Why Did SNOW, DELL, TEAM Stocks Surge To 52-Week Highs Today?

• Snowflake shares hit a four-year high as Goldman Sachs and Raymond James raised their price targets, citing stronger enterprise AI adoption.
• Dell shares hit a record $530.78 fueled by strong Q2 earnings and AI server orders.
• BTIG raised Atlassian’s price target, expecting its new usage-based pricing model to boost revenue. 

Snowflake Inc. (SNOW), Dell Technologies (DELL) and Atlassian Corp. (TEAM) stocks each hit 52-week highs on Thursday as stronger AI demand, expanding backlogs and new pricing models fuel a broader re-rating of enterprise technology stocks. 

Snowflake stock jumped 16%, while Dell Technologies and Atlassian each climbed over 4%. 

Snowflake Rides The AI Momentum

Snowflake stock reached a four-year high of $384.56 after its fiscal second-quarter (Q2) FY27 results showed stronger-than-expected product revenue and profit. The company also lifted its fiscal 2027 product-revenue outlook to $6.07 billion from $5.84 billion, putting its forecast above Wall Street expectations.

On Thursday, Goldman Sachs raised Snowflake’s price target to $436 from $300 and kept a ‘Buy’ rating, seeing 22% upside to the stock’s last closing price. Raymond James also raised its target to $425, citing stronger enterprise AI use and Snowflake’s growing role in AI and data management.

On Stocktwits, retail sentiment around the stock remained in ‘extremely bullish’ territory. 

Dell Turns Backlog Into AI Tailwind

Dell stock reached a record high of $530.78 after a powerful Q2 earnings this week. Revenue rose 58% year-on-year to $46.97 billion, while net income surged 255% to $4.13 billion.

Dell’s Infrastructure Solutions Group generated $31.8 billion, an 89% jump with operating margins reaching 15%. More importantly, AI server orders totaled $60.9 billion during the quarter, pushing the company’s AI backlog to approximately $95 billion.

TD Cowen raised Dell’s price target to $500 from $450, citing strong results and rising AI server demand, now expected to reach $74 billion in the fiscal year 2027. Retail sentiment around the stock remained in ‘extremely bullish’ territory. 

Atlassian Bets On Usage-Based Pricing

Atlassian stock reached an annual high of $198.60, as investors responded to expectations for stronger monetization from its software platform.

BTIG increased its price target to $230 from $180 and retained a ‘Buy’ rating. The firm expects Atlassian’s upcoming usage-based pricing system to provide a bigger benefit than last year’s cloud price increases, with metering scheduled to begin Dec. 3. Retail sentiment around the stock remained in ‘bearish’ territory. 

So far this year, SNOW, DELL, and TEAM stocks have gained between 20% and 310%.

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