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Snowflake, Inc (NYSE:SNOW) was trading near flat on Wednesday, as the company headed into its fourth-quarter earnings print after the market close.
When Snowflake printed its third-quarter results on Nov. 29, the stock was volatile the following day but closed the session up about 7% before continuing in its uptrend, which brought Snowflake to a high of $237.72 on Feb. 12.
For that quarter, Snowflake reported revenue of $734.17 million, which slightly beat the $712.78-million consensus estimate. The company reported earnings per share of 25 cents, beating a consensus estimate of 16 cents.
Ahead of Snowflake’s fourth-quarter print, Citigroup analyst Tyler Radke maintained a Buy rating and boosted the price target from $255 to $290 on Feb. 27, 2024. This analyst has an accuracy rate of 74%. Read more here...
For the fourth quarter, analysts estimate Zoom will print EPS of 18 cents per share on revenues of $759.253 billion.
From a technical analysis perspective, Snowflake’s stock looks bullish heading into the event, working to print a hammer or doji candlestick and having been consolidating recently under the Feb. 12 high. It should be noted that holding stocks or options over an earnings print is akin to gambling because stocks can react bullishly to an earnings miss and bearishly to an earnings beat.
Read Next: What's Going On With Snowflake Stock?
Bullish On Rivian? Traders and Investors looking to play the possible upside in Rivian stock but with diversification may choose to take a position in the Spear Alpha ETF (NASDAQ:SPRX). SPRX is an actively managed fund offering investors the opportunity to achieve more than passive tracking of the broader market. Some of the fund's most popular holdings include NVIDIA Corporation, weighted at 11.56% and Advanced Micro Devices, Inc (NASDAQ:AMD) weighted at 9.45%. Snowflake is also a top holding in the fund, weighted at 9.26%.
SPRX invests in companies capitalizing on emerging trends in industrial technology, aiming to uncover undervalued opportunities within various value chains aligned with themes such as enterprise digitalization, automation, AI, environmental focus, photonics, additive manufacturing, and space exploration. The ETF, traded on the Nasdaq exchange, targets long-term capital growth and is up about 64% over the last twelve months and about 10.5% year-to-date.
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The Snowflake Chart: Snowflake has been consolidating mostly sideways between $213 and $236 since Feb. 12, showing no clear uptrend or downtrend. On Wednesday, Snowflake briefly dipped to Monday’s low of $226.55, where buyers came in and caused the stock to pop up from that area.
