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Snowflake Inc. (SNOW) Stock Declines While Market Improves: Some Information for Investors
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Snowflake Inc. (SNOW - Free Report) closed at $144.26 in the latest trading session, marking a -0.6% move from the prior day. The stock trailed the S&P 500, which registered a daily gain of 1.05%. On the other hand, the Dow registered a gain of 0.67%, and the technology-centric Nasdaq increased by 1.64%.
Shares of the company witnessed a loss of 2.46% over the previous month, beating the performance of the Computer and Technology sector with its loss of 2.51% and underperforming the S&P 500's loss of 2.21%.
Market participants will be closely following the financial results of Snowflake Inc. in its upcoming release. The company plans to announce its earnings on November 29, 2023. On that day, Snowflake Inc. is projected to report earnings of $0.10 per share, which would represent a year-over-year decline of 9.09%. Simultaneously, our latest consensus estimate expects the revenue to be $710.54 million, showing a 27.56% escalation compared to the year-ago quarter.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $0.66 per share and a revenue of $2.75 billion, representing changes of +164% and +32.92%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Snowflake Inc. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Snowflake Inc. presently features a Zacks Rank of #2 (Buy).
Digging into valuation, Snowflake Inc. currently has a Forward P/E ratio of 221.44. This expresses a premium compared to the average Forward P/E of 34.96 of its industry.
It's also important to note that SNOW currently trades at a PEG ratio of 3.42. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The average PEG ratio for the Internet - Software industry stood at 1.5 at the close of the market yesterday.
The Internet - Software industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 67, placing it within the top 27% of over 250 industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Snowflake Inc. (SNOW) Stock Declines While Market Improves: Some Information for Investors
Snowflake Inc. (SNOW - Free Report) closed at $144.26 in the latest trading session, marking a -0.6% move from the prior day. The stock trailed the S&P 500, which registered a daily gain of 1.05%. On the other hand, the Dow registered a gain of 0.67%, and the technology-centric Nasdaq increased by 1.64%.
Shares of the company witnessed a loss of 2.46% over the previous month, beating the performance of the Computer and Technology sector with its loss of 2.51% and underperforming the S&P 500's loss of 2.21%.
Market participants will be closely following the financial results of Snowflake Inc. in its upcoming release. The company plans to announce its earnings on November 29, 2023. On that day, Snowflake Inc. is projected to report earnings of $0.10 per share, which would represent a year-over-year decline of 9.09%. Simultaneously, our latest consensus estimate expects the revenue to be $710.54 million, showing a 27.56% escalation compared to the year-ago quarter.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $0.66 per share and a revenue of $2.75 billion, representing changes of +164% and +32.92%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Snowflake Inc. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Snowflake Inc. presently features a Zacks Rank of #2 (Buy).
Digging into valuation, Snowflake Inc. currently has a Forward P/E ratio of 221.44. This expresses a premium compared to the average Forward P/E of 34.96 of its industry.
It's also important to note that SNOW currently trades at a PEG ratio of 3.42. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The average PEG ratio for the Internet - Software industry stood at 1.5 at the close of the market yesterday.
The Internet - Software industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 67, placing it within the top 27% of over 250 industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.