Here’s What Makes Snowflake (SNOW) Stock Attractive

ClearBridge Investments, an investment management firm, released its fourth-quarter 2022 “ClearBridge Multi Cap Growth Strategy” investor letter.  A copy of the same can be downloaded here. In the fourth quarter, the strategy outperformed the Russell 3000 Growth Index benchmark. The Strategy gained in six of the seven sectors on an absolute basis in which it was invested. Health care, industrials, and communication services sectors were the primary contributors, while IT sector detracted from performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Multi Cap Growth Strategy highlighted stocks like Snowflake Inc. (NYSE:SNOW) in its Q4 2022 investor letter. Headquartered in Bozeman, Montana, Snowflake Inc. (NYSE:SNOW) is a cloud-based data platform provider. On February 17, 2023, Snowflake Inc. (NYSE:SNOW) stock closed at $154.08 per share. One-month return of Snowflake Inc. (NYSE:SNOW) was 6.39%, and its shares lost 43.72% of their value over the last 52 weeks. Snowflake Inc. (NYSE:SNOW) has a market capitalization of $49.552 billion.

ClearBridge Multi Cap Growth Strategy made the following comment about Snowflake Inc. (NYSE:SNOW) in its Q4 2022 investor letter:

“Names like Airbnb (ABNB) and data warehouse software provider Snowflake Inc. (NYSE:SNOW), which we added to during the quarter, offer better than average growth exposure with strong margins and cash generation that should allow the Strategy to capture better upside in markets with greater price momentum. We partner these higher-growth names with the stability, predictability and economic insensitivity provided by our large cap health care positions. We are striving to strike a balance in the portfolio across varying growth rates, consumer and enterprise as well as international and domestic equity markets.”

Snowflake Inc. (NYSE:SNOW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 73 hedge fund portfolios held Snowflake Inc. (NYSE:SNOW) at the end of the third quarter, which was 66 in the previous quarter.

We discussed Snowflake Inc. (NYSE:SNOW) in another article and shared Jim Cramer stocks this month. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.