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.