Jim Cramer’s Bold Predictions About These 10 SaaS Stocks

4. Snowflake Inc. (NYSE:SNOW)

Number of Hedge Fund Holders In Q3 2024: 71

Date of Cramer’s Comments: 8-16-24

Performance Since Then: 21%

Snowflake Inc. (NYSE:SNOW) is a data warehousing firm that commands a 22% market share. It is down 18% year-to-date, but the drop would have been much sharper had the shares not soared by a whopping 33% in November. The massive share price jump came after Snowflake Inc. (NYSE:SNOW)’s third-quarter earnings report saw it beat analyst earnings and revenue estimates of 15 cents and $897 million by posting 20 cents and $942 million, respectively. The firm also increased its AI exposure by teaming up with Amazon-backed AI firm Anthropic to build AI agents for data analysis. Here’s what Cramer said about the stock in August:

“The latest feedback I’m getting about Snowflake is that they’re facing some difficulties and are being challenged by a couple of companies. It’s kind of a tough road for them right now. I think I’m going to hold off on recommending it.”