Is Snowflake (SNOW) Inventory a Good Lengthy-Time period Wager?

Baron Funds, an funding administration firm, launched its “Baron Fifth Avenue Progress Fund” third quarter 2022 investor letter. A duplicate of the identical may be downloaded right here. Within the third quarter, the fund declined 2.9% (Institutional Shares) in comparison with a 3.6% decline for the Russell 1000 Progress Index and a 4.9% decline for the S&P 500 Index. Holdings in Shopper Discretionary and Communication sectors contributed considerably to the fund’s efficiency within the quarter. As well as, please examine the fund’s prime 5 holdings to know its greatest picks in 2022.

Baron Funds highlighted shares like Snowflake Inc. (NYSE:SNOW) in its Q3 2022 investor letter. Headquartered in Bozeman, Montana, Snowflake Inc. (NYSE:SNOW) is a cloud-based information platform supplier. On November 22, 2022, Snowflake Inc. (NYSE:SNOW) inventory closed at $143.36 per share. One-month return of Snowflake Inc. (NYSE:SNOW) was -16.15%, and its shares misplaced 58.27% of their worth during the last 52 weeks. Snowflake Inc. (NYSE:SNOW) has a market capitalization of $45.875 billion.

Baron Funds made the next remark about Snowflake Inc. (NYSE:SNOW) in its Q3 2022 investor letter:

“Snowflake Inc. (NYSE:SNOW) supplies a cloud platform for large-scale information analytics. Snowflake’s shares have been up 22%, reacting positively to second quarter outcomes that beat market forecasts with income progress of 83% year-over yr and adjusted free-cash-flow margins of 12%. Report new buyer additions and world-class greenback internet retention of over 170% implied resiliency in demand regardless of rising macro uncertainties. We stay shareholders and imagine that Snowflake will have the ability to profit from long-term progress with favorable unit economics, addressing one of many largest alternatives in expertise. Snowflake’s tradition of innovation (reminiscent of its enlargement into cloud software improvement and information sharing), go-to-market initiatives, and an ongoing secular shift to the cloud in its finish markets ought to assist, in our view, maintain the corporate’s aggressive moats over the long run.”

Photograph by Science in HD on Unsplash

Snowflake Inc. (NYSE:SNOW) just isn’t on our record of 30 Most Standard Shares Amongst Hedge Funds. As per our database, 73 hedge fund portfolios held Snowflake Inc. (NYSE:SNOW) on the finish of the third quarter, which was 66 within the earlier quarter.

We mentioned Snowflake Inc. (NYSE:SNOW) in one other article and mentioned whether or not billionaire Jorge Paulo Lemann’s 3G Capital picked the proper shares within the third quarter of 2021. As well as, please take a look at our hedge fund investor letters Q3 2022 web page for extra investor letters from hedge funds and different main buyers.

 

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Disclosure: None. This text is initially revealed at Insider Monkey.

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