Snowflake Stock Shows a Hammer Pattern as Analysts Revise Earnings Higher

Snowflake’s decline showed a possible reversal signal

A November 9, 2026, Zacks analysis said Snowflake’s stock had lost 9.9% over the preceding week but formed a hammer candlestick pattern in its latest session. The pattern can indicate that selling pressure is being exhausted and that buyers may be regaining control, though the analysis cautioned that it should be used with other indicators. The report presented a possible trend reversal, not a confirmed recovery or an investment recommendation.

The original analysis and its MetaTrader republication carried the same core assessment. They identified the hammer pattern as a technical signal that Snowflake could find support, while also noting its limitations as an indicator.

Earnings estimates moved in Snowflake’s favor

Zacks reported that Snowflake’s consensus EPS estimate for the current year had increased 1.4% over the previous 30 days. It characterized the revisions as evidence that analysts were increasingly aligned around the possibility of better earnings than they had previously estimated; the figure was a forecast estimate, not a reported earnings result.

Snowflake also carried a Zacks Rank #2, designated Buy, which placed it in the top 20% of more than 4,000 stocks ranked by Zacks using earnings-estimate revisions and EPS surprises. The ranking is the analyst’s assessment rather than a company disclosure.

The reported user-growth metric favored the bullish case

The analysis also said Snowflake, described as a software-as-a-service company, had increased its user base by 22% year over year. It further asserted that the growth rate was increasing and that margins were expanding as AI efficiency improved, but the supplied passage was truncated before the supporting details for that comparison. Accordingly, the 22% user-growth figure is supported, while the more specific margin comparison is not fully documented in the reviewed evidence.

Separate analysis found the broader trend still bearish

A separate November 9 technical report said Snowflake was trading at $276.03, down 0.51%, with a 24-hour range of $283.14 to $273.98. It identified immediate support at $272.29 and stronger support at $268.56, while the stock remained below its 7-day, 20-day and 50-day simple moving averages of $279.66, $304.86 and $324.10, respectively.

That analysis also reported a daily RSI of 31.62, negative MACD readings and a taker buy-sell ratio of 0.3049. It interpreted those measures as showing a weak trend and continued aggressive selling. Derivatives positioning was described as conflicted: funding was positive and open interest was rising, but price strength had not confirmed the new positioning. The report’s technical conclusion differed from the primary analysis’s more bullish interpretation of the hammer pattern, showing that the reversal case remained contested.

Analyst price targets were constructive but varied

The supporting report cited TipRanks data showing 36 analysts with an average target of $438.39, compared with a reported last price of $275.88. It separately cited StockAnalysis data showing 52 analysts with a consensus target of $427.33 and a Strong Buy rating. It also listed Bank of America Securities at a $470 target, Truist at $425, Needham at $450, and J.P. Morgan maintaining a Buy rating without a target.

Those are analyst opinions and targets rather than guarantees of future performance. The report itself said they represented medium-term valuation views and not a trade signal for the next session.

Earnings are the next dated company catalyst

Snowflake said on November 2 that it planned to release third-quarter fiscal 2027 results after the U.S. market close on December 2, with a conference call at 2 p.m. Pacific Time. The scheduled release is the clearest upcoming company-specific checkpoint identified in the reporting; whether Snowflake’s stock reverses before then remains uncertain because the reviewed technical evidence was divided.