What smart money is saying about Snowflake, Inc.
SNOW · Technology · Software - Application · Market cap $108.25B
11 funds in our archive have pitched Snowflake, Inc., most recently Brown Advisory Large-Cap Sustainable Growth Strategy in September 2026.
Company profile
Snowflake Inc. delivers a cloud-centric data platform to customers across both the United States and international markets. The company's core offering, known as the Data Cloud, enables users to unify disparate data sources into a singular, reliable foundation. This unified data then facilitates the extraction of crucial business intelligence, the creation of innovative data-driven applications, and secure data sharing. This adaptable platform serves a wide array of organizations, encompassing various sizes and industries. Originating in 2012, the enterprise was initially recognized as Snowflake Computing, Inc., before officially rebranding to Snowflake Inc. in April 2019. Its principal operations are conducted from Bozeman, Montana.
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Fund signal · last 12 months
32 lettersFunds are split between buying and selling
+3
Net flow
8 buys · 2 new positions · 62%5 sells
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q1 2025 and Q3 2026, 35 fund letters reported a position in Snowflake, Inc., with 8 buys (opened or added) and 8 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 16 | 3 | 2 | 4 |
| Q2 2026 | 14 | 4 | 3 | 5 |
| Q1 2026 | 1 | 1 | 0 | 0 |
| Q4 2025 | 1 | 0 | 0 | 1 |
| Q3 2025 | 1 | 0 | 1 | 0 |
| Q2 2025 | 1 | 0 | 1 | 0 |
| Q1 2025 | 1 | 0 | 1 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 35 positions · 16 moves
- September 2026
“Cloudflare Inc, Repligen Corporation, and Snowflake, Inc., were among the top contributors to performance.”
Snowflake, Inc. - September 2026
“Top contributors to performance for the quarter included US cybersecurity software leader CrowdStrike, Indian digital payments company One 97 Communications (Paytm), US data center software provider Snowflake, Indian food delivery and quick-commerce company Eternal, and US-based fintech platform and stablecoin issuer Circle Internet Group. CrowdStrike benefited from rising demand for AI-related security as agent proliferation creates an increasingly challenging cyber environment, and as CrowdStrike shows evidence that the heightened AI threat environment is resulting in monetizable business opportunities for the company. Paytm rose as a merchant discount rate on India’s Unified Payments Interface was introduced which will improve the company's payment economics, while its core merchant lending business continued to scale up steadily; small and midsized lending in the Indian banking sector grew at a high-teens rate in recent months, and Paytm’s merchant lending business has compounded well above those rates. Snowflake benefited from continued demand acceleration as customers increasingly leverage the company as a core part of their AI and data strategies, and as the company’s CoCo agent proliferates in enterprises.”
Snowflake, Inc. - September 2026
“Our selectivity, holding through the noise in names like CrowdStrike and adding where conviction was high to names like Snowflake and Cloudflare, has served our clients well.”
Snowflake, Inc. - September 2026
“For example, how does a company use AI to create more value from its distribution, proprietary data, customer relationships, network effects, intellectual property, physical assets and even its culture? Snowflake is a good example.”
Snowflake, Inc. - September 2026
“These are often the most tech-savvy, and their advantages are compounding over time by deploying AI in their businesses. Let me talk through a couple of examples. The charts show how shares in Snowflake, Moderna and Shopify have performed over time, with key moments in each company’s development marked along the way. Snowflake is a great example.”
Snowflake, Inc. - September 2026
“Top contributors to performance for the quarter included US cybersecurity software leader CrowdStrike, Indian digital payments company One 97 Communications (Paytm), US data center software provider Snowflake, Indian food delivery and quick-commerce company Eternal, and US-based fintech platform and stablecoin issuer Circle Internet Group. CrowdStrike benefited from rising demand for AI-related security as agent proliferation creates an increasingly challenging cyber environment, and as CrowdStrike shows evidence that the heightened AI threat environment is resulting in monetizable business opportunities for the company. Paytm rose as a merchant discount rate on India’s Unified Payments Interface was introduced which will improve the company's payment economics, while its core merchant lending business continued to scale up steadily; small and midsized lending in the Indian banking sector grew at a high-teens rate in recent months, and Paytm’s merchant lending business has compounded well above those rates. Snowflake benefited from continued demand acceleration as customers increasingly leverage the company as a core part of their AI and data strategies, and as the company’s CoCo agent proliferates in enterprises.”
