Snowflake is preparing to release its earnings report this week, and market strategist Jay Woods has identified significant price levels for investors to monitor. Currently trading around $326, the stock is just below the crucial $330 mark. Woods believes that if Snowflake can surpass this level, it may rally towards $400, which represents its all-time high closing price from late 2021.
Year-to-date, Snowflake shares have surged 48%, significantly outperforming the iShares Expanded Tech-Software Sector ETF, which has only increased by 4%. However, Woods cautions that the stock might experience a pullback following the earnings announcement, suggesting that a drop to around $290 could be a favorable entry point for new investors.
Analysts expect Snowflake to report earnings of 45 cents per share for its fiscal second quarter, reflecting a 28% year-over-year increase. Additionally, Woods is also monitoring Palo Alto Networks and Broadcom, which are set to report earnings this week