Streetbeat News

SNOW

Snowflake Inc.

https://www.snowflake.com

Industry

Software - Application

Snowflake Inc. provides a cloud-based data platform in the United States and internationally. The company's platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data. Its platform is used by various organizations of sizes in a range of industries. The company was formerly known as Snowflake Computing, Inc. and changed its name to Snowflake Inc. in April 2019. Snowflake Inc. was incorporated in 2012 and is based in Bozeman, Montana.

Open

128.59

Mkt cap

42B

Volume

5.3M

High

128.95

P/E Ratio

-41.16

52-wk high

237.72

Low

123.36

Div yield

N/A

52-wk low

107.13

Shares of tech sector companies are trading higher in anticipation of NVIDIA's earnings report. The tech sector has been gaining attention due to increased interest in AI this year.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2023 | 6:07 pm

Benzinga's options activity scanner has identified unusual options activity in the Information Technology sector. The stocks involved are Apple (AAPL), Nvidia (NVDA), Advanced Micro Devices (AMD), Taiwan Semiconductor Manufacturing (TSM), Snowflake (SNOW), Intel (INTC), Micron Technology (MU), Analog Devices (ADI), Microsoft (MSFT), and First Solar (FSLR). The options activity ranges from bearish to bullish and neutral sentiments.

Portfolio Pulse from Benzinga Insights

August 23, 2023 | 5:35 pm

NVIDIA's earnings are expected to hit $2.07, up 305% from last year, making it the best performing stock in the S&P 500 this year. However, if they miss, the entire stock market could go down. Sales of existing US homes fell 2.2% in July, the lowest level since January. Standard and Poor's cut ratings for 5 US banks due to the squeeze on liquidity. Goldman Sachs identified 11 near-term beneficiaries of the AI revolution. Iran will continue to raise its oil production, while Goldman predicts lower global stocks will boost oil prices. Dick's Sporting Goods missed top and bottom line estimates for the first time in 3 years.

Portfolio Pulse from GRIT Capital

August 23, 2023 | 4:40 pm

Positive expectations for Nvidia Corp.'s Q2 earnings and the recent market pullback are expected to cushion the market on Wednesday. The market is also awaiting Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium on Friday. Stocks closed mixed on Tuesday, with the Nasdaq Composite Index closing marginally higher, while the S&P 500 Index, Dow Industrials and Russell 2000 Index experienced losses. In premarket trading on Wednesday, the SPDR S&P 500 ETF Trust and the Invesco QQQ ETF gained. Several companies including Nvidia, Urban Outfitters, Advance Auto Parts, Peloton Interactive, Williams-Sonoma, Foot Locker, Analog Devices, and Kohl's Corp. are set to release their quarterly results.

Portfolio Pulse from Shanthi Rexaline

August 23, 2023 | 11:14 am

Rosenblatt analyst Blair Abernethy has reiterated a Neutral rating on Snowflake (NYSE:SNOW) and maintained a price target of $170.

Portfolio Pulse from richadhand@benzinga.com

August 23, 2023 | 11:12 am

Ahead of Snowflake's 2QFY24 earnings report, Needham analyst Mike Cikos reiterated a Buy rating with a $216 price target. Investors expect roughly $645 million - $650 million in Product Revenue during 2Q. Cikos expects revenue of $657.95 million in Q2 and an adjusted EPS of $0.12. Citigroup analyst Tyler Radke maintained Snowflake with a Buy and raised the price target from $189 to $191. Guggenheim analyst John Difucci reiterated a Sell and a $105 price target. Difucci expects revenue of $661.6 million in Q2 and an adjusted EPS of $0.04.

Portfolio Pulse from Anusuya Lahiri

August 22, 2023 | 7:03 pm

Goldman Sachs has revealed a list of 50 stocks that are expected to see substantial long-term growth due to the adoption of artificial intelligence (AI). The list includes companies from the Russell 1000 index that are expected to benefit significantly from AI integration. The bank's analysis suggests that the median stock in their basket could see a 72% increase in earnings per share (EPS) following widespread AI adoption, compared to a 19% rise for the median stock in the Russell 1000 index.

Portfolio Pulse from Piero Cingari

August 22, 2023 | 4:02 pm

Snowflake (NYSE:SNOW) is set to release its latest quarterly earnings report on Wednesday, 2023-08-23. Analysts estimate an earnings per share (EPS) of $0.10. Last quarter, the company beat EPS by $0.10, but this was followed by a 16.5% drop in the share price. Shares of Snowflake were trading at $151.88 as of August 21, with a 52-week return of -4.69%.

Portfolio Pulse from Benzinga Insights

August 22, 2023 | 3:00 pm

Needham analyst Mike Cikos has reiterated a 'Buy' rating on Snowflake (NYSE:SNOW) and maintained a price target of $216.

Portfolio Pulse from richadhand@benzinga.com

August 22, 2023 | 9:37 am

Warren Buffett's Berkshire Hathaway has recently invested heavily in the housing and artificial intelligence sectors. The company has acquired significant positions in homebuilders Lennar (NYSE:LEN), NVR (NYSE:NVR), and DR Horton (NYSE:DHI), and in AI-related companies Snowflake (NYSE:SNOW), Databricks (NASDAQ:DBX), and C3.ai (NYSE:AI). The housing market is currently booming due to low interest rates, strong demand, and limited supply, while AI is a disruptive technology expected to have a significant impact in the future.

Portfolio Pulse from Sandra Stone

August 21, 2023 | 5:49 pm

All corporate logos and prices are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.