Expanding Clientele Aids Snowflake's Prospects: What's the Path Ahead?
Snowflake ended the first quarter with 11,578 total customers, including 606 generating over $1 million in trailing 12-month product revenue. The Zacks Consensus Estimate for customers is pegged at 634 for the second quarter, up 24% year on year, underscoring continued traction across large enterprise accounts.
Remaining performance obligations (RPO) rose 34% year over year to $6.7 billion in the first quarter of fiscal 2026. RPO reflects the value of signed contracts not yet billed and is a key indicator of future revenue visibility and sustained demand. The Zacks Consensus Estimate for second-quarter RPO is pegged at $6.84 billion, up 31% from the figure reported year ago.
A growing product suite and strategic integrations are expected to drive RPOs for Snowflake. The company is extending its AI-native capabilities through Cortex AISQL, SnowConvert AI, Openflow and new Agentic products in the Marketplace. The Crunchy Data acquisition strengthens its Postgres offering, and the Acxiom partnership is expected to scale AI-driven marketing use cases. Snowflake is gaining traction across large enterprise accounts like Siemens, AstraZeneca and Samsung Ads. These moves are expected to help deepen platform adoption over time.
With rising RPO, expanding platform utility and strong enterprise engagement, Snowflake appears well-positioned to deliver consistent growth through fiscal 2026.
SNOW Faces Stiff Competition
Snowflake's AI-native platform is facing growing competition from Microsoft MSFT and ServiceNow NOW, both expanding their presence in enterprise-grade AI workflows. Microsoft is scaling Azure Synapse and Fabric to unify analytics, storage and foundation model access. With native integration of OpenAI and a broad cloud stack, Microsoft is emerging as a strong rival to Snowflake in data-driven AI deployments.
ServiceNow is gaining momentum with Now Assist, embedding generative AI directly into IT, HR and customer service workflows. Now Assist delivers grounded copilots and low-code automation that mirror Cortex's enterprise use cases. As ServiceNow and Microsoft expand AI capabilities, Snowflake's ability to stand out may depend on faster product cycles and deeper in-platform integration.
SNOW's Share Price Performance, Valuation and Estimates
Snowflake shares have appreciated 36.9% year to date, outperforming the broader Zacks Computer & Technology sector's return of 9.5% and the Zacks Internet Software industry's increase of 15.9%.
SNOW's YTD Price Performance
Snowflake stock is trading at a premium, with a forward 12-month Price/Sales of 14.43X compared with the industry's 5.79X. SNOW has a Value score of F.
SNOW's Valuation
The Zacks Consensus Estimate for SNOW's fiscal 2026 earnings is pegged at $1.06 per share, unchanged over the past 30 days. The figure indicates a 27.71% increase year over year.
Snowflake currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
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