Growth Stock Portfolio: 5 Companies with At Least 30% Annual Growth Rates

4. Snowflake Inc. (NYSE:SNOW)

5-Year Annual Sales Growth: 118.22%

Number of Hedge Fund Holders: 71

Snowflake Inc. (NYSE:SNOW) is a cloud computing-based data cloud company that provides a cloud-based data storage and analytics service commonly referred to as “data-as-a-service” (DaaS). The company was founded in July 2012 and was publicly launched in October 2014. Snowflake’s platform enables organizations to store and analyze their data in the cloud, offering features such as data warehousing, data lakes, and data sharing.

Snowflake Inc. (NYSE:SNOW) received a Buy rating from Citi analyst Tyler Radke on November 20, with a price target of $191. Radke’s analysis highlighted indications from fieldwork that suggest easing optimizations and promising early traction for new products.

As of Q3 2023, 71 out of the 910 hedge funds tracked by Insider Monkey held a stake in Snowflake Inc. (NYSE:SNOW). During the same quarter, Altimeter Capital Management, led by Brad Gerstner, emerged as the largest shareholder with a stake valued at $2.35 billion.

ClearBridge Multi Cap Growth Strategy made the following comment about Snowflake Inc. (NYSE:SNOW) in its Q2 2023 investor letter:

“While the ClearBridge Multi Cap Growth Strategy has limited mega cap exposure, which has been a recent headwind to relative performance, we own several companies that stand to benefit from the explosive growth in generative AI. These holdings play key roles in building out the necessary infrastructure and helping customers leverage capabilities enabled by this emerging technology.

Snowflake Inc. (NYSE:SNOW), a cloud-based data platform company, is positioned well to help enterprises better leverage their own data to get the most out of AI models. Though it is still early days in terms of adoption, Snowflake saw workloads for data science, machine learning, and AI use cases grow more than 90% year-over-year in its most recent quarter.”