Snowflake Inc. (SNOW) Down 17.7% Since Q3 2026, Here's What You Need to Know

​Snowflake Inc. (NYSE:SNOW) is one of the Best SaaS Stocks to Buy Right Now. The share price of Snowflake Inc. (NYSE:SNOW) has fallen more than 17.7% since its fiscal Q3 2026 earnings release on December 3. The cautious investor sentiment comes despite the company exceeding Wall Street estimates and is mainly due to concerns regarding slowing growth. However, Wall Street maintains a positive outlook with analysts’ 12 month average price target reflecting more than 29% upside from the current level.

​Recently, on December 8, Tyler Radke from Citi reiterated a Buy rating on the stock and lowered its price target from $310 to $300. Earlier on December 4, UBS maintained a Buy rating on Snowflake Inc. (NYSE:SNOW) with a $310 price target.

​The company during fiscal Q3 2026 grew its revenue by 28.75% year-over-year to $1.21 billion, surpassing estimates by $28.9 million. Moreover, the EPS of $0.35 also came in ahead of the expectations by $0.04. Management attributed the growth to continued strength in the company’s core business and expansion into data engineering and AI workloads. Notably, management also reported a net revenue retention rate of 125% and also added a record 615 new customers during the quarter.

​Tyler Radke from Citi lowered the price target on Snowflake Inc. (NYSE:SNOW) despite the performance. The analyst noted the earnings beat was lower than the firm’s expectations, although he believes the Q4 sales guidance of 27% is strong.

​Analysts at UBS also called the recent quarter slightly disappointing. The firm highlighted that the 29% product revenue growth in the third quarter was lower than the 32% growth in the second quarter, reflecting a slight slowdown in quarter-over-quarter growth. UBS also cited optimistic Q4 guidance as a key factor behind its positive outlook on the stock.

​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.

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Disclosure: None. This article is originally published at Insider Monkey.