Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Spyglass Growth Strategy James A. Robillard | “Snowflake Inc. (SNOW), a provider of cloud data warehouse software, was a top contributor during the second quarter. Snowflake's first-quarter results exceeded consensus expectations for both revenue and earnings. We continue to be impressed by the Company's product innovation, and, importantly, Snowflake saw enough traction with one of its early AI products to raise guidance while attributing the increase specifically to that product. We believe Snowflake's long-term potential remains misunderstood by most investors. While we trimmed our position size during the quarter due to share price appreciation, Snowflake remains a core position.” | BULL | Q2 2026 Jul 28, 2026 | View Pitch |
Baillie Gifford - US Equity Growth Brent Jackson | “Snowflake is a good example. Its shares halved in the SaaS sell-off before more than doubling again as results showed growth reaccelerating. This quarter, product revenue grew 34 percent year-over-year, and guidance rose. Importantly, this was underpinned by Snowflake's core data warehousing business, with its native AI coding agent, Cortex Code, helping customers migrate to the cloud and deploy workloads faster. AI appears to be increasing platform consumption, not weakening the business model.” | NEUTRAL | Q2 2026 Jul 23, 2026 | View Pitch |
Brown Advisors Mid-Cap Growth strategy Portfolio Manager | “We initiated a position in Snowflake Inc (SNOW), a cloud-native data platform our research team has followed closely for years. Snowflake sits at the convergence of two durable trends: the rising importance of enterprise data and analytics, and the adoption of AI, which increases consumption on the company's platform. Under CEO Sridhar Ramaswamy, the pace of product innovation has inflected, and the company closed its latest fiscal year with a record number of new customers, accelerating bookings growth, and thousands of customers already using its newer AI offerings. We used the software selloff to build our position at what we view as an attractive valuation. We initiated a position in Snowflake Inc (SNOW), a cloud-native data platform our research team has followed for years. we believe the company sits at the intersection of two durable trends: rising enterprise data needs and AI adoption, both of which should increase platform consumption. Under CEO Sridhar Ramaswamy, product innovation has accelerated, and recent results showed record new customer additions, accelerating bookings growth and early traction in newer AI offerings. We used the software selloff to build the position at an attractive valuation.” | NEUTRAL | Q2 2026 Jul 22, 2026 | View Pitch |
TimesSquare Capital Management U.S. Mid Cap Growth Strategy TimesSquare Capital Management LLC | “Snowflake Inc. (SNOW), a provider of cloud data warehouse software, was a top contributor during the second quarter. Snowflake's first-quarter results exceeded consensus expectations for both revenue and earnings. We continue to be impressed by the Company's product innovation, and, importantly, Snowflake saw enough traction with one of its early AI products to raise guidance while attributing the increase specifically to that product. We believe Snowflake's long-term potential remains misunderstood by most investors. While we trimmed our position size during the quarter due to share price appreciation, Snowflake remains a core position.” | BULL | Q2 2026 Jul 21, 2026 | View Pitch |
Spyglass Capital Management Portfolio Manager | “Snowflake's first-quarter results beat expectations, and early traction with its AI product prompted management to raise guidance. The manager believes the market underestimates Snowflake's long-term potential and continues to hold it as a core position despite some trimming.” | BULL | Q2 2026 Jun 30, 2026 | View Pitch |
ARK Invest Catherine D. Wood | “Snowflake operates a cloud-independent, unified data platform that enables enterprise clients to consolidate, query, and govern structured and semi-structured datasets across major public clouds. The manager established a new long position representing 0.6% of ARKK, arguing that public markets underappreciate Snowflake's pivotal role as the primary data foundation required for deploying autonomous enterprise artificial intelligence applications. Snowflake's business model is powered by a consumption-based pricing mechanism that generates robust unit economics and high net revenue expansion rates. Because machine learning and generative AI architectures require vast volumes of cleansed enterprise data, computational queries scale exponentially on Snowflake's platform. This usage-based dynamic produces considerable operating leverage, as data storage stickiness creates steep customer switching costs while data sharing network effects expand gross margins and return on invested capital. Key catalysts for the stock include the widespread rollout of generative AI developer tooling, expanding cloud data lake integrations, and accelerated corporate data migrations. Downside risks involve enterprise budget scrutiny, aggressive competition from native cloud hyperscalers, and macroeconomic volatility affecting aggregate corporate consumption spend.” | BULL | Q2 2026 Jun 30, 2026 | View Pitch |
Spyglass Capital Management Portfolio Manager | “The data cloud platform is seeing high customer adoption of its natural-language tool, Cortex Analyst, driving increased database consumption. The company serves as the indispensable trust and governance layer for enterprise data running AI applications.” | BULL | Q1 2026 Mar 31, 2026 | View Pitch |
