On May 29, Snowflake rose 3.13% in regular trading, trading at $244.58/share, with trading volume of $787 million. The stock continued its upward trajectory following a 36% surge in the prior session.

The sustained rally is driven by Snowflake's Q1 fiscal 2027 results released on May 27 after market close. The company reported adjusted EPS of $0.39 versus the $0.32 consensus estimate, while revenue of $1.39 billion (up 33% YoY) topped the $1.324 billion expectation. Management raised full-year product revenue guidance to $5.84 billion, surpassing Wall Street's $5.67 billion forecast.

Additionally, Snowflake announced a five-year, $6 billion strategic procurement agreement with AWS, covering Graviton processors and AI-focused GPUs, representing a significant scale-up from prior commitments. The company noted AI product adoption is accelerating, with Cortex Code users doubling quarter-over-quarter to 7,100 customers.

Multiple investment banks raised price targets post-earnings: Morgan Stanley to $300, Wedbush to $280, and Macquarie to $200, reflecting broad optimism around Snowflake's AI monetization trajectory.

(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.)