TLDR
- Snowflake stock is up 46% in 2026, trading around $319-$331, heading into Wednesday earnings
- Analysts expect adjusted EPS of $0.45 and revenue of $1.48 billion for fiscal Q2
- Rosenblatt raised its price target to $345; consensus sits at “Moderate Buy” with a $333.08 average target
- Insiders sold over 1.1 million shares worth $321 million in the past three months
- Competition from Microsoft, Databricks, and AI models remains a key risk to watch
Snowflake (SNOW) stock has had a wild ride in 2026. The stock is up 46% year-to-date to around $319, with most of that gain coming in a single session on May 28 after a strong fiscal Q1 beat.
Now investors are bracing for round two. Snowflake reports fiscal second-quarter earnings Wednesday afternoon, and expectations are running high.
Analysts expect adjusted earnings of $0.45 per share, up from $0.35 a year ago. Revenue is forecast to climb nearly 30% year over year to $1.48 billion, a slight slowdown from the 33% growth posted last quarter.
The company’s own guidance called for product revenue of $1.415 billion to $1.42 billion, with an adjusted operating margin of 12.5%.
Analyst Targets on the Rise
Rosenblatt Securities raised its price target on SNOW from $285 to $345 on Tuesday, keeping a Buy rating. That implies about 4% upside from the prior close.
Cantor Fitzgerald went further, lifting its target to $405 and maintaining an Overweight rating. The firm expects product revenue to beat company guidance by more than 3%.
KeyBanc also reiterated an Overweight rating and raised its target to $375 from $325. The consensus across 34 buy-rated analysts sits at a “Moderate Buy” with an average price target of $333.08.
UBS analyst Karl Keirstead holds a Buy rating and a $425 price target. He notes that Snowflake’s consumption-based pricing model is less exposed to AI disruption than traditional seat-based software.
Risks Heading Into Wednesday
The stock is not without risk. At around $331, SNOW trades at roughly 16 times forward revenue, well above the broader software ETF (IGV) at 7.7 times. Keirstead noted the valuation “leaves little room for error.”
Insiders have been selling. Over the past three months, insiders offloaded 1.16 million shares worth about $321.7 million. EVP Christian Kleinerman sold 25,000 shares in August at $325 each.
Short sellers are also active. Near-record short interest reflects real skepticism despite the 2026 run-up.
Competition is another factor. Microsoft, private data platform Databricks, and AI models themselves are all competing for the same enterprise data workload. Some KeyBanc survey respondents said they plan to use large-language models to optimize and potentially reduce their Snowflake spending.
That said, those cost-cutting efforts are not yet operational. And the argument that AI agents still need data access could actually work in Snowflake’s favor.
The stock has moved a median of 14.1% in either direction after each of its last eight earnings reports. Options markets are pricing in another large move this week.
Snowflake has a 12-month high of $341.95 and a 12-month low of $118.30. The 50-day moving average stands at $289.86.
Earnings are due Wednesday afternoon.
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