5 Technology Stocks with Insider Buying

2. Snowflake Inc. (NYSE:SNOW)

Number of Hedge Fund Holders: 43

Mark D Mclaughlin, a director at Snowflake Inc. (NYSE:SNOW), bought 1,831 shares of the company in May. The shares were bought at $163.80. Snowflake Inc. (NYSE:SNOW) has fallen about 4.5% since the transaction.

As of the end of the first quarter of 2023, 63 hedge funds in Insider Monkey’s database of 943 funds reported owning stakes in Snowflake Inc. (NYSE:SNOW). The biggest stakeholder of Snowflake Inc. (NYSE:SNOW) during this period was Brad Gerstner’s Altimeter Capital Management which owns a $2.4 billion stake in the company.

Baron Opportunity Fund made the following comment about Snowflake Inc. (NYSE:SNOW) in its second quarter 2023 investor letter:

“Our sale of Snowflake Inc. (NYSE:SNOW), a leading data management software vender, was a position-size trim, and we used the proceeds to fund purchases of other software names like ZoomInfo and Cloudflare. We remain confident in Snowflake’s management team, technology, and long-term growth opportunity.”