrick Walravens maintained his $325 target.
- Snowflake is set to release its fiscal Q1 results after the U.S. market close on May 27.
Snowflake Inc. shares moved higher in early trading Tuesday, outperforming U.S. index trackers that traded lower. The move came after new analyst notes turned attention again to demand for the cloud-data company’s AI offerings.
Snowflake shares gained 6.3% to $174.62, after reaching as high as $176.70. Volume hit 3.6 million shares. The company’s market cap was about $59.4 billion.
Snowflake is set to announce fiscal Q1 results after the close on May 27. Investors want to see if AI-driven workloads are leading to real paid usage and not just demos. The quarter closed April 30.
BofA Securities upped its price target on Snowflake to $205 from $195 and left its Buy rating unchanged, citing stronger execution and solid demand. Analyst Koji Ikeda said the quarter won’t shift BofA’s outlook that Snowflake is taking share in AI business intelligence, according to Investing.com.
Citizens analyst Patrick Walravens kept his Market Outperform rating on Snowflake and left his $325 price target unchanged, citing the company’s role across data engineering, analytics, AI and apps. Walravens noted Snowflake’s tools carry over data permissions, governance and security, something investors are focused on for enterprise AI.
Snowflake moved higher. The Invesco QQQ Trust, the ETF that follows the Nasdaq-100, dropped 0.3%. The SPDR S&P 500 ETF Trust lost 0.4%. Data-software stocks were stronger, with Datadog climbing 2.4% and MongoDB up 4.6%.
Snowflake’s product revenue will be in focus for investors. In its February forecast, the company said it expects first-quarter fiscal 2027 product revenue between $1.262 billion and $1.267 billion, a 27% increase. It kept its full-year product revenue target at $5.66 billion.
Snowflake CEO Sridhar Ramaswamy said in February that the company “sits at the center of the enterprise AI revolution.” CFO Brian Robins pointed to a focus on “stability and operational rigor.” Snowflake Investors
Snowflake projected fiscal 2027 product revenue above analyst expectations after its February results, Reuters said. The company also landed its biggest contract to date, worth more than $400 million, and announced two multi-year $200 million deals with OpenAI and Anthropic. Snowflake faces competition from Databricks, a private data firm.
The risk isn’t gone yet. Snowflake’s business rises and falls with customer consumption — when use drops, so does revenue, and it’s visible right away. AI could bring in new business for Snowflake, or it could eat into older software budgets. “Investors are skeptical about all software companies right now,” D.A. Davidson analyst Gil Luria told Reuters in February. Reuters
Snowflake is still posting losses under normal accounting, and the current market data shows its price-to-earnings ratio in the red. Now the question is if management can match the pace of its AI push with solid guidance and spending from customers that lasts, instead of being loaded up ahead of earnings.
