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Snowflake (SNOW) Surges 10.0%: Is This an Indication of Further Gains?
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Snowflake Inc. (SNOW - Free Report) shares soared 10% in the last trading session to close at $153.72. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 6.8% loss over the past four weeks.
Snowflake benefits from accelerating AI workload adoption, rapid uptake of Snowflake Intelligence and Cortex Code, strong enterprise demand, expanding partnerships, large multiyear contracts and operational efficiency improvements driven by AI.
This company is expected to post quarterly earnings of $0.32 per share in its upcoming report, which represents a year-over-year change of +33.3%. Revenues are expected to be $1.32 billion, up 26.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Snowflake, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on SNOW going forward to see if this recent jump can turn into more strength down the road.
Snowflake belongs to the Zacks Internet - Software industry. Another stock from the same industry, GitLab Inc. (GTLB - Free Report) , closed the last trading session 6.7% higher at $25.92. Over the past month, GTLB has returned 13.8%.
For Gitlab, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.21. This represents a change of +23.5% from what the company reported a year ago. Gitlab currently has a Zacks Rank of #4 (Sell).
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Snowflake (SNOW) Surges 10.0%: Is This an Indication of Further Gains?
Snowflake Inc. (SNOW - Free Report) shares soared 10% in the last trading session to close at $153.72. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 6.8% loss over the past four weeks.
Snowflake benefits from accelerating AI workload adoption, rapid uptake of Snowflake Intelligence and Cortex Code, strong enterprise demand, expanding partnerships, large multiyear contracts and operational efficiency improvements driven by AI.
This company is expected to post quarterly earnings of $0.32 per share in its upcoming report, which represents a year-over-year change of +33.3%. Revenues are expected to be $1.32 billion, up 26.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Snowflake, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on SNOW going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Snowflake belongs to the Zacks Internet - Software industry. Another stock from the same industry, GitLab Inc. (GTLB - Free Report) , closed the last trading session 6.7% higher at $25.92. Over the past month, GTLB has returned 13.8%.
For Gitlab, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.21. This represents a change of +23.5% from what the company reported a year ago. Gitlab currently has a Zacks Rank of #4 (Sell).