5 Best Big Data Stocks To Buy Now

3. Snowflake Inc. (NYSE:SNOW)

Number of Hedge Fund Holders: 73

Snowflake Inc. (NYSE:SNOW) was incorporated in 2012 and is based in Bozeman, Montana. Snowflake Inc. (NYSE:SNOW) provides a cloud-based data platform in the United States and internationally. The company’s platform offers Data Cloud, which allows customers to consolidate data into significant business insights, build data-driven applications, and share data. Its platform is used by various organizations. Snowflake Inc. (NYSE:SNOW) is one of the premier big data stocks to buy. 

On January 6, Wells Fargo analyst Michael Turrin initiated coverage of Snowflake Inc. (NYSE:SNOW) with an Overweight rating and a $170 price target. While shares are down nearly 60% TTM as concerns about cloud consumption models have surfaced, the firm’s work suggests Snowflake Inc. (NYSE:SNOW) is built to survive this storm given the company’s mission-critical technology, solid expansion dynamics inherent to this model, and impressively well-balanced financial profile, the analyst told investors in a research note. 

According to Insider Monkey’s Q3 data, 73 hedge funds were bullish on Snowflake Inc. (NYSE:SNOW), compared to 66 funds in the preceding quarter. Brad Gerstner’s Altimeter Capital Management is the leading stakeholder of the company, with 17 million shares worth $2.8 billion. 

Baron Funds made the following comment about Snowflake Inc. (NYSE:SNOW) in its Q3 2022 investor letter:

“Snowflake Inc. (NYSE:SNOW) provides a cloud platform for large-scale data analytics. Snowflake’s shares were up 22%, reacting positively to second quarter results that beat market forecasts with revenue growth of 83% year-over year and adjusted free-cash-flow margins of 12%. Record new customer additions and world-class dollar net retention of over 170% implied resiliency in demand despite increasing macro uncertainties. We remain shareholders and believe that Snowflake will be able to benefit from long-term growth with favorable unit economics, addressing one of the largest opportunities in technology. Snowflake’s culture of innovation (such as its expansion into cloud application development and data sharing), go-to-market initiatives, and an ongoing secular shift to the cloud in its end markets should help, in our view, sustain the company’s competitive moats over the long term.”

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