Snowflake, Inc. - September 2026
“Security Description Fund (%) Snowflake Inc. Cloud-based data platform for warehousing, analyzing, & sharing data & building AI applications 4.26”
Snowflake, Inc. - September 2026
“Snowflake Inc. Return: +33% · Avg. Weight: 6% · Total Effect: +87 bps SNOW operates a cloud-based data platform for warehousing, analyzing, and sharing data and building AI applications. The stock rose after SNOW delivered another set of results that exceeded expectations, as product revenue growth accelerated to 37% year-over-year for a third consecutive quarter of acceleration, management guided to further acceleration and full-year product revenue guidance was raised by well more than the size of the beat. SNOW's AI products contributed roughly half of the acceleration while also driving greater use of the core platform, and a late-September discussion with the CFO reinforced our positive views. We added to the position during the quarter.”
Snowflake, Inc. - September 2026
“The Strategy owns Cloudflare Inc and Snowflake, Inc.”
Snowflake, Inc. - September 2026
“Within IT, data infrastructure software companies such as Snowflake performed well as investors increasingly recognized their potential to benefit from rising AI investment and adoption. Although we built Snowflake to a CropSM position during the quarter, our below-benchmark position in the stock made it the largest individual detractor from relative performance.”
Snowflake, Inc. - September 2026
“We trimmed our position in Snowflake Inc following meaningful multiple expansion during the third quarter.”
Snowflake, Inc. - September 2026
Listed in Tributary Capital Management Multi-Cap Core Equity Strategy’s reported holdings.
Snowflake, Inc. - TrimmedSpyglass Growth StrategySeptember 2026
“During the third quarter, the positions that were most significantly trimmed were Snowflake, Illumina, and Medpace.”
Snowflake, Inc. - AddedNext century growth investor Growth StrategiesSeptember 2026
“We added 7 new positions in Q3: o three in technology: SNOW, TWLO, NOW”
Snowflake, Inc. - HoldsBuffalo Growth FundSeptember 2026
“TOP CONTRIBUTORS Snowflake was a top contributor to fund results during the period as an outsized position in the cloud infrastructure software provider helped drive considerable outperformance following a standout quarterly earnings report.”
Snowflake, Inc. - July 2026
“Portfolio review The Fund returned -1.5% in July in what was a challenging environment as markets were whipsawed by sentiment ahead of the Q2 earnings season. AI platform software was the strongest area of the portfolio, led by long names such as Microsoft, Snowflake, and ServiceNow.”
Snowflake, Inc. - June 2026
“Information security provider CrowdStrike rebounded sharply, data warehouse platform Snowflake delivered strong relative performance and long-time holding Broadcom continued to contribute, underscoring the ongoing importance of cloud, cybersecurity and AI infrastructure exposure within the portfolio.”
Snowflake, Inc. - June 2026
“Top contributors to performance for the quarter included US-based memory supplier Micron, US cybersecurity leader CrowdStrike, British semiconductor design company ARM, US data center software provider Snowflake, and Indian online travel company MakeMyTrip.”
Snowflake, Inc. - June 2026
“A tale of two software-as-a-service (SaaS) stocks While the AI supply chain has been in vogue, software has been treated as a likely casualty. If AI can write code, automate workflows and compress the cost of digital labour, then some software business models may be at risk. But the evidence is already becoming more nuanced. AI will not affect all software companies equally. In some cases, it may strengthen the best platforms rather than undermine them. Snowflake is a good example.”
Snowflake, Inc. - June 2026
“In the IT sector, our systems software investments contributed to absolute and relative performance, with Datadog, Inc. (cloud-based observability and security platform leader), Snowflake Inc. (cloud data platform pioneer), and Rubrik, Inc. (cloud data security and cyber resilience leader) leading the way.”
Snowflake, Inc. - TrimmedSpyglass Growth StrategyJune 2026
“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.”
Snowflake, Inc. - June 2026
“Cloud data platform provider Snowflake Inc. rose 69% after reporting impressive first-quarter results, with product revenue growth reaccelerating. AI is now a clear tailwind to its core platform. Snowflake offers a cloud-based data platform on which its customers can consolidate data and leverage that information for business insights and solve business problems. We meaningfully increased the position size in April and May on stock weakness as our due diligence bolstered our conviction in Snowflake’s position as the center of data gravity.”
