Why Snowflake Inc. (SNOW) Soared Today

We recently published a list of These 10 Stocks Soared by Double Digits Today! In this article, we are going to take a look at where Snowflake Inc. (NYSE:SNOW) stands against other stocks that soared today.

Cloud-based data storage provider Snowflake jumped by 13.43 percent on Thursday to close at $203.18 apiece following news that it cracked past the $1-billion revenue mark in the first quarter of fiscal year 2026.

In its financial statement, Snowflake Inc. (NYSE:SNOW) said that revenues increased by 25.7 percent to $1.04 billion during the period from the $829 million registered in the same period last year, on the back of higher product revenues.

A software engineer at work, surrounded by a wall of computer monitors connected to a ‘Data Cloud’ platform.

However, it remained at a 35-percent higher net loss of $430 million versus $318 million year-on-year.

For the second quarter, Snowflake Inc. (NYSE:SNOW) expects product revenues to grow by 25 percent to a range of $1.035 billion to $1.04 billion.

Following the results, Citi Group gave a Buy recommendation on the company’s stock, while also raising its price target to $245 from $235 previously. The new price target represented a 20.6-percent upside from its latest closing price.

Overall, SNOW ranks 10th on our list of stocks that soared today. While we acknowledge the potential of SNOW, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than SNOW and has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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