$3 Billion Hedge Fund’s Top 10 Stock Bets

7. Snowflake Inc. (NYSE:SNOW)

Return since Q1 End: -20.2%

Snowflake Inc. (NYSE:SNOW) is a cloud-based data platform for various organizations. Its AI data cloud is used by over 10,000 companies including Adobe, AT&T, HP, Mastercard, PepsiCo, Nielsen, Siemens, Yamaha, and US Foods, to name a few. Its Q1 product revenue grew 34% year over year to $790 million and expects full-year product revenue to reach $3.3 billion, up 24% year-over-year.

According to the Regulatory filings, Cinctive Capital Management owned 164,405 shares in Snowflake Inc. (NYSE:SNOW) at the end of the first quarter of 2024 worth over $26 million, representing 1.23% of the portfolio. Among the hedge funds being tracked by Insider Monkey, Altimeter Capital Management is a leading shareholder in Snowflake Inc. (NYSE:SNOW) with over 10 million shares worth $1.6 billion.

Alger Focus Equity Fund stated the following regarding Snowflake Inc. (NYSE:SNOW) in its Q1 2024 investor letter:

“Snowflake Inc. (NYSE:SNOW) is a cloud-based data warehousing company that allows organizations to store, analyze and share data in a secure. scalable and cost-effective manner. This includes the Data Cloud. an ecosystem where Snowflake customers, partners. data providers, and data consumers can break down data silos and derive value from rapidly growing data sets in a secure, governed, and compliant way. Its platform supports a range of use cases. including data warehousing, data lakes, data engineering, data science, data application development, and data sharing. While the company reported an overall healthy fiscal fourth quarter. shares detracted from performance after management lowered their fiscal 2025 forward revenue guidance below analyst estimates. Further, the company announced that CEO Frank Slootman would be retiring from the role immediately, succeeded by Sridhar Ramaswamy, the former SVP of Al who has demonstrated impressive speed in bringing new Al products and features to market.”