Joel Greenblatt’s Top 5 Stock Picks

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1. Snowflake Inc. (NYSE:SNOW)

Gotham Asset Management Q1 2023 Stake: $60.32 million

Snowflake Inc. (NYSE:SNOW) is a cloud computing–based data cloud company based in Bozeman, Montana. It was founded in July 2012 and was publicly launched in October 2014 after two years in stealth mode. The firm offers a cloud-based data storage and analytics service, generally termed “data-as-a-service”. Snowflake Inc. (NYSE:SNOW) is Gotham Asset Management’s largest tech position, and consequently, its largest stock holding with a stake worth approximately $60.32 million

On June 30, Keith Weiss at Morgan Stanley reiterated an Overweight rating on Snowflake Inc. (NYSE:SNOW) shares while also maintaining a $215 price target on the stock.

As of Q1 2023, 63 of the 943 hedge funds surveyed by Insider Monkey had bought Snowflake Inc. (NYSE:SNOW)’s shares. Brad Gerstner’s Altimeter Capital Management is the firm’s largest shareholder with an investment of $2.3 billion.

In its first-quarter 2023 investor letterThe Ithaka Group said the following about Snowflake Inc. (NYSE:SNOW):

“Snowflake Inc. (NYSE:SNOW) is a dominant player in the Data Warehousing market, offering customers the ability to break down data silos and derive value from rapidly growing data sets through Snowflake’s analytical database product, the Data Cloud. The company’s base business is benefitting from a number of secular tailwinds, the three most prevalent being: 1) data-driven decision making, 2) cloud adoption, and 3) the exponential growth of corporate data. The company’s visionary management team, headed by industry veteran Frank Slootman, plans to capture its fair share of this growth through: 1) executing on its land and expand model, 2) acquiring new customers, 3) growing internationally, and 4) expanding its nascent partner network. The stock’s negative contribution in the quarter was due to the timing of Ithaka’s purchase (mid-February) and its small portfolio weighting (100bps).”

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Disclosure: None. You can also take a look at 15 Most Profitable Drugs In The World and 10 Best Small-Cap Growth Stocks to Buy Now.

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