Snow Earnings Forecasts
Cloud-based data warehousing company, Snowflake is set to report its fourth-quarter fiscal 2023 results on March 1, and analysts are optimistic about the company’s growth prospects. The consensus estimates for the company’s top line is $571 million, indicating year-over-year growth of near 50 percent. Meanwhile, the consensus estimate for earnings is three cents per share, compared to a loss of 12 cents per share in the same period a year ago.
Snowflake has beaten earnings estimates for the past four quarters, with an average surprise of 230 percent, and is expected to post strong results this time around. The company has been able to grow its customer base, with 34% year-over-year growth in the number of customers.
Snowflake also signed 14 customers with $1 million in trailing 12-month product revenues in the previous quarter, and had 287 customers with more than $1 million in product revenues in the fiscal third quarter.
In addition to its expanding clientele, Snowflake has a strong partner base that includes companies such as Amazon, Cognizant, and Dell Technologies. This partnership is expected to further fuel the company’s growth prospects.
Overall, Snowflake is expected to deliver strong earnings growth in the fourth quarter, driven by its expanding customer base and strong partner relationships. While there are concerns about the company’s ability to beat earnings estimates, there are other companies in the tech sector that may present a better investment opportunity for investors seeking growth.
SNOW Stock Price Forecast & Analysis
According to the average analyst target price for Snowflake Inc., the stock is expected to increase by approximately 25% over the next 12 months, with an average target price of USD 193.47. This indicates a strong bullish sentiment among analysts towards the stock. Additionally, Snowflake Inc.’s average analyst rating is Strong Buy, which further supports the positive outlook for the stock.
However, Stock Target Advisor’s own stock analysis of Snowflake Inc. is slightly bearish, based on 3 positive signals and 7 negative signals. This suggests that there are some concerns about the stock that may be weighing on its potential upside.
At the last closing, Snowflake Inc.’s stock price was USD 154.65, which is below the average analyst target price. The stock price has changed by +0.37% over the past week, which is a small increase, but has declined by -2.96% over the past month and -42.60% over the last year, which could be a cause for concern for investors.