Snowflake Set to Announce Q3 Earnings: Wall Street Anticipates GainsSNOW

This Wednesday, Snowflake Inc will release its earnings report for the third quarter. Analysts predict the company will earn 15 cents per share and generate revenues of approximately $896.99 million, with results available after the market closes.

Over the past year, Snowflake’s stock has decreased by 22.48% and is down 31.66% year to date.

In this article, we will analyze Snowflake’s current stock trends and assess how they compare to Wall Street forecasts.

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Current Technical Analysis for Snowflake Before Q3 Earnings

Snowflake’s stock is currently in a bullish trend, showing positive signs for investors.

Chart created using Benzinga Pro

The stock is currently trading above its five, 20, and 50-day exponential moving averages, indicating strong buying interest and potential for further growth. Additionally, it is above its eight-day simple moving average (SMA) of $127.70, 20-day SMA of $121.68, and 50-day SMA of $117.83—all of which support a bullish momentum.

On a less optimistic note, the stock trades below its 200-day SMA of $142.36, suggesting a long-term bearish trend.

The Moving Average Convergence Divergence (MACD) indicator currently stands at 3.26, bolstering the positive outlook. The Relative Strength Index (RSI) is at 61.61, indicating that while SNOW is approaching overbought levels, there is still potential for further price appreciation.

Analysts Project 32% Upside for Snowflake

Consensus Ratings: Analysts have a consensus “Buy” rating for Snowflake stock, with a target price of $171.97. Recent ratings from firms like Rosenblatt, Citigroup, and Keybanc suggest a $171 price target, which reflects a potential upside of approximately 31.77%.

Current Price Movement: At the time of writing, Snowflake stock is trading around $129.76 per share, having dipped by 0.37%.

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