Snowflake Inc (NYSE: SNOW) Stock: Does It Have More Upside?

In the last trading session, 3.92 million shares of the Snowflake Inc (NYSE:SNOW) were traded, and its beta was 0.91. Most recently the company’s share price was $160.52, and it changed around -$1.08 or -0.67% from the last close, which brings the market valuation of the company to $53.65B. SNOW currently trades at a discount to its 52-week high of $237.72, offering almost -48.09% off that amount. The share price’s 52-week low was $135.26, which indicates that the current value has risen by an impressive 15.74% since then. We note from Snowflake Inc’s average daily trading volume that its 10-day average is 6.16 million shares, with the 3-month average coming to 7.08 million.

Snowflake Inc stock received a consensus recommendation rating of Underweight, based on a mean score of 1.91. If we narrow it down even further, the data shows that 0 out of 2 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 0 recommended SNOW as a Hold, whereas 0 deemed it a Buy, and 2 rated it as Underweight. Snowflake Inc is expected to report earnings per share of $0.18 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 -0.67% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently down -19.34% year-to-date, but still up 0.94% over the last five days. On the other hand, Snowflake Inc (NYSE:SNOW) is -14.74% down in the 30-day period. We can see from the shorts that 8.69 million shares have been sold at a short interest cover period of 0.86 day(s).

The consensus price target as assigned by Wall Street analysts is $223.03, which translates to bulls needing to increase their stock price by 28.03% from its current value. Analyst projections state that SNOW is forecast to be at a low of $125 and a high of $415.

Snowflake Inc (SNOW) estimates and forecasts

Snowflake Inc share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 6.22 percent over the past six months and at a -13.27% annual growth rate that is well below the industry average of 19.30%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 20.00% in revenue this quarter, and will report a decrease of -4.50% in the next quarter. The year-over-year growth rate is expected to be 22.20%, up from the previous year.

Consensus estimates provided by 31 financial analysts predict the company will bring in an average of $786.3 million in revenue for the current quarter. 31 analysts expect Snowflake Inc to make $825.88 million in revenue for the quarter ending Jul 2024.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -31.70%. Snowflake Inc earnings are expected to increase by -4.05% in 2024, but the outlook is positive 18.05% per year for the next five years.

SNOW Dividends

Snowflake Inc’s next quarterly earnings report is expected to be released around May 22 and May 27.

Snowflake Inc (NYSE:SNOW)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 6.60% of Snowflake Inc shares, and 64.59% of them are in the hands of institutional investors. The stock currently has a share float of 69.16%. Snowflake Inc stock is held by 1,483 institutions, with Vanguard Group Inc being the largest institutional investor. By Jun 29, 2023, it held 5.67% of the shares, which is about 18.69 million shares worth $3.29 billion.

Altimeter Capital Management, LP, with 4.66% or 15.37 million shares worth $2.7 billion as of Jun 29, 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 Jun 29, 2023. The former held 8.62 million shares worth $1.52 billion, making up 2.61% of all outstanding shares. On the other hand, Growth Fund Of America Inc held roughly 4.58 million shares worth around $805.85 million, which represents about 1.39% of the total shares outstanding.