Snowflake Inc. (SNOW) Dips More Than Broader Markets: What You Should Know
Snowflake Inc. (SNOW) closed the most recent trading day at $251, moving -0.61% from the previous trading session. This change lagged the S&P 500's daily loss of 0.33%.
Coming into today, shares of the company had gained 5.74% in the past month. In that same time, the Computer and Technology sector gained 3.4%, while the S&P 500 gained 2.89%.
Wall Street will be looking for positivity from SNOW as it approaches its next earnings report date.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.57 per share and revenue of $1.11 billion, which would represent changes of +68.68% and +87.67%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for SNOW. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. SNOW currently has a Zacks Rank of #3 (Hold).
The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 192, putting it in the bottom 25% 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.
To follow SNOW in the coming trading sessions, be sure to utilize Zacks.com.
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