Stanley Druckenmiller is Selling These 5 Stocks

4. Snowflake Inc. (NYSE: SNOW)

Number of Hedge Fund Holders: 70

Percentage Decline in Stake in Q2: 43%   

Snowflake Inc. (NYSE: SNOW) is a California-based company that operates a Cloud-based data platform. It is placed fourth on our list of 12 stocks Stanley Druckenmiller is selling. According to the latest filings, Duquesne Capital owned 49,110 shares in the firm at the end of the second quarter of 2021, representing 0.34% of the portfolio. The shares are worth $11.8 million. The fund has decreased stake in the firm by 43% compared to the end of the first quarter of the year. 

On August 23, investment advisory Rosenblatt kept a Buy rating on Snowflake Inc. (NYSE: SNOW) stock and raised the price target to $295 from $265, noting that the firm would likely increase fiscal 2022 guidance on the back of growth catalysts like IT spending. 

At the end of the second quarter of 2021, 70 hedge funds in the database of Insider Monkey held stakes worth $12.5 billion in Snowflake Inc. (NYSE: SNOW), down from 71 in the preceding quarter worth $12.9 billion.