Snowflake, Inc. - June 2026
“In the IT sector, our systems software investments contributed to absolute and relative performance, with Datadog, Inc. (cloud-based observability and security platform leader), Snowflake Inc. (cloud data platform pioneer), and Rubrik, Inc. (cloud data security and cyber resilience leader) leading the way.”
Snowflake, Inc. - New positionBrown Advisory Mid-Cap Growth StrategyJune 2026
“We initiated a position in Snowflake Inc (SNOW), a cloud-native data platform our research team has followed closely for years.”
Snowflake, Inc. - June 2026
Listed in Baron Fifth Avenue Growth Fund’s reported holdings.
Snowflake, Inc. - June 2026
“During the first quarter, we added to both Datadog Inc and Snowflake Inc on the broad software sell-off. Based on the strong stock performance during the second quarter, we trimmed both positions on valuation.”
Snowflake, Inc. - June 2026
“Nine positions were added to the strategy in the second quarter.”
Snowflake, Inc. - June 2026
“Semiconductors also contributed strongly with Intel featuring in the largest risers. In software, CrowdStrike and Snowflake benefited from continued confidence in cyber security spending, with investor sentiment also helped by broader demand for AI-linked security solutions.”
Snowflake, Inc. - June 2026
“Software T scores started to move into positive territory in May, allowing us to rebuild our long exposure in the Platform Software basket. ServiceNow and Snowflake were added on the long side, reflecting our view that high-quality software platforms with strong positioning in workflow automation, data and security remain well placed as AI adoption broadens.”
Snowflake, Inc. - June 2026
“Both Snowflake and SpaceX contributed positively this quarter.”
Snowflake, Inc. - March 2026
“Snowflake (SNOW) is a cloud-based data platform that allows companies to store, manage, share and analyze vast amounts of data on one system. The stock fell in concert with other software-related companies in the first quarter on AI disintermediation concerns. We remain bullish on the company’s transition from a cloud data warehouse into a comprehensive AI-native data platform, driven by accelerating product innovation and a broadly expanding total addressable market. We added to our position in Snowflake during the quarter.”
Snowflake, Inc. - HoldsOctahedron CapitalDecember 2025
“Any investment examples contained in this presentation have been included to demonstrate Octahedron’s investment strategy and investment process, and represent investments that Octahedron currently is following, including the four largest positions that are currently in the Funds’ portfolio (i.e., Snowflake, Amazon, Uber and Coupang).”
Snowflake, Inc. - September 2025
“Snowflake is a leading player in data infrastructure, enabling organizations to unlock greater value from their data estates through unified access, scalable analytics and AI-driven insights across cloud environments. Following a strong performance and an elevated valuation, we trimmed our position—reflecting a degree of caution as increasingly powerful and cost-effective large language models raise questions about the long-term evolution of traditional data warehouse architectures and the role of centralized data platforms.”
Snowflake, Inc. - TrimmedBaron Global Advantage FundJune 2025
“Top net sales for the quarter Quarter End Market Cap ($B) Net Amount Sold ($M) Cloudflare, Inc. 67.9 25.2 Snowflake Inc. 74.7 4.4 BILL Holdings, Inc. 4.8 4.3 Fiverr International Ltd. 1.1 1.3 Wix.com Ltd. 8.8 1.2 While we continue to believe that Cloudflare, Inc. (up 74% during the quarter) and Snowflake Inc. (up 53% during the quarter) are high-quality businesses with significant opportunities ahead, we took advantage of market volatility to manage position sizing and to reallocate to other ideas.”
Snowflake, Inc. - ExitedTouchstone Sands Capital Select Growth FundMarch 2025
“We sold Snowflake to manage exposure to software and higher volatility holdings. We chose to exit the business as our lowest conviction software holding after our research uncovered a potential weakening fit with our third investment criterion: significant competitive advantage/unique business franchise. Snowflake remains the most performant cloud data warehouse (CDW), and its key advantages in its core market continue to exist, but the company’s competition has narrowed the gap in recent years. This dynamic, in isolation, would not likely merit a sale. However, the rapid rise of AI could be shifting the plane of competition to favor data platform vendors with stronger AI offerings as enterprises prioritize AI infrastructure investments. Our research has indicated that this is driving a convergence between AI and CDW platforms, with Snowflake being forced to catch up to competitors with head starts in building data platforms specifically catering to AI. Our concern is that Snowflake will cede market share to both the cloud hyperscalers and private competitors with these head starts, while seeing profit margins contract as it invests to accelerate the development of its AI capabilities. Snowflake also has a new CEO at the helm who needs to reorient not only the product offering but also how the platform is sold, given new user personas and more technical products. In our view, this dynamic may slow the long-term earnings trajectory of the business, and it introduces a level of uncertainty that does not justify the current valuation. For this reason, we decided to exit our position in favor of higher-conviction holdings.”
