5 Best Fast Growth Stocks to Buy Now

2. Snowflake Inc. (NYSE:SNOW)

Number of Hedge Fund Holders: 71

Snowflake Inc. (NYSE:SNOW) is a leading cloud platform provider allowing customers to use its Data Cloud platform to unite siloed data, discover and securely share data, and execute diverse analytic workloads. Customers use its platform to execute workloads including applications, collaboration, cybersecurity, data engineering, data lake, data science, data warehousing, and unistore.

On November 29, Snowflake Inc. (NYSE:SNOW) released its financial results for the quarter ended October 31, 2023. Its revenue went up by 32% year-on-year to $734 million while its net loss went up by 6% year-on-year to $215 million.

Following the earnings release, Stifel analyst Brad Reback raised the price target for Snowflake Inc. (NYSE:SNOW) shares to $235 from $200 and maintained a ‘Buy’ rating for its shares.

Snowflake Inc. (NYSE:SNOW) has been a consistent component of hedge fund portfolios since its IPO. As of Q3 2023, its shares were held by 71 of the 910 hedge funds tracked by Insider Monkey, valued at $10.3 billion. Brad Gerstner’s Altimeter Capital Management was the largest shareholder on record with ownership of 15.4 million shares valued at $2.4 billion.