Artisan Mid Cap Fund Matt Kamm, Jason White, Jim Hamel, Angela Wu, Jay Warner | “Along with Veeva, we also ended our investment campaigns in Snowflake and Ferguson during the quarter. Snowflake is a leading player in data infrastructure, enabling organizations to unlock greater value from their data estates. We exited the position following a strong run given the elevated valuation paired with the potential for decelerating revenue growth due to uneven consumption trends. Furthermore, Snowflake is most commonly used by customers for structured data; there is the potential for large language models to allow enterprises to effectively unlock the benefits of unstructured data, bringing Snowflake's value proposition more into question. This is a question we continue to monitor and learn about. BSD Analysis: Snowflake is still one of the most elegant data platforms ever built — but elegance alone doesn't guarantee easy growth forever. Consumption-based pricing creates upside in good times and pain when customers optimize usage. Competition from hyperscalers is relentless and well-funded. That said, Snowflake remains best-in-class for multi-cloud data sharing and analytics. AI workloads are an opportunity, but monetization is still evolving. Margins will expand only if spending discipline improves. The platform is real; the question is pacing. Snowflake is transitioning from growth darling to adult software company. The franchise survives — the multiple won't without execution.” | BEAR | Q4 2025 Jan 15, 2026 | View Pitch |
Jacob Fund Ryan Jacob | “The Jacob Internet Fund added one new position in the quarter, Snowflake. Snowflake is a popular cloud-based platform that provides comprehensive data warehousing services, mainly for large businesses. By being cloud native, Snowflake helps companies more easily store, analyze and share their data across an entire organization, which has become a crucial ingredient for companies prioritizing IT infrastructure upgrades that can incorporate more AI functionality. A recently expanded partnership with Anthropic highlights how the company is quickly deepening its AI capabilities. Competition is fierce, but Snowflake has become the leading player in cloud data storage, especially for those companies looking for an agnostic solution that can support the multiple hyperscalers that many companies employ. Snowflake's unique and dominant position in the data warehousing market, in what should be a high-growth profitable and sticky business over time, makes the company an attractive investment. BSD Analysis: Snowflake's moat is data gravity and cross-cloud neutrality, not pricing power. Usage-based pricing aligns with value—but also with customer cost scrutiny. Growth slows quickly when customers optimize spend. Competition from hyperscalers is relentless and subsidized. Execution now matters more than vision. The failure mode is being squeezed between native cloud offerings and open-source alternatives. The bull case is expanding workloads and data applications. Snowflake must prove durability beyond early adopter enthusiasm.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
WestEnd Capital George Bolton, Ali, George Elliman | “We have owned Snowflake for some time now, and we see the company as a leader in converting the AI technology to a revenue-generating tool for enterprises. At its recent World Tour event in New York, Snowflake emphasized how its latest products—particularly Snowpark ML and new unstructured data capabilities—are helping organizations turn raw data into actionable intelligence. Early adopters across retail, travel, and financial services are already using Snowflake's tools for tasks such as demand forecasting and customer experience optimization. These practical use cases illustrate why we see Snowflake as a long-term beneficiary of enterprise AI adoption. Industry analysts have noted that Snowflake's product innovation is accelerating and that the “AI blizzard,” as one put it, still lies ahead. As enterprises refine their AI strategies, data volumes and processing needs are expected to grow exponentially. We believe Snowflake is well positioned to capture that growth through its flexible cloud architecture, growing ecosystem of partners, and continued leadership in secure, multi-cloud data solutions. BSD Analysis: Snowflake has redefined its 2026 narrative through a landmark $200 million, multi-year partnership with OpenAIannounced on February 2. This deal integrates models such as GPT-5.2 directly into Snowflake's "Cortex AI" layer, allowing enterprise customers to build AI agents without moving their proprietary data. The company enters its February 25 earnings call with a $100 million AI revenue run rate achieved ahead of schedule and a product gross margin holding steady at a robust 76%. Management is targeting a 25% free cash flow margin for the full fiscal year as it transitions from a storage platform into an "intelligence factory." While the stock remains under pressure due to broader SaaS valuation skepticism, analysts maintain a $275 price target, viewing the OpenAI integration as a critical moat that significantly increases the "data gravity" of its ecosystem.” | BULL | Q3 2025 Oct 22, 2025 | View Pitch |
Spyglass Capital Management Portfolio Manager | “Snowflake posted accelerating sequential revenue growth and expanding margins, leading to raised full-year guidance. Strong product innovation under the newly established management team was highlighted at its user conference, reinforcing the manager's view that the stock's long-term runway is still highly underappreciated.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
WestEnd Capital George Bolton, Ali, George Elliman | “We purchased SNOW anticipating strong earnings, which in December exceeded street estimates. The stock has rallied since our initial positioning. We're forecasting strong earnings and revenue growth in the new year as Snowflake's customer base has expanded considerably. We think SNOW's sizable investments in AI solutions within its product suite will accelerate profitability growth. BSD Analysis: Snowflake has redefined its 2026 narrative through a landmark pivot toward AI-native infrastructure. The company enters the final quarter of its fiscal 2026 (ending Jan 31, 2026) with a product revenue guidance of $4.45 billion, representing roughly 28% year-over-year growth. Management is targeting a non-GAAP product gross margin of 75% and an adjusted free cash flow margin of 25% for the full year. A primary catalyst for 2026 is the rapid monetization of Snowflake Cortex AI, which allows enterprise customers to run advanced large language models (LLMs) natively on their data. Strategic partnerships, including a multi-year deal with OpenAI, are expected to drive higher compute consumption as customers move AI projects from pilot to production. Despite some concerns over slower billings, institutional confidence remains bolstered by a net revenue retention rate of 125% and a growing base of $1 million-plus customers.” | BULL | Q4 2024 Dec 31, 2024 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
