2. Snowflake Inc. (NYSE:SNOW)
Number of Hedge Fund Holders: 65
Loss in Share Price Year-to-Date as of September 21: 44%
Snowflake Inc. (NYSE:SNOW) provides a cloud-based data platform in the United States and internationally. On August 24, the company posted earnings for the second quarter of 2022, reporting losses per share of $0.70, missing market estimates by $0.12. The revenue over the period was $497 million, up over 82% compared to the revenue over the same period last year and beating analyst estimates by $29 million. The firm said the remaining performance obligations were $2.7 billion at the end of June, representing 78% year-over-year growth.
On September 16, Needham analyst Mike Cikos initiated coverage of Snowflake Inc. (NYSE:SNOW) stock with a Buy rating and a price target of $240, noting the firm had a large growth market and the ability to support multiple use-cases.
Among the hedge funds being tracked by Insider Monkey, Boston-based investment firm Altimeter Capital Management is a leading shareholder in Snowflake Inc. (NYSE:SNOW), with 17 million shares worth more than $2.4 billion.
In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Snowflake Inc. (NYSE:SNOW) was one of them. Here is what the fund said:
“During the quarter, we added to three of our cloud infrastructure positions – Snowflake Inc., Cloudflare, Inc., and Datadog, Inc. While investors are concerned that a weakening macroeconomic environment will be a near term headwind to growth as customers may slow down their cloud expansions, we remain focused on the long term – duration of growth, competitive advantages, and innovative capabilities and are happy to increase our positions at a more attractive price. For example, Snowflake Inc. (NYSE:SNOW), the leading data cloud provider, during its recent user conference, announced several new products, which significantly expand its addressable market…(read more)”
