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Snowflake Inc. (NYSE: SNOW) Surprises The Bears, Looks Good Going Forward

In the last trading session, 4.55 million shares of the Snowflake Inc. (NYSE:SNOW) were traded. Most recently the company’s share price was $175.16, and it changed around -$3.31 or -1.85% from the last close, which brings the market valuation of the company to $59.34B. SNOW currently trades at a discount to its 52-week high of $205.66, offering almost -17.41% off that amount. The share price’s 52-week low was $110.26, which indicates that the current value has risen by an impressive 37.05% since then. We note from Snowflake Inc.’s average daily trading volume that its 10-day average is 4.83 million shares, with the 3-month average coming to 5.49 million.

Snowflake Inc. stock received a consensus recommendation rating of an Overweight, based on a mean score of 2.30. If we narrow it down even further, the data shows that 2 out of 43 analysts rate the stock as a Sell; another 4 rate it as Overweight. Among the rest, 12 recommended SNOW as a Hold, whereas 25 deemed it a Buy, and 0 rated it as Underweight. Snowflake Inc. is expected to report earnings per share of $0.05 for the current quarter.

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Snowflake Inc. (NYSE:SNOW) trade information

Instantly SNOW has showed a red trend with a performance of -1.85% at the end of last trading. The performance over the last five days has remained in the green territory. The rise to weekly highs of 185.00 on Tuesday, 05/23/23 increased the stock’s daily price by 5.32%. The company’s shares are currently up 22.03% year-to-date, but still up 2.01% over the last five days. On the other hand, Snowflake Inc. (NYSE:SNOW) is 22.91% up in the 30-day period. We can see from the shorts that 13.2 million shares have been sold at a short interest cover period of 2.47 day(s).

The consensus price target as assigned by Wall Street analysts is $186.95, which translates to bulls needing to increase their stock price by 6.31% from its current value. Analyst projections state that SNOW is forecast to be at a low of $105.00 and a high of $500.00. In order for the stock price to hit the forecast high, the stock would need to plunge -185.45% from its current level, while the stock would need to crash 40.05% from its current level to reach the projected low.

Snowflake Inc. (SNOW) estimates and forecasts

Snowflake Inc. share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 19.81 percent over the past six months and at a 132.00% annual growth rate that is well above the industry average of 16.20%. Moreover, analysts have decided to roll up on their fiscal year 2023 revenue estimates. The rating firms predict that it will loss -37.50% in revenue this quarter, and will report an increase of 1,100.00% in the next quarter. The year-over-year growth rate is expected to be 39.00%, up from the previous year.

Consensus estimates provided by 32 financial analysts predict the company will bring in an average of $608.36 million in revenue for the current quarter. 32 analysts expect Snowflake Inc. to make $685.54 million in revenue for the quarter ending Jul 2023. The company’s sales for the same quarters a year ago were $422.37 million and $497.25 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 44.00%. Forecasts for the next quarter put sales growth at 37.90%.

SNOW Dividends

Snowflake Inc.’s next quarterly earnings report is expected to be released on May 24.

Snowflake Inc. (NYSE:SNOW)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 9.34% of Snowflake Inc. shares, and 66.86% of them are in the hands of institutional investors. The stock currently has a share float of 73.75%. Snowflake Inc. stock is held by 1,250 institutions, with Vanguard Group, Inc. (The) being the largest institutional investor. By Mar 30, 2023, it held 5.56% of the shares, which is about 18.06 million shares worth $3.16 billion.

Morgan Stanley, with 4.95% or 16.08 million shares worth $2.82 billion as of Mar 30, 2023, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and Growth Fund Of America Inc were the top two Mutual Funds as of Dec 30, 2022. The former held 8.27 million shares worth $1.45 billion, making up 2.54% of all outstanding shares. On the other hand, Growth Fund Of America Inc held roughly 5.74 million shares worth around $1.01 billion, which represents about 1.77% of the total shares outstanding.

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