5 Best Growth Stocks To Buy For the Next 5 Years

3. Snowflake Inc. (NYSE:SNOW)

Number of Hedge Fund Holders: 65  

Snowflake Inc. (NYSE:SNOW) provides a cloud-based data platform in the United States and internationally. It is one of the elite growth stocks to invest in. On October 17, Snowflake revealed that it has made a partnership with OpenApp, an advertising technology consortium and one of the largest broadcasting companies in the US. SnowFlake bought a 5% stake in OpenApp. It’s also the first company from outside the TV to purchase a stake in a consortium. 

On October 20, Piper Sandler analyst Brent Bracelin maintained an Overweight rating on Snowflake Inc. (NYSE:SNOW) stock and lowered the price target to $218 from $220, noting several factors that could further pressure billings, revenue, and free cash growth estimates into 2023.

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. (NYSE:SNOW), 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, the leading data cloud provider, during its recent user conference, announced several new products, which significantly expand its addressable market…(read more)