On July 31, Snowflake rose 3.32% in after-hours trading, trading at 306.0 USD/share, with turnover of $14.48 million. The rally was driven by a convergence of bullish catalysts including multiple investment bank upgrades and a sector-wide revaluation triggered by competitor Databricks' valuation surge.

On the news front, several major banks raised their price targets on Snowflake: UBS lifted its target to $370, RBC Capital Markets raised to $313 while maintaining an Outperform rating, Deutsche Bank increased to $300, and Jefferies maintained a Buy rating with a $310 target, noting Snowflake could rise an additional 14%. The upgrades were partly catalyzed by Databricks completing a $3 billion funding round at a $188 billion valuation, prompting a broad revaluation of the AI data platform sector.

Additionally, Snowflake recently launched Cortex AI Gateway and multiple AI security features designed to help enterprises safely scale their agentic ecosystems, further reinforcing its competitive positioning in enterprise AI infrastructure.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)