With the decline, the stock was up about 40% year to date. That compares with nearly a 3% decline in the iShares Expanded Tech-Software Sector ETF IGV.P in 2026.
Of 52 brokerages covering SNOW, the recommendation breakdown is 46 "strong buy" or "buy", 5 "hold" and 1 "sell"; the median price target is $331, up from $300 a month ago.
Shares fall ahead of quarterly report
Shares of cloud firm Snowflake SNOW.N fell 4.4% to $305.83 on Wednesday ahead of a quarterly report due after market close, with investors watching for continued momentum in AI-driven revenue.
Analysts expect second-quarter revenue to rise about 29% year over year to $1.48 billion and adjusted EPS of $0.45, up from $0.35 a year ago, according to LSEG.
AI adoption and analyst expectations remain in focus
On May 28, SNOW shares surged about 36% after the company raised its annual product revenue forecast and signed a $6 billion deal with Amazon Web Services AMZN.O amid strong enterprise AI adoption.
Rosenblatt, which has a "buy" rating on the stock, hiked its price target from $285 to $345 on Tuesday.
"We continue to see Snowflake as having a significant medium-term growth opportunity driven by ongoing data warehouse migration to the Snowflake platform and the utilization of the new AI capabilities of its data-native coding agent CoCo," Rosenblatt wrote in a note to clients.
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