Overview
- Snowflake will report fiscal Q2 2027 results after the market close on Wednesday, Sept. 2, with Wall Street consensus near $1.48 billion in revenue and $0.45 in adjusted EPS.
- Cantor Fitzgerald raised its price target to $405 and expects product revenue to top Snowflake’s guidance midpoint by more than 3%, signaling analysts broadly expect a modest beat.
- The stock has been sharply rerated during 2026 as investors bet on AI workloads, the shares sit near 52-week highs after a multi-month rally, and options markets imply roughly a 12% post-earnings move.
- Analysts point to Cortex Code as a key incremental driver, estimating roughly 15–20% customer adoption and saying deeper deployments could boost platform consumption.
- Risks highlighted before the print include large insider share sales, competition from Microsoft and Databricks, and the central question of whether new AI spend will offset customer cost-cutting and contract optimization.