Key Factors
Snowflake’s inventory has surged practically 50% over the previous three months, exhibiting spectacular development.
With a market cap of $67.8 billion and an RSI of 64.78, Snowflake’s inventory is just not but thought of to be overbought.
The inventory is now buying and selling above a essential resistance stage close to $204, probably signaling a momentum shift if the inventory can maintain this stage as assist.
5 shares we like higher than Snowflake
Shares of Snowflake Inc. NYSE: SNOW, a cloud-based knowledge storage, computing, and analytics firm, have been spectacular recently, with its inventory rising virtually 50% over the earlier three months. 
Over the earlier 12 months, its inventory has risen near 40%, steadily climbing over the months and now buying and selling close to the higher area of its 52-week vary. The tech firm noticed its market cap soar to $67.8 billion in that point. It has a relative energy index (RSI) of 64.78, indicating that the inventory is just not in overbought territory.Get Snowflake alerts:Signal Up
Furthermore, from a technical evaluation perspective, the inventory is gearing up for a better timeframe breakout because it consolidates above essential shifting averages close to a essential breakout stage. 
So, with many market-leading tech names buying and selling at 52-week highs, recent from breaking out, let us take a look at Snowflake shares, a reputation probably setting as much as take part on the motion.
What’s Snowflake?
Snowflake Inc. is a cloud-based knowledge storage, computing and analytics firm identified for its non-centralized enterprise mannequin since 2021. Working globally, it affords the info cloud, a collection of instruments enabling purchasers to centralize knowledge, improve analytical capabilities and facilitate info sharing.
The corporate has demonstrated spectacular development potential, pushed by its sturdy product roadmap within the knowledge cloud software program sector. Forecasting a yearly income development fee exceeding 30% till 2029, Snowflake has notably elevated its share of enterprise clients inside a large and increasing market whereas persistently enhancing profitability. 
In 2023, the corporate’s inventory surged by 38%, outperforming the S&P 500 index. Snowflake’s newest quarterly earnings, reported on November 29, revealed earnings per share (EPS) of 25 cents, surpassing the consensus estimate by 9 cents, with income of $734.20 million, exceeding analyst projections. 
With an estimated earnings per share of 18 cents for the upcoming quarter and a historical past of persistently beating EPS estimates, Snowflake ought to proceed its sturdy efficiency. Whereas the corporate has not formally confirmed its subsequent earnings launch date, it might come March 6, primarily based on earlier reporting patterns.

Analysts just like the inventory
Snowflake has landed itself a spot on the most-upgraded listing, an inventory of corporations that analysts have upgraded most incessantly over the earlier ninety days. So, it must be no shock that SNOW has a “average purchase” ranking primarily based on 27 analyst rankings. Of the 27, 19 have rated the inventory as a “purchase,” six as a “maintain” and simply two as a “promote.” 

The inventory presently has a consensus worth goal of $197.75, forecasting a slight draw back. The excessive forecast is $250, and the low estimate on the identify is $105.

Shares buying and selling above important resistance
Earlier within the week, shares of Snowflake traded above a essential space of resistance, close to $204. This stage has stood agency as resistance since 2022 and acts as a possible inflection level and shift in momentum for the inventory.Because the inventory is buying and selling above its key shifting averages and a big resistance zone, buyers and merchants alike will wish to see the inventory flip this zone into newfound assist. If SNOW can efficiently base above the earlier resistance, a better timeframe momentum shift would possibly happen, and the inventory might probably expertise sharp upward momentum through the quarter.Earlier than you take into account Snowflake, you may wish to hear this.MarketBeat retains monitor of Wall Avenue’s top-rated and finest performing analysis analysts and the shares they suggest to their purchasers each day. MarketBeat has recognized the 5 shares that prime analysts are quietly whispering to their purchasers to purchase now earlier than the broader market catches on… and Snowflake wasn’t on the listing.Whereas Snowflake presently has a “Reasonable Purchase” ranking amongst analysts, top-rated analysts consider these 5 shares are higher buys.View The 5 Shares Right here Click on the hyperlink beneath and we’ll ship you MarketBeat’s listing of seven finest retirement shares and why they need to be in your portfolio. Get This Free Report