Snowflake (SNOW) shares rocketed 23.9% in pre-market trading to $379.07, following a fiscal second-quarter 2027 earnings report that crushed analyst expectations across every major metric.
Adjusted earnings per share came in at $0.62, well above the $0.45 consensus estimate, signaling that Snowflake’s profitability trajectory is accelerating faster than Wall Street anticipated.
Total revenue of $1.55 billion topped the $1.48 billion analyst estimate, representing 35% year-over-year growth and reinforcing the company’s standing as one of enterprise cloud’s most durable growth stories.
Product revenue of $1.49 billion, up 37% year-over-year, marked the third consecutive quarter of accelerating growth, directly countering fears of a slowdown in enterprise cloud spending.
Management raised its full-year fiscal 2027 product revenue forecast to $6.07 billion from $5.84 billion, a meaningful upward revision that caught the attention of analysts across the Street.
Third-quarter product revenue guidance of approximately $1.59 billion also topped the $1.50 billion analyst consensus, suggesting the company’s growth momentum is showing no signs of stalling.
Bank of America analyst Koji Ikeda captured the prevailing sentiment on Wall Street, writing, “The key debate into the print was whether Product revenue could keep accelerating. It did, and [fiscal third quarter] guidance implies further acceleration.”
Raymond James analyst Adam Tindle raised his price target to $425 from $275 and maintained an Outperform rating, while Deutsche Bank lifted its target to $400 from $350, keeping a Buy rating in place.
DA Davidson analyst Gil Luria raised his price target to $450 from $300 with a Buy rating, as UBS pushed its target to $500 from $425, also maintaining a Buy rating on the stock.
Cantor Fitzgerald analyst Thomas Blakey raised his target to $430 from $405, maintaining an Overweight rating, adding to a broad wave of bullish analyst revisions following the report.
Of the 52 analysts covering Snowflake, 46 hold a buy or strong buy rating on the stock, according to LSEG data, underscoring the depth of institutional confidence behind the company.
Several firms had already raised price targets ahead of the print, including Citigroup to $395, KeyBanc to $375, and TD Cowen to $370, setting an already-elevated bar that Snowflake cleared convincingly.
The combination of a decisive earnings beat, a meaningful guidance raise, and tangible evidence of AI monetization pushed the stock well beyond its prior 52-week high of $341.95.
