Snowflake (SNOW)


Market Price (10/10/2026): $368.9 | Market Cap: $128.8 BilSector: Information Technology | Industry: Application Software

Snowflake (SNOW)


Market Price (10/10/2026): $368.9
Market Cap: $128.8 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22%

Stock buyback support
Stock Buyback 3Y Total is 3.5 Bil

Megatrend and thematic drivers
Megatrends include Cloud Computing, and Artificial Intelligence. Themes include Software as a Service (SaaS), Platform as a Service (PaaS), Show more.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -1.2 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -23%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 103x

Stock price has recently run up significantly
6M Rtn6 month market price return is 205%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 30%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 129%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.8%

Key risks
SNOW key risks include [1] intense competition from major cloud providers and specialists like Databricks, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22%
2 Stock buyback support
Stock Buyback 3Y Total is 3.5 Bil
3 Megatrend and thematic drivers
Megatrends include Cloud Computing, and Artificial Intelligence. Themes include Software as a Service (SaaS), Platform as a Service (PaaS), Show more.
4 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
5 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -1.2 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -23%
6 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 103x
7 Stock price has recently run up significantly
6M Rtn6 month market price return is 205%
8 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 30%
9 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 129%
10 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.8%
11 Key risks
SNOW key risks include [1] intense competition from major cloud providers and specialists like Databricks, Show more.

SNOW in ETFs

Weight = SNOW's share of each fund

VTI0.15%
ITOT0.16%
IWB0.16%
VUG0.32%
VO0.52%
IWP3.2%
AGIX1.5%
VOT1.2%
+18 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/9/2026

Snowflake (SNOW) stock has gained about 45% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2027 Earnings Beat and Upbeat Guidance.

Snowflake announced its Q2 fiscal 2027 financial results on September 2, 2026, reporting product revenue of $1.49 billion, which represented a robust 37% year-over-year increase and exceeded prior guidance of 31% year-over-year growth. The company also significantly raised its full-year fiscal 2027 product revenue guidance to $6.07 billion, reflecting 36% year-over-year growth, and increased its non-GAAP operating margin outlook to 14.5%. This strong performance, primarily driven by core platform demand and accelerating AI adoption, served as a major catalyst for the stock's appreciation during the specified period.

2. Accelerating AI Product Adoption and Innovation.

A significant driver of Snowflake's growth and stock performance was its deepening penetration into the AI market. The company attributed approximately half of its Q2 fiscal 2027 product revenue acceleration to the strong adoption of its AI products, including Cortex Code and CoWork. Strategic product announcements at Snowflake Summit 2026 (June 1-4, 2026), such as the introduction of over 26 new capabilities focused on AI agents and productivity, and subsequent innovations like Cortex AI Gateway with dynamic model routing in August 2026, highlighted Snowflake's commitment to the "AI Data Cloud." For example, CoWork alone surpassed 9,100 accounts in Q2 fiscal 2027, adding over 2,000 net new accounts.

Show more
Updated on 10/9/2026

Snowflake (SNOW) stock has gained about 45% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2027 Earnings Beat and Upbeat Guidance.

Snowflake announced its Q2 fiscal 2027 financial results on September 2, 2026, reporting product revenue of $1.49 billion, which represented a robust 37% year-over-year increase and exceeded prior guidance of 31% year-over-year growth. The company also significantly raised its full-year fiscal 2027 product revenue guidance to $6.07 billion, reflecting 36% year-over-year growth, and increased its non-GAAP operating margin outlook to 14.5%. This strong performance, primarily driven by core platform demand and accelerating AI adoption, served as a major catalyst for the stock's appreciation during the specified period.

2. Accelerating AI Product Adoption and Innovation.

A significant driver of Snowflake's growth and stock performance was its deepening penetration into the AI market. The company attributed approximately half of its Q2 fiscal 2027 product revenue acceleration to the strong adoption of its AI products, including Cortex Code and CoWork. Strategic product announcements at Snowflake Summit 2026 (June 1-4, 2026), such as the introduction of over 26 new capabilities focused on AI agents and productivity, and subsequent innovations like Cortex AI Gateway with dynamic model routing in August 2026, highlighted Snowflake's commitment to the "AI Data Cloud." For example, CoWork alone surpassed 9,100 accounts in Q2 fiscal 2027, adding over 2,000 net new accounts.

3. Robust Customer Growth and High Retention Rates.

Snowflake demonstrated strong underlying business fundamentals through consistent customer expansion and retention. In Q2 fiscal 2027, the company reported a total of 14,554 customers, marking a 32% year-over-year increase, with 692 net new customer additions. The net revenue retention rate remained impressive at 126%, indicating that existing customers were increasing their spending and deepening their usage of the platform. Furthermore, the number of customers generating over $1 million in trailing 12-month product revenue grew by 27% year over year, reaching 828, underscoring strong enterprise adoption.

4. Positive Analyst Revisions and Upgraded Price Targets.

Following Snowflake's strong financial reports and continued momentum in AI, several prominent investment firms upgraded their ratings and significantly increased their price targets. For instance, Piper Sandler restated an "overweight" rating and raised its price objective from $320.00 to $450.00 in early September 2026. Yorkville Ives initiated coverage with an "outperform" rating and a $400.00 price target in early October 2026. The company currently holds a "Strong Buy" consensus rating from 36 analysts, with an average 12-month price target of $435.82, suggesting continued upside potential.

