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Why Snowflake Inc. (SNOW) Outpaced the Stock Market Today
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In the latest trading session, Snowflake Inc. (SNOW - Free Report) closed at $160.95, marking a +0.73% move from the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.48%. Meanwhile, the Dow gained 0.32%, and the Nasdaq, a tech-heavy index, added 0.75%.
The company's shares have seen an increase of 5.14% over the last month, surpassing the Computer and Technology sector's gain of 1.47% and the S&P 500's gain of 2%.
Analysts and investors alike will be keeping a close eye on the performance of Snowflake Inc. in its upcoming earnings disclosure. The company's earnings report is set to go public on May 22, 2024. The company's upcoming EPS is projected at $0.16, signifying a 6.67% increase compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $786.95 million, up 26.2% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $0.85 per share and revenue of $3.38 billion, which would represent changes of -13.27% and +20.44%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Snowflake Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Currently, Snowflake Inc. is carrying a Zacks Rank of #3 (Hold).
In terms of valuation, Snowflake Inc. is presently being traded at a Forward P/E ratio of 187.25. This valuation marks a premium compared to its industry's average Forward P/E of 29.91.
It is also worth noting that SNOW currently has a PEG ratio of 10.95. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Internet - Software industry held an average PEG ratio of 1.65.
The Internet - Software industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 68, which puts it in the top 27% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Why Snowflake Inc. (SNOW) Outpaced the Stock Market Today
In the latest trading session, Snowflake Inc. (SNOW - Free Report) closed at $160.95, marking a +0.73% move from the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.48%. Meanwhile, the Dow gained 0.32%, and the Nasdaq, a tech-heavy index, added 0.75%.
The company's shares have seen an increase of 5.14% over the last month, surpassing the Computer and Technology sector's gain of 1.47% and the S&P 500's gain of 2%.
Analysts and investors alike will be keeping a close eye on the performance of Snowflake Inc. in its upcoming earnings disclosure. The company's earnings report is set to go public on May 22, 2024. The company's upcoming EPS is projected at $0.16, signifying a 6.67% increase compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $786.95 million, up 26.2% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $0.85 per share and revenue of $3.38 billion, which would represent changes of -13.27% and +20.44%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Snowflake Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Currently, Snowflake Inc. is carrying a Zacks Rank of #3 (Hold).
In terms of valuation, Snowflake Inc. is presently being traded at a Forward P/E ratio of 187.25. This valuation marks a premium compared to its industry's average Forward P/E of 29.91.
It is also worth noting that SNOW currently has a PEG ratio of 10.95. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Internet - Software industry held an average PEG ratio of 1.65.
The Internet - Software industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 68, which puts it in the top 27% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.