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Why Snowflake Inc. (SNOW) Dipped More Than Broader Market Today
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Snowflake Inc. (SNOW - Free Report) ended the recent trading session at $206.25, demonstrating a -1.57% swing from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily loss of 0.06%. On the other hand, the Dow registered a gain of 0.35%, and the technology-centric Nasdaq decreased by 0.76%.
The company's stock has climbed by 5.3% in the past month, falling short of the Computer and Technology sector's gain of 6.36% and outpacing the S&P 500's gain of 3.36%.
The investment community will be closely monitoring the performance of Snowflake Inc. in its forthcoming earnings report. The company is scheduled to release its earnings on February 28, 2024. The company's earnings per share (EPS) are projected to be $0.17, reflecting a 21.43% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $757.98 million, indicating a 28.69% growth compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates project earnings of $0.79 per share and a revenue of $2.79 billion, demonstrating changes of +216% and +35.05%, respectively, from the preceding year.
Any recent changes to analyst estimates for Snowflake Inc. should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Currently, Snowflake Inc. is carrying a Zacks Rank of #4 (Sell).
In the context of valuation, Snowflake Inc. is at present trading with a Forward P/E ratio of 266.28. This represents a premium compared to its industry's average Forward P/E of 34.36.
The Internet - Software industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 66, placing it within the top 27% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Why Snowflake Inc. (SNOW) Dipped More Than Broader Market Today
Snowflake Inc. (SNOW - Free Report) ended the recent trading session at $206.25, demonstrating a -1.57% swing from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily loss of 0.06%. On the other hand, the Dow registered a gain of 0.35%, and the technology-centric Nasdaq decreased by 0.76%.
The company's stock has climbed by 5.3% in the past month, falling short of the Computer and Technology sector's gain of 6.36% and outpacing the S&P 500's gain of 3.36%.
The investment community will be closely monitoring the performance of Snowflake Inc. in its forthcoming earnings report. The company is scheduled to release its earnings on February 28, 2024. The company's earnings per share (EPS) are projected to be $0.17, reflecting a 21.43% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $757.98 million, indicating a 28.69% growth compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates project earnings of $0.79 per share and a revenue of $2.79 billion, demonstrating changes of +216% and +35.05%, respectively, from the preceding year.
Any recent changes to analyst estimates for Snowflake Inc. should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Currently, Snowflake Inc. is carrying a Zacks Rank of #4 (Sell).
In the context of valuation, Snowflake Inc. is at present trading with a Forward P/E ratio of 266.28. This represents a premium compared to its industry's average Forward P/E of 34.36.
The Internet - Software industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 66, placing it within the top 27% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.