Tech stocks were higher late Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) rising 2% and the Philadelphia Semiconductor index adding 2.4%.
It's been almost a week since Wedbush analyst Dan Ives suggested Apple buy ESPN. There’s been plenty of talk on the subject. The question is whether Apple is the right buyer for the cable sports network.
Tech stocks were higher Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 2% and the Philadelphia Semiconductor index adding 1.9%.
Alphabet's Google, Meta Platforms, Microsoft, Twitter, TikTok and other tech giants should use EU online content rules that apply to them this Friday to restore trust and safety in their platforms, EU industry chief Thierry Breton said on Wednesday.
As the second quarter earnings reporting season winds down, the markets are eagerly awaiting the earning results from Nvidia (NVDA ) later today. Those results and the company’s commentary on artificial intelligence (AI) have the potential to set the tone for tech stocks and even the broader stock market. Shares...
On the heels of the worst stock market performance in more than 10 years, technology stocks have bounced back, with the Nasdaq Composite up 29% so far this year. This recovery seems poised to add new members to the highly exclusive group of U.S. companies with a market cap worth
Microsoft MSFT recently announced its decision to restructure the acquisition of Activision Blizzard ATVI to address concerns raised by the U.K. Competition and Markets Authority (“CMA”) regarding the impact on cloud game streamin
Below is Validea's guru fundamental report for MICROSOFT CORP (MSFT). Of the 22 guru strategies we follow, MSFT rates highest using our Patient Investor model based on the published strategy of Warren Buffett. This strategy seeks out firms with long-term, predictable profitabili
Below is Validea's guru fundamental report for MICROSOFT CORP (MSFT). Of the 22 guru strategies we follow, MSFT rates highest using our Patient Investor model based on the published strategy of Warren Buffett. This strategy seeks out firms with long-term, predictable profitabili
Microsoft (NASDAQ: MSFT) stock might not show up on many investors' radars today given its rally so far in 2023. The tech giant has gained over 30% this year, more than doubling the rally in the S&P 500 index.
After numerous delays in its attempts to acquire Activision Blizzard Inc. (NASDAQ: ATVI), Microsoft Corp. (NASDAQ: MSFT) finally blinked, agreeing to sell cloud streaming rights for all current and new Activision Blizzard PC and console games released over the next 15 years to F
If you're interested in broad exposure to the Large Cap Value segment of the US equity market, look no further than the WisdomTree U.S. LargeCap ETF (EPS), a passively managed exchange traded fund launched on 02/23/2007.
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The Vanguard Dividend Appreciation ETF (VIG) was launched on 04/21/2006, and is a smart beta exchange traded fund designed to offer broad exposure to the Style Box - Large Cap Blend category of the market.
If you think you have to choose between safety and market-beating return potential in your stock portfolio, think again. While no stock is completely safe, there are some excellent businesses that offer a great combination of stability and long-term growth ability. Here are four
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Nvidia (NASDAQ: NVDA) stock is seeing a massive artificial intelligence (AI)-fueled surge in 2023, rising 212% so far thanks to the critical role the company's graphics cards and processors play in training AI models and running inferencing applications.
Snowflake (
NYSE:SNOW
) is set to release its second quarter Fiscal 2024 results on August 23, after the market closes. Snowflake has consistently outpaced earnings expectations in the past eight quarters. It will be interesting to see if SNOW can continue its winning streak in the to-be-reported quarter despite a weaker economy. Two key points to monitor during the quarterly results are a slowdown in cloud spending and the company's previous decision to cut its revenue outlook for Fiscal 2024.
What to Expect from SNOW’s Q2 Results
In Fiscal Q2 2024, the Street expects Snowflake to report
adjusted earnings of $0.10 per share on revenues of $662.22 million. In the prior year period, SNOW posted adjusted earnings of $0.01 per share on revenues of $497.25 million.
Snowflake offers a cloud-based data storage and analytics service. Its platform enables companies to consolidate, analyze, store, and share troves of data. Some of its largest business partners include big tech firms, namely Amazon (
NASDAQ:AMZN
), Microsoft (
NASDAQ:MSFT
), and Alphabet (
NASDAQ:GOOGL
).
Further, Snowflake announced an
extension of its partnership with Microsoft and committed to spending up to $2.5 billion on Amazon Web Services (AWS) over the next five years. Also, Snow will be helping Nvidia (
NASDAQ:NVDA
) in
creating generative artificial intelligence (AI) software. All of these factors could contribute to Snowflake’s long-term progress.
What Analysts are Saying About SNOW’s Q2 Results
Ahead of Snowflake’s Q2 print,
JMP Securities analyst Patrick Walravens maintained a Buy rating and price target of $200 (implying 31.7% upside potential) on SNOW stock.
Walravens is impressed by Snowflake’s disruptive cloud data platform, which has a total addressable market of $250 billion. Plus, the company’s Snowpark is steadily attracting higher consumption, with 30% of clients using the service, up almost 70% quarter-over-quarter as of the most recent results. Also, the analyst believes that Snowflake is poised to benefit from the enterprise’s growing usage of AI.
Similarly,
analyst William Power of Robert W. Baird reiterated his Buy rating on SNOW stock with a price target of $200.
Power is encouraged by Snowflake’s long-term growth potential, even though short-term uncertainties could impact the firm's performance. Also, the analyst noted that SNOW’s ability to manage large amounts of data on the cloud is commendable. Overall, Power expects optimization headwinds and stiff competition from hyperscalers as the two caveats to its earnings.
Is SNOW a Good Stock to Buy, According to Analysts?
Wall Street is currently cautiously optimistic about SNOW’s trajectory. On TipRanks, Snowflake stock has a Moderate Buy consensus rating based on 25 Buys, seven Holds, and one Sell rating. The
average Snowflake price target of $189.83 implies 24.3% upside potential from current levels. Meanwhile,
SNOW stock has gained 12.1% so far this year.
Insights from Options Trading Activity
TipRanks now presents options activity to help investors plan their trades ahead of earnings releases.
Options traders are pricing in SNOW stock to move by +/-11.8% after reporting earnings. Last quarter, the stock fell by 16.50% following the downward revision in Fiscal 2024 product revenues from the company.
The anticipated earnings move is determined by computing the at-the-money straddle of the options closest to the expiration after the earnings announcement.
Ending Thoughts
Snowflake’s Q2 earnings could outperform market expectations based on its historical track record. Even so, short-term headwinds could continue to dampen the stock’s performance in the near term. Nonetheless, a high number of analysts remain bullish about Snowflake’s long-term trajectory.
Disclosure