Snowflake Q3 Earnings: Will Bullish Charts, Analyst Optimism Offset The 32% YTD Decline?

Core Viewpoint - Snowflake Inc is set to report its third-quarter earnings, with Wall Street anticipating earnings per share of 15 cents and revenues of $896.99 million [1]. Stock Performance - The stock has declined by 22.48% over the past year and 31.66% year to date [2]. - As of the time of publication, Snowflake stock was trading around $129.76, down 0.37% [6]. Technical Analysis - Snowflake stock is currently in a strongly bullish trend, trading above its five, 20, and 50-day exponential moving averages, indicating buying pressure and potential for continued upward movement [3][4]. - The stock price is above its eight-day simple moving average of $127.70, 20-day SMA of $121.68, and 50-day SMA of $117.83, reinforcing bullish momentum [4]. - However, it is trading below its 200-day SMA of $142.36, which presents a bearish signal in the long term [5]. - The Moving Average Convergence Divergence (MACD) indicator stands at 3.26, supporting the bullish outlook [5]. - The Relative Strength Index (RSI) is at 61.61, indicating that the stock is nearing overbought territory but still has room for upward movement [5]. Analyst Ratings - The consensus analyst rating for Snowflake stock is currently a Buy, with a price target of $171.97, suggesting a potential upside of 31.77% [6]. - Recent analyst ratings from Rosenblatt, Citigroup, and Keybanc have set a price target of $171 for Snowflake stock [6].