RESEARCH REPORT
Snowflake Inc.
SNOW
$332.43
As of 2026-09-20
Research note — 2026-09-20. Educational analysis, not financial advice.
The one-line version
Snowflake Inc. trades near $332.43 on a trailing multiple of about 110.3x, against contested Street targets and the usual concentration and execution risks. That's the tension. Everything below is the detail.
That's the tension. Everything below is the detail.
1. What you're paying
| Now | Its own unavailable median | Gap | |
|---|---|---|---|
| P/E (trailing) | ~110.3 | ~n/a | n/a |
| P/E (forward) | ~110.3 | — | — |
| EPS (TTM) | -3.16 | — | — |
| Gross margin | 67.0% | — | — |
What that means in plain terms: the gap versus the company's own history is the growth or durability the market is already pricing. It is not automatically wrong — it is the bet.
Fair-value anchors on file:
- Street mean target: $425.19 — Average published analyst target.
- Street target midpoint: $317.50 — Midpoint of $110.00–$525.00 published range.
Street targets run from $110.00 to $525.00. A wide spread means the name is contested, not consensus.
2. What the bulls are counting on
- Sector Update: Tech Stocks Rise Late Afternoon
- Is Palantir's Lead Over Its Peers Already Priced In?
- Surging Earnings Estimates Signal Upside for Snowflake (SNOW) Stock
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Bull case, bear case, assumptions, and what to watch next.
3. What the bears see
- What Happens To Snowflake Stock If AI Keeps Costing It Margin?
- Dan Ives Says AI Leaders Can't 'Stop The Elevator' With Meta In The 'Ferrari Left Lane' As AI Race Accelerates
- Snowflake's Product Revenue Accelerates: Can It Outpace DELL & ORCL?
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Bull case, bear case, assumptions, and what to watch next.
4. What would have to be true
For the stock to justify ~110.3x rather than its unavailable ~n/ax, roughly all of the following need to neutral:
- Growth or margin durability shows up in the next several reports, not just in narrative.
- Key revenue concentrations survive competitive and regulatory pressure.
- Execution on the current product or services cycle stays on schedule.
- The Street target range compresses as results clarify the contested assumptions.
Ask yourself honestly: how many of those would you bet on individually? Multiply your answers together.
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Bull case, bear case, assumptions, and what to watch next.
5. What to watch next
- Next earnings date: 2026-12-01
- Trailing and forward multiples versus the company's own history
- Segment growth rates in the next 10-Q / earnings release
- Material Form 4 and 13F changes
- Whether the Street high-to-low target spread narrows or widens
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Bull case, bear case, assumptions, and what to watch next.
6. What this note does not do
It doesn't tell you to buy or sell. It won't, ever.
You have the valuation in context, the strongest version of both cases, and the specific assumptions the current price depends on. What you do with that depends on your time horizon, your existing exposure, your risk tolerance, and what else you could do with the money — none of which we know.
If you want someone to tell you what to do, you want a licensed financial adviser, and that is a genuinely reasonable thing to want.
Educational and informational purposes only. Not investment advice and not a recommendation to buy or sell any security. GetStockReport is not a registered investment adviser. Figures are as of 2026-09-20 and go stale quickly — verify against primary sources before acting. All investments carry risk including loss of principal. Past performance does not guarantee future results.
8. Analyst ratings & targets
No recent activity
Analyst opinions change frequently. Past upgrades do not predict future returns.
9. Important news
Sep 18, 2026|Sector Update: Tech Stocks Rise Late Afternoon(Yahoo)
Tech stocks rose late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK
Sep 18, 2026|Is Palantir's Lead Over Its Peers Already Priced In?(Yahoo)
Palantir Technologies (PLTR) grew revenue faster over the past twelve months than every company in its peer group, and only one company in that group earns a wider operating margin. Palantir also carries the group's highest earnings multiple. Over those same twelve months the stock returned less than the S&P 500. The operational lead is evident, but current market valuations appear to price in much of that outperformance.
Sep 18, 2026|What Happens To Snowflake Stock If AI Keeps Costing It Margin?(Yahoo)
Snowflake (SNOW) has returned about 53% over the past year, and its product revenue growth has accelerated for three straight quarters. In early September, the company cut its fiscal 2027 non-GAAP product gross margin guide by a point, to 74%, pointing to a heavier mix of fast-growing AI workloads that carry a lower contribution margin. So what happens to the stock if that mix keeps shifting.
Sep 18, 2026|Dan Ives Says AI Leaders Can't 'Stop The Elevator' With Meta In The 'Ferrari Left Lane' As AI Race Accelerates(Yahoo)
Ives pointed to Meta’s roughly 3.5 billion users, noting that companies with large existing user bases have an advantage in monetizing AI.
Sep 18, 2026|Snowflake's Product Revenue Accelerates: Can It Outpace DELL & ORCL?(Yahoo)
SNOW's product revenues jump 37% in fiscal Q2 as AI adoption, core platform consumption, and enterprise expansion strengthen its competitive position.
News headlines are reported as-is. Verify important claims with original sources.
10. Insider Form 4 activity
| Date | Executive | Action | Shares | Value |
|---|---|---|---|---|
| Sep 14, 2026 | Dageville Benoit | Sell | 100,000 | $0 |
| Sep 15, 2026 | Dageville Benoit | Sell | 931 | $309,417.85 |
| Sep 15, 2026 | Dageville Benoit | Sell | 864 | $287,150.4 |
| Sep 15, 2026 | Dageville Benoit | Sell | 242 | $80,428.7 |
| Sep 15, 2026 | Beaulier Jonathan Mead (Chief Revenue Officer) | Sell | 101 | $33,567.35 |
| Sep 15, 2026 | Beaulier Jonathan Mead (Chief Revenue Officer) | Sell | 7,776 | $2.6M |
| Sep 16, 2026 | Beaulier Jonathan Mead (Chief Revenue Officer) | Sell | 12,292 | $4.1M |
| Sep 15, 2026 | Ho Emily (Chief Accounting Officer) | Sell | 250 | $83,087.5 |
Form 4 filings are routine transactions. Scheduled sales (10b5-1 plans) are normal and not signals.
11. Institutional 13F holdings
| Fund | Shares | Position | Change |
|---|---|---|---|
| BlackRock | 70,527 | $9.5B | — |
| Vanguard Group | 27,143,399 | $6.0B | — |
| State Street | 7,957,874 | $2.0B | — |
| Invesco | 7,147,000 | $11.9M | — |
These are 45-day lagged filings (SEC requirement). Position changes happened in the past.
12. Earnings this week
No recent activity
Earnings dates are estimates and may shift. EPS estimates are consensus, not predictions.