AI product adoption - Co said increased adoption of AI offerings, including CoCo and CoWork, contributed to product revenue growth
Core platform momentum - Growth in core data platform usage supported revenue acceleration, per CFO Brian Robins
Customer expansion - Net new customer additions, including Global 2000 firms, contributed to business growth
Analyst coverage and valuation
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 46 "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the it services & consulting peer group is "buy"
Wall Street's median 12-month price target for Snowflake Inc. is $322.50, about 0.8% above its September 1 closing price of $319.80
The stock recently traded at 134 times the next 12-month earnings vs. a P/E of 119 three months ago
Guidance raised for FY27 and Q3
Snowflake raises FY27 product revenue guidance to $6.07 bln, up 36% year-over-year
Company sees Q3 FY27 product revenue of $1.588 bln to $1.593 bln, up 37%-38%
Company expects FY27 non-GAAP operating margin of 14.5%, up from prior 13.5%
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