Snowflake, Inc.
Also mentioned · 4
These funds discuss Snowflake, Inc. as a competitor, benchmark or comparable, without disclosing a position in it.
- September 2026
“• Zeta Global (ZETA) – Zeta operates an AI-powered marketing cloud that helps large consumer brands acquire, retain, and grow customers using Zeta's proprietary consumer data. The stock rose +60%, contributing +216 basis points, after its 20th consecutive beat-and-raise quarter: revenue grew +44% and management raised 2026 guidance across the board. According to management, adoption of Athena, Zeta's AI agent, is accelerating, and the company's heaviest AI users are growing faster and retaining better than the rest of the base. Partnerships with Palantir (new), OpenAI and Snowflake broaden the opportunity beyond marketing.”
Snowflake, Inc. - MentionedFundsmith Equity FundJune 2026
“Every day we seem to be presented with examples of what the rise of passive investment is doing to the market in terms of volatility. On Wednesday 27th May Snowflake (SNOW US), a database company closed trading as a $60bn company and opened on Thursday as an 5 $82bn one.”
Snowflake, Inc. - MentionedGuinness Global Innovators FundJune 2026
Named in a table in Guinness Global Innovators Fund’s letter.
Snowflake, Inc. - June 2026
“Where Does Value Accrue in the AI Era? Our latest thinking on this question centers on what we internally call the SRM layer, the smart routing and middle layer that sits between the large language models (LLMs) on one side and an enterprise’s proprietary data and workflows on the other. The LLM's keep improving, but increasingly behave like utilities: token prices are falling 50-80% per year, sophisticated enterprises already run multiple models in production, and free open-source routers are making basic model-switching easier. We believe durable economics will accrue to the SRM layer that combines model-agnostic routing with a customer’s proprietary data, permissions, and persistent automated workflows. The cleanest public expressions today are large caps, such as Palantir (PLTR) and Snowflake (SNOW), but this framework still matters for the portfolio in two ways.”
Snowflake, Inc.
Fund coverage · 11 theses
- Brown Advisory Large-Cap Sustainable Growth StrategySeptember 2026
Snowflake provides cloud data storage and analytics, and accelerating growth plus AI-driven demand support the thesis that its data repository becomes more valuable in an AI world.
Read the full thesis - Buffalo Growth FundSeptember 2026
Snowflake is a cloud infrastructure software provider whose AI coding agent CoCo reaccelerated revenue growth to 35%, with growth expected to accelerate to 40%+ as enterprises adopt AI.
Read the full thesis - TimesSquare U.S. Focused Mid Cap GrowthSeptember 2026
Snowflake Inc. operates a cloud data platform and is benefiting from accelerating product revenue growth and AI-driven demand.
Read the full thesis - Baillie Gifford US Equity Growth StrategySeptember 2026
Snowflake Inc. is using AI products to accelerate growth, expand margins, and evolve from a database into an intelligent analytics platform.
Read the full thesis - TimesSquare U.S. Mid Cap GrowthJune 2026
Snowflake Inc. provides a cloud data platform and is viewed as a central data layer for AI-driven enterprise workflows.
Read the full thesis Snowflake is a high-quality software platform with strong positioning in data and security that should benefit as AI adoption broadens.
Read the full thesis- Spyglass Growth StrategyJune 2026
Snowflake Inc. provides cloud data warehouse software, and the manager highlights product innovation and early AI traction as drivers of long-term potential.
Read the full thesis Snowflake appears to benefit from AI through faster customer workloads, stronger product revenue growth, and improving efficiency and platform usage.
Read the full thesisSnowflake Inc is a cloud-native data platform exposed to enterprise data and AI adoption, with accelerating product innovation and attractive valuation.
Read the full thesis- Aristotle Focus GrowthDecember 2025
Snowflake is a leading multi-cloud data platform with a consumption model and AI-driven workloads supporting strong margins and long-term growth at a justified premium.
Read the full thesis - Artisan US Mid Cap Growth StrategyMarch 2025
Snowflake is a premier cloud data warehouse and analytics platform poised for growth due to its scalable architecture and alignment with increasing demand for data organization and analysis tools.
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