5 Oversold Blue Chip Stocks to Buy Right Now

2. Snowflake Inc. (NYSE:SNOW)

14-day RSI: 27.65

Number of Hedge Fund Holders: 86

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 February 28, Snowflake Inc. (NYSE:SNOW) released its financial results for the quarter ended January 31, 2023. Its revenue went up by 32% year-on-year to $775 million while its net loss went down by 18% year-on-year to $170 million.

Following the earnings release, JPM Securities analyst Joe Goodwin raised the price target for Snowflake Inc. (NYSE:SNOW) shares to $235 from $212 and maintained a ‘Market Outperform’ rating for its shares.

Snowflake Inc. (NYSE:SNOW) has been a consistent component of hedge fund portfolios since its IPO. As of Q4 2023, its shares were held by 86 of the 933 hedge funds tracked by Insider Monkey. Brad Gerstner’s Altimeter Capital Management was the largest shareholder on record with ownership of 12.4 million shares valued at $2.5 billion.