Snowflake Inc. (NYSE:SNOW) ranks among the best growth stocks to buy and hold for the long term. Following the company’s Q4 earnings results, Macquarie reduced its price target for Snowflake Inc. (NYSE:SNOW) to $177 from $250 and maintained a Neutral rating on the company’s shares. The company reported $1.23 billion in product revenue for the quarter, a 30% year-over-year increase that exceeded the upper end of forecasts by $27 million.

During the quarter, Snowflake Inc. (NYSE:SNOW) added 740 net new customers, setting a company record. The company also booked a historic $1.9 billion in remaining performance commitments, which includes its largest deal ever, worth $400 million.

Snowflake Inc. (NYSE:SNOW) issued initial fiscal 2027 product revenue projections of $5.66 billion, representing a 27% year-over-year increase and $116 million above average expectations. The guidance includes the Observe acquisition, which is projected to bring one percentage point of growth.

Snowflake Inc. (NYSE:SNOW) offers a cloud-based data platform that enables organizations to store, manage, analyze, and securely share data across multiple cloud providers.

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