5 Best Up And Coming Stocks To Invest In

3. Snowflake Inc. (NYSE:SNOW)

Number of Hedge Fund Holders: 63

Ittai Kidron at Oppenheimer maintains an Outperform rating and a $220 price target on Snowflake Inc. (NYSE:SNOW) shares as of July 17.

Snowflake Inc. (NYSE:SNOW) operates a cloud-based data storage platform. It is based in Bozeman, Montana.

Snowflake Inc. (NYSE:SNOW) had 63 hedge funds long its stock in the first quarter. Their total stake value was $5 billion.

Here’s what The Ithaka Group said about Snowflake Inc. (NYSE:SNOW) in its first-quarter 2023 investor letter:

“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).”