Snowflake stock is up 46% in 2026 and is trading around $319 to $331 as the company heads into Wednesday afternoon earnings. With the stock already near its 12-month high, the report is likely to be judged not just on headline growth, but on whether Snowflake can sustain its recent momentum while showing that demand is still broad-based across enterprise data workloads.

Analysts expect adjusted earnings of $0.45 per share for fiscal second quarter, up from $0.35 a year earlier. Revenue is projected at $1.48 billion, which would represent nearly 30% year-over-year growth and a modest slowdown from the 33% growth reported last quarter. Snowflake’s own guidance called for product revenue of $1.415 billion to $1.42 billion and an adjusted operating margin of 12.5%.

Much of the stock’s 2026 gain came in a single session on May 28 after a strong fiscal first-quarter beat.

Analyst targets move higher

Rosenblatt Securities raised its price target on SNOW from $285 to $345 on Tuesday and kept a Buy rating. That target implies about 4% upside from the prior close.

Cantor Fitzgerald went further, lifting its target to $405 and maintaining an Overweight rating. The firm said it expects product revenue to beat company guidance by more than 3%.

KeyBanc also reiterated an Overweight rating and increased its target to $375 from $325. Across 34 buy-rated analysts, the consensus rating is a “Moderate Buy,” with an average price target of $333.08.

UBS analyst Karl Keirstead maintains a Buy rating and a $425 price target. He said Snowflake’s consumption-based pricing model is less exposed to AI disruption than traditional seat-based software.

Risks remain ahead of the report

At around $331, SNOW trades at roughly 16 times forward revenue, well above the broader software ETF (IGV), which trades at 7.7 times. Keirstead said the valuation “leaves little room for error.”

Insider selling has also been notable. Over the past three months, insiders sold 1.16 million shares worth about $321.7 million. EVP Christian Kleinerman sold 25,000 shares in August at $325 each.

Short sellers remain active as well, with near-record short interest reflecting continued skepticism despite the stock’s 2026 rally.

Competition is another key factor. Microsoft, private data platform Databricks, and AI models themselves are all competing for enterprise data workloads. Some KeyBanc survey respondents said they plan to use large-language models to optimize and potentially reduce their Snowflake spending.

However, those cost-cutting efforts are not yet operational. The argument that AI agents still need access to data could also benefit Snowflake.

Snowflake has moved a median of 14.1% in either direction after each of its last eight earnings reports, and options markets are pricing in another large move this week.

The stock has a 12-month high of $341.95 and a 12-month low of $118.30. Its 50-day moving average is $289.86.

Earnings are due Wednesday afternoon.