Snowflake Q1 Revenue Rises 33.5% to $1.39B; Price Target Hits $320
SNOW•Snowflake’s Q1 2027 revenue rose 33.5% year-over-year to $1.39 billion, while EPS of $0.39 beat estimates by $0.07. Monness raised its price target to $320 and Snowflake secured a $6 billion multi-year AWS deal alongside a 126% net revenue retention rate.
1. Q1 2027 Earnings Beat
Snowflake reported Q1 2027 EPS of $0.39, beating consensus by $0.07, and delivered total revenue of $1.39 billion, up 33.5% year-over-year. Product revenue grew 34% to $1.33 billion, underscoring strong demand for its data cloud services.
2. Strategic AWS Partnership and AI Adoption
The company finalized a new $6 billion multi-year agreement with AWS to expand its data cloud footprint. Usage of AI tools like Cortex Code more than doubled from the prior quarter, highlighting accelerating enterprise adoption.
3. Analyst Rating and Future Outlook
Monness reiterated a Buy rating and lifted its price target to $320, reflecting confidence in Snowflake’s growth trajectory and recurring revenue strength. Remaining performance obligations rose 38% to $9.21 billion, indicating a solid contracted revenue pipeline.
