Snowflake (NYSE:SNOW) is heading into its September 2 earnings report with a strong growth narrative. Prior to earnings, on August 20, TD Cowen raised its price target on the stock to $370 from $300 while maintaining a Buy rating.
The firm is not alone, Deutsche Bank, Truist, Bofa, and UBS have all raised their targets recently. Almost everyone is talking about Cortex Code, an AI-powered coding agent built directly into the Snowflake data cloud.
Branded as CoCo, the AI coding tool has driven Snowflake's best sequential growth in its history. We know that AI is improving Snowflake's growth story, but how much of the improvement is already priced in?
For the first quarter of fiscal 2027, Snowflake achieved revenue of $1.39 billion, representing 33% year-over-year growth. According to CEO Sridhar Ramaswamy, the milestone quarter reported product revenue of $1.33 billion, up 34% year-over-year, marking the strongest sequential dollar growth in company history.
Remaining performance obligations were $9.21 billion, representing 38% year-over-year growth. Cortex Code and Snowflake Intelligence, in particular, are becoming central for Snowflake's vision of the Agentic Enterprise.
#code #raised
The firm is not alone, Deutsche Bank, Truist, Bofa, and UBS have all raised their targets recently. Almost everyone is talking about Cortex Code, an AI-powered coding agent built directly into the Snowflake data cloud.
Branded as CoCo, the AI coding tool has driven Snowflake's best sequential growth in its history. We know that AI is improving Snowflake's growth story, but how much of the improvement is already priced in?
For the first quarter of fiscal 2027, Snowflake achieved revenue of $1.39 billion, representing 33% year-over-year growth. According to CEO Sridhar Ramaswamy, the milestone quarter reported product revenue of $1.33 billion, up 34% year-over-year, marking the strongest sequential dollar growth in company history.
Remaining performance obligations were $9.21 billion, representing 38% year-over-year growth. Cortex Code and Snowflake Intelligence, in particular, are becoming central for Snowflake's vision of the Agentic Enterprise.
#code #raised
23 days ago