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Stock Movement Drivers

Fundamental Drivers

The 44.9% change in SNOW stock from 6/30/2026 to 10/9/2026 was primarily driven by a 35.7% change in the company's P/S Multiple.
(LTM values as of)630202610092026Change
Stock Price ($)254.50368.8944.9%
Change Contribution By: 
Total Revenues ($ Mil)5,0335,4358.0%
P/S Multiple17.523.735.7%
Shares Outstanding (Mil)345349-1.1%
Cumulative Contribution44.9%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/9/2026
ReturnCorrelation
SNOW44.9% 
Market (SPY)4.3%36.4%
Sector (XLK)4.3%27.9%

Fundamental Drivers

The 144.6% change in SNOW stock from 3/31/2026 to 10/9/2026 was primarily driven by a 115.1% change in the company's P/S Multiple.
(LTM values as of)331202610092026Change
Stock Price ($)150.82368.89144.6%
Change Contribution By: 
Total Revenues ($ Mil)4,6845,43516.0%
P/S Multiple11.023.7115.1%
Shares Outstanding (Mil)342349-2.0%
Cumulative Contribution144.6%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/9/2026
ReturnCorrelation
SNOW144.6% 
Market (SPY)20.0%15.2%
Sector (XLK)49.7%16.0%

Fundamental Drivers

The 63.6% change in SNOW stock from 9/30/2025 to 10/9/2026 was primarily driven by a 32.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202510092026Change
Stock Price ($)225.55368.8963.6%
Change Contribution By: 
Total Revenues ($ Mil)4,1165,43532.0%
P/S Multiple18.423.729.1%
Shares Outstanding (Mil)335349-4.0%
Cumulative Contribution63.6%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/9/2026
ReturnCorrelation
SNOW63.6% 
Market (SPY)17.8%26.2%
Sector (XLK)41.6%29.1%

Fundamental Drivers

The 141.5% change in SNOW stock from 9/30/2023 to 10/9/2026 was primarily driven by a 122.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202310092026Change
Stock Price ($)152.77368.89141.5%
Change Contribution By: 
Total Revenues ($ Mil)2,4445,435122.4%
P/S Multiple20.523.715.8%
Shares Outstanding (Mil)327349-6.3%
Cumulative Contribution141.5%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/9/2026
ReturnCorrelation
SNOW141.5% 
Market (SPY)88.4%40.1%
Sector (XLK)146.8%41.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SNOW Return20%-58%39%-22%42%57%22%
Peers Return27%-37%79%99%48%2%330%
S&P 500 Return27%-19%24%23%16%13%107%

Monthly Win Rates [3]
SNOW Win Rate50%33%50%17%50%50% 
Peers Win Rate60%30%68%65%57%50% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
SNOW Max Drawdown-40%-67%-26%-54%-32%-48% 
Peers Max Drawdown-20%-46%-20%-19%-33%-32% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSFT, AMZN, GOOGL, ORCL, PLTR. See SNOW Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/9/2026 (YTD)

How Low Can It Go

EventSNOWS&P 500
2025 US Tariff Shock
  % Loss-30.0%-18.8%
  % Gain to Breakeven42.9%23.1%
  Time to Breakeven48 days79 days
2024 Yen Carry Trade Unwind
  % Loss-18.1%-7.8%
  % Gain to Breakeven22.1%8.5%
  Time to Breakeven108 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.4%-9.5%
  % Gain to Breakeven27.3%10.5%
  Time to Breakeven35 days24 days
2023 SVB Regional Banking Crisis
  % Loss-18.8%-6.7%
  % Gain to Breakeven23.2%7.1%
  Time to Breakeven60 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-65.9%-24.5%
  % Gain to Breakeven193.0%32.4%
  Time to Breakeven1519 days427 days

Compare to MSFT, AMZN, GOOGL, ORCL, PLTR

In The Past

Snowflake's stock fell -30.0% during the 2025 US Tariff Shock. Such a loss loss requires a 42.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventSNOWS&P 500
2025 US Tariff Shock
  % Loss-30.0%-18.8%
  % Gain to Breakeven42.9%23.1%
  Time to Breakeven48 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.4%-9.5%
  % Gain to Breakeven27.3%10.5%
  Time to Breakeven35 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-65.9%-24.5%
  % Gain to Breakeven193.0%32.4%
  Time to Breakeven1519 days427 days

Compare to MSFT, AMZN, GOOGL, ORCL, PLTR

In The Past

Snowflake's stock fell -30.0% during the 2025 US Tariff Shock. Such a loss loss requires a 42.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Snowflake (SNOW)

Snowflake Inc. (SNOW) provides a sophisticated cloud-based data platform known as the Data Cloud. This core offering is designed to help businesses consolidate their vast amounts of data into a single, unified source. By centralizing data, Snowflake enables its customers to overcome data silos and establish a comprehensive foundation for advanced analytics and strategic decision-making.

The primary function of Snowflake's platform is to empower