Posted 1/24/2024, 10:45:17 PM
Snowflake Stock Drops Despite Market Gains Ahead of Earnings Release
- Snowflake (SNOW) stock closed lower despite market gains due to concerns over upcoming earnings report
- SNOW earnings expected to rise 21% but stock trades at premium valuation of 261x forward P/E
- Revenue estimate for fiscal year is $2.79B, a 35% increase demonstrating strong growth
- Positive estimate revisions signal analyst optimism about SNOW's profitability going forward
- Zacks Investment Research recommends SNOW as a hold, though stock could continue to be volatile around earnings release