Here’s What Jim Cramer is Saying About These 10 Stocks

5. Snowflake Inc. (NYSE:SNOW)

Number of Hedge Fund Investors: 69

In his interview with Shar Ramaswami, the CEO of Snowflake Inc. (NYSE:SNOW), Jim Cramer pointed out that the company had a strong quarter with results that exceeded expectations. He highlighted a notable beat in the non-GAAP operating margin and a two-cent beat in non-GAAP earnings per share.

“Now, I have to point out that you actually had a very solid quarter—better than expected results, including a significant non-GAAP operating margin beat and a two-cent non-GAAP earnings per share beat.”

Snowflake Inc. (NYSE:SNOW) is a key player in cloud-based data warehousing and analytics, offering a platform that allows for seamless data storage and analysis across multiple clouds. This capability is vital in today’s data-driven world, where secure and scalable data sharing is increasingly important. Snowflake Inc. (NYSE:SNOW) is seeing strong growth, with a 36% increase in revenue year-over-year for Q2 FY2024 and a 24% rise in Remaining Performance Obligations, indicating high demand and a solid revenue outlook.

Snowflake Inc. (NYSE:SNOW)’s growing customer base, including many large enterprises and Fortune 500 companies, along with a 29% increase in customers spending over $1 million annually, highlights its strong market appeal and the value it provides.

Snowflake Inc. (NYSE:SNOW)’s net revenue retention rate of 142% shows its success in retaining customers and increasing its spending. Strategic partnerships with major cloud providers such as AWS, Microsoft Azure, and Google Cloud broaden Snowflake’s market reach and integration. Ongoing innovations like the data marketplace, Snowpark, and new applications further boost its platform’s attractiveness.