Oppenheimer Says Cortex Code Is Driving Increased Consumption; Raises PT On Snowflake (SNOW) To $295

Snowflake Inc. (NYSE: SNOW ), with significant hedge fund interest, ranks among the 10 best SaaS stocks to buy according to hedge funds . As of Q1 2026, 80 hedge funds held bullish positions in the stock, representing $2.91 billion in aggregate value.

Fresh analyst support came for Snowflake Inc. (NYSE:SNOW) following its fiscal Q1 2027 results.

On May 28, 2026, Oppenheimer raised its price target on Snowflake Inc. (NYSE:SNOW) to $295 from $250 and kept an “Outperform” rating on the shares. The firm said Snowflake delivered impressive first-quarter results well ahead of expectations, with product revenue growth of 33.9% year-over-year and acceleration in both core data and new AI workloads. Oppenheimer pointed to Cortex Code topping 7,100 accounts in its first quarter as an encouraging AI signal, noting it is already driving increased consumption.

Snowflake Inc. (NYSE:SNOW) released its results on May 27, 2026.

First-quarter product revenue came in at $1.39 billion, ahead of the analyst consensus estimate of $1.32 billion. Snowflake Inc. (NYSE:SNOW) raised its fiscal 2027 product revenue forecast to $5.84 billion from $5.66 billion. CEO Sridhar Ramaswamy said the increase reflected strength in the core data platform business and meaningful uplift from AI capabilities. For the second quarter, Snowflake guided for product revenue of $1.415 billion to $1.420 billion, above the prior analyst estimate of $1.37 billion.

Meanwhile, Snowflake Inc. (NYSE:SNOW) announced a five-year, $6 billion deal with Amazon Web Services to use AWS Graviton processors and AI infrastructure. The agreement includes deeper product integrations around generative and agentic AI, expanded go-to-market efforts through AWS Marketplace, and workload migrations aimed at helping businesses move from experimenting with AI to deploying it routinely.

Snowflake Inc. (NYSE:SNOW) is an American cloud-based data platform company. It offers an AI Data Cloud platform, which enables organizations to build, use, and share data, applications, and AI.

While we acknowledge the potential of SNOW as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock . READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years .Disclosure: None. Follow Insider Monkey on Google News .