Let’s Start With The Stock Forecast For Snowflake Inc. (NYSE: SNOW) – Marketing Sentinel
In the latest trading session, 1.23 million Snowflake Inc. (NYSE:SNOW) shares changed hands as the company’s beta touched 0. With the company’s most recent per share price at $321.08 changing hands around $1.83 or 0.57% at last look, the market valuation stands at $96.49B. SNOW’s current price is a discount, trading about -33.61% off its 52-week high of $429.00. The share price had its 52-week low at $184.71, which suggests the last value was 42.47% up since then. When we look at Snowflake Inc.’s average trading volume, we note the 10-day average is 4.38 million shares, with the 3-month average coming to 4.19 million.
Analysts gave the Snowflake Inc. (SNOW) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.50. If we narrow down to specifics, the data shows that 0 out of 29 analysts rate the stock as a Sell, with a further 1 assigning it an Overweight rating. Of the remaining, 14 recommended SNOW as a Hold, 13 felt it is a Buy and 1 rated the stock as Underweight. Snowflake Inc.’s EPS for the current quarter is expected to be -$0.06.
Instantly SNOW is in green as seen in intraday trades today. With action 2.16%, the performance over the past five days has been green. The jump to weekly highs of 325.25 on Tuesday, 09/14/21 added 0.57% to the stock’s daily price. The company’s shares are showing year-to-date upside of 13.45%, with the 5-day performance at 2.16% in the green. However, in the 30-day time frame, Snowflake Inc. (NYSE:SNOW) is 9.51% up. Looking at the short shares, we see there were 11.31 million shares sold at short interest cover period of 3.63 days.
The consensus price target for the stock as assigned by Wall Street analysts is $323.77, meaning bulls need an upside of 0.83% from its recent market value. According to analyst projections, SNOW’s forecast low is $275.00 with $515.00 as the target high. To hit the forecast high, the stock’s price needs a -60.4% plunge from its current level, while the stock would need to tank 14.35% for it to hit the projected low.
Snowflake Inc. (SNOW) estimates and forecasts
Data shows that the Snowflake Inc. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 37.52% over the past 6 months, a 84.07% in annual growth rate that is considerably higher than the industry average of -0.60%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2021 revenue estimates. The rating firms predict current quarter revenue for Snowflake Inc. will rise 78.60%, while the growth in revenue is estimated to hit 62.50% for the next quarter. Year-over-year growth is forecast to reach 93.90% up from the last financial year.
Consensus estimates given by 22 financial analysts project the company’s revenue in the current quarter to hit an average of $305.51 million. 22 analysts are of the opinion that Snowflake Inc.’s revenue for the quarter ending Jan 2022 will be $339.59 million. The estimates for the next quarter sales put growth at 78.30%.
The 2021 estimates are for Snowflake Inc. earnings to decrease by -48.60%, but the outlook for the next 5-year period is at -0.14% per year.
Snowflake Inc. is expected to release its next quarterly earnings report on May 26.
Snowflake Inc. (NYSE:SNOW)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 5.09% of Snowflake Inc. shares while 63.40% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 66.80%. There are 63.40% institutions holding the Snowflake Inc. stock share, with ICONIQ Capital, LLC the top institutional holder. As of Jun 29, 2021, the company held 11.18% of the shares, roughly 33.12 million SNOW shares worth $8.01 billion.
Altimeter Capital Management, LP holds the second largest percentage of outstanding shares, with 8.43% or 24.95 million shares worth $6.03 billion as of Jun 29, 2021.
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Among Mutual Funds, the top two as of Mar 30, 2021 were Morgan Stanley Inst Fd Inc-Growth Port and Morgan Stanley Insight Fund. With 2.65 million shares estimated at $607.06 million under it, the former controlled 0.89% of total outstanding shares. On the other hand, Morgan Stanley Insight Fund held about 0.40% of the shares, roughly 1.19 million shares worth around $273.0 million.