Key Stats for Snowflake Stock
- Current Price: $328.92
- Target Price (Mid): ~$822
- Street Target: ~$307
- Potential Total Return: ~150%
- Annualized IRR: ~23% / year
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What Happened?
Snowflake (SNOW) closed at $328.92 on August 14, just under its 52-week high of $341.95. Anyone searching the stock right now is asking one uncomfortable question: after a run this size, into a company that still loses money on a GAAP basis, is there anything left for a new buyer?
What makes the question sharp is the spread of opinion heading into the September 2 earnings print. On July 29, Wells Fargo set the Street-high target at $500, and RBC (to $372 on August 14) and Evercore (to $360 on August 10) have piled on since. Yet TIKR’s average Street target sits at $307.37, below where the stock trades. So the boldest analysts see 50% upside while the average target is already underwater, and a buyer at $329 has to decide which number to believe, days before earnings.
Why One Bank Sees $500, and the Average Sees Less Than Today
The gap comes down to a single question the whole market got wrong earlier this year: Does AI shrink Snowflake or feed it?
For four months in early 2026, the fear was that AI agents would gut consumption software, and the stock fell 56.30% from its high to an April 10 low of $118.30. Wells Fargo analyst Ryan MacWilliams argued the opposite after surveying Snowflake customers: AI is driving them to upload more data and run more workloads, not fewer. His four-word summary, “the game has changed,” captures why his target is Wall Street’s highest. It is the same logic management pressed at its June 2 Investor Day, where the pitch was that the differentiation in enterprise AI is access to the right data, not the models, which puts Snowflake in front of the workload rather than under it.
The May 27 quarter is the evidence both camps argue over. Snowflake reported first-quarter fiscal 2027 revenue of $1,390.95 million, up 33% year over year, and the stock jumped 36.48% in a single session. Product revenue growth accelerated to 34%, up from 30% the prior quarter and 26% a year earlier, which management credited largely to Cortex Code (CoCo), its AI coding agent that reached general availability in February. For a consumption business, acceleration is the tell: usage was rising, not fading. The stock has since run about 178% off its April low.
The average target lags all of this because a consensus mean is slow. TIKR’s $307.37 figure is dated August 14 and has not caught up to the newest revisions, so it reflects where the Street was, not where its loudest members now are. That lag is the buyer’s real question: is $307 the anchor, or is it about to move?
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The Valuation Is the Whole Argument
Snowflake trades at about 155 times next-twelve-month adjusted earnings and roughly 98 times NTM EV/EBITDA, and it still posts GAAP losses. Those are multiples you defend with a growth rate, and only if the growth rate holds for years. Against the nearest large-cap comparable on TIKR’s Competitors page, IBM at about 3.9 times NTM revenue, Snowflake’s 17.4 times looks extreme, though the two grow at opposite speeds and were never a fair match. There is no version of this where the stock is cheap.
What backs the multiple is the durability underneath it, and the June 2 Investor Day made that case better than the earnings call did. CFO Brian Robins put the top 25 customers at an average of $34 million a year, up from $22 million two years earlier, while the average Fortune 2000 customer spends just $2.4 million, which is the room left to expand. Management is committed to GAAP profitability by the fourth quarter of fiscal 2028, funded by discipline rather than a revenue bet, with net headcount up just 17 in a recent quarter. The company’s investor relations materials lay out the model in full. A company growing 30% while adding almost no people is the operating-leverage story the price needs.
Snowflake’s revenue turns entirely on how much customers choose to run, so one budget-tightening cycle slows the engine without a single lost logo. Databricks, valued at around $190 billion in private markets, keeps closing the gap in the AI workloads Snowflake is counting on. And the April collapse is the standing warning that a premium multiple gives back fast when sentiment turns.
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TIKR Advanced Model Analysis
- Current Price: $328.92
- Target Price (Mid): ~$822
- Potential Total Return: ~150%
- Annualized IRR: ~23% / year
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Using TIKR’s mid-case scenario, realized at the January 2031 fiscal year-end, the model reaches a target near $822, about 150% of upside and roughly a 23% annualized return over the next four and a half years. The drivers:
- Revenue, driver one: the expansion motion, lifting the average large customer toward the $34 million that the top cohort already pays.
- Revenue, driver two: the AI-product ramp, where Cortex Code (CoCo) pulls new consumption onto the platform.
- Margin: operating leverage, with net income margin climbing toward the mid-teens as headcount stays flat and the fiscal 2028 GAAP-profitability plan lands.
- Primary risk: a consumption slowdown or a Databricks share shift compresses growth, and at 155 times earnings, the stock has far to fall before it looks cheap.
Notably, the mid case assumes essentially no multiple expansion, which is the honest way to model a stock already this expensive. The return comes from the business growing into the price, not the market paying more for it. Upside: if AI workloads compound faster than modeled, the annualized return pushes toward the mid-20s. Downside: a single soft consumption quarter takes the multiple back toward April.
Conclusion
The answer comes September 2, after the close, when Snowflake reports second-quarter fiscal 2027 results. Watch product revenue growth: holding at or above 30%, with net revenue retention steady near 126%, confirms the acceleration is structural and gives the multiple something to stand on. A slip back toward the mid-20s, or any wobble in consumption, is the number that takes a 155-times stock back toward April. For a buyer asking whether it is too late, the print is the answer, and it arrives on September 2.
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Should You Invest in Snowflake?
The only way to really know is to look at the numbers yourself. TIKR gives you free access to the same institutional-quality financial data that professional analysts use to answer exactly that question.
Pull up Snowflake, and you’ll see years of historical financials, what Wall Street analysts expect for revenue and earnings in the quarters ahead, how valuation multiples have moved over time, and whether price targets are trending up or down.
You can build a free watchlist to track Snowflake alongside every other stock on your radar. No credit card required. Just the data you need to decide for yourself.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!