TLDR
- Snowflake reports Q1 FY27 results on Wednesday, May 27, after market close.
- Wall Street expects EPS of $0.32 (up 33.3% YoY) and revenue of ~$1.32 billion, a ~27% increase.
- SNOW stock is up 19.3% over the past month but down ~22% year-to-date, currently trading at $172.02.
- Options traders are pricing in a ~13.52% move in either direction following the print.
- Wall Street holds a Strong Buy consensus with an average price target of $224.32, implying ~30% upside.
Snowflake heads into Wednesday’s earnings report with its stock sitting at $172.02 — well below the average analyst price target of $224.32.
The cloud data platform company is set to release Q1 FY27 results after the close on May 27. Analysts expect revenue of approximately $1.32 billion, representing roughly 27% year-over-year growth.
That growth target is slightly better than the 25.7% increase Snowflake posted in the same quarter a year ago.
EPS is expected to come in at $0.32, which would mark a 33.3% jump compared to the same period last year.
Last quarter, Snowflake beat on revenue with $1.28 billion, up 30.1% year on year. The company also beat billings and EBITDA estimates, and added 45 new enterprise customers spending over $1 million annually. Total count in that bracket reached 733.
Despite the strong recent history, SNOW stock is down about 22% year-to-date. The pressure has come from margin concerns tied to heavy AI investment, and worries that agentic AI could shake up traditional enterprise software.
The stock has bounced back recently though — up 19.3% over the past month.
What Analysts Are Saying
TD Cowen’s Derrick Wood reiterated a Buy with a $255 price target. He pointed to positive partner conversations suggesting a strong quarter, driven by core cloud data warehouse activity, competitive migrations, and rising AI adoption.
Wood is watching for progress on Cortex Code (CoCo), Snowflake’s AI coding agent, and expects stronger upside than the prior two quarters.
Benchmark’s Yi Fu Lee bumped his price target to $200 from $190, maintaining a Buy rating. Lee believes Snowflake is “highly likely to comfortably” beat Street estimates on product revenue and operating income.
Lee expects momentum to continue from Snowflake Intelligence, Cortex Code, and Observe — three products he sees as driving AI adoption across more than 9,000 accounts.
Options Market Signals a Big Move
Options traders are pricing in a move of roughly 13.52% in either direction following the print. That’s above SNOW’s average post-earnings move of 11.85% over the past four quarters.
Wall Street overall leans bullish. The consensus sits at Strong Buy, based on 28 Buy ratings and two Holds. The average price target of $224.32 implies about 30% upside from current levels.
Peers in the data and analytics space set a decent backdrop heading into the report. DigitalOcean posted 22.4% revenue growth last quarter and beat estimates by 3.3%. Commvault grew 13.3% and topped estimates by 1.6%.
Investor sentiment across the segment has been positive, with peer stocks up roughly 10% on average over the past month.
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