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Snowflake Inc. (SNOW) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.
Over the past month, shares of this company have returned -14.1%, compared to the Zacks S&P 500 composite's +1.5% change. During this period, the Zacks Internet - Software industry, which Snowflake falls in, has gained 1.9%. The key question now is: What could be the stock's future direction?
Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.
Earnings Estimate Revisions
Rather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
Snowflake is expected to post earnings of $0.15 per share for the current quarter, representing a year-over-year change of -40%. Over the last 30 days, the Zacks Consensus Estimate has changed -4.7%.
The consensus earnings estimate of $0.57 for the current fiscal year indicates a year-over-year change of -41.8%. This estimate has changed -4.5% over the last 30 days.
For the next fiscal year, the consensus earnings estimate of $0.88 indicates a change of +53.6% from what Snowflake is expected to report a year ago. Over the past month, the estimate has changed -9.2%.
With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Snowflake.
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Projected Revenue Growth
While earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.
In the case of Snowflake, the consensus sales estimate of $898.34 million for the current quarter points to a year-over-year change of +22.4%. The $3.53 billion and $4.32 billion estimates for the current and next fiscal years indicate changes of +25.7% and +22.3%, respectively.
Last Reported Results and Surprise History
Snowflake reported revenues of $868.82 million in the last reported quarter, representing a year-over-year change of +28.9%. EPS of $0.18 for the same period compares with $0.22 a year ago.
Compared to the Zacks Consensus Estimate of $849.65 million, the reported revenues represent a surprise of +2.26%. The EPS surprise was +20%.
Over the last four quarters, Snowflake surpassed consensus EPS estimates three times. The company topped consensus revenue estimates each time over this period.
Valuation
No investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.
Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an An is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Snowflake is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Bottom Line
The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Snowflake. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
Zacks Investment Research
Dubai, United Arab Emirates - Snowflake , the AI Data Cloud company, is thrilled to announce its participation at GITEX Technology Week 2024, the premier technology event held at the Dubai World Trade Centre. This year, Snowflake is set to demonstrate its cutting-edge solutions in Generative AI and data management, underlining its commitment to empowering businesses in the UAE and beyond.
At GITEX 2024, Snowflake will unveil its latest advancements, including Native Apps, Cortex, and the innovative Snowflake Gen AI & LLM feature, designed to revolutionize how businesses leverage data for strategic advantage. Attendees will have the opportunity to experience live demonstrations and engaging presentations at Booth H8-B30 in Hall 8 by Snowflake’s technical team and industry partners.
This year’s theme, "Empowering the Future with Data and AI in the UAE," reflects Snowflake's dedication to supporting the UAE's vision of becoming a global hub for AI and data-driven innovation. In line with this, Snowflake is proud to announce its DESC Certification, further solidifying its position as a leader in secure data solutions.
“Snowflake’s participation at GITEX 2024 marks a pivotal moment in data technology, especially as we highlight our cutting-edge capabilities in Generative AI,” said Mohamed Zouari, General Manager - Middle East, Turkey, and Africa at Snowflake. “This year, our focus is not only on showcasing our robust AI Data Cloud platform but also on demonstrating its vital role in enabling organizations within the UAE to spearhead innovation and redefine their industries. We are here to show that with Snowflake, enterprises can seamlessly integrate advanced AI functionalities, ensuring agility and precision in their operations, all while maintaining rigorous data governance and security.”
“By leveraging the full spectrum of our Generative AI and LLM features, we aim to elevate operational efficiencies and unlock new growth avenues for our clients. Our presence at GITEX is a testament to our commitment to empowering businesses with a platform that is as dynamic and scalable as the markets they operate in. We are setting the stage for a new era where data fluidity and AI-driven insights are the backbones of business success,” added Zouari.
Visitors to Snowflake’s stand can expect a dynamic and interactive experience, featuring tech talks, a thought leadership keynote, and one-on-one meetings with technical experts. These sessions are designed to provide deep insights into Snowflake’s capabilities in addressing current trends and challenges in cloud-based data management.
Highlighting real-world applications, Snowflake will showcase success stories from key partners, demonstrating the tangible impacts of its solutions across diverse industries. These case studies will illustrate the robustness of Snowflake's platform in enhancing operational efficiency and driving innovation.
Joining Snowflake at Booth H8-B30 are esteemed partners Fivetran, Microstrategy, and Insight, each contributing to a comprehensive showcase of integrated solutions that enhance and extend the capabilities of Snowflake’s platform. Visit Snowflake at GITEX 2024 and experience the cutting-edge solutions that power the Data Cloud and AI-driven insights.
About Snowflake
Snowflake makes enterprise AI easy, efficient and trusted. Thousands of companies around the globe, including hundreds of the world’s largest, use Snowflake’s AI Data Cloud to share data, build applications, and power their business with AI. The era of enterprise AI is here. Learn more at snowflake.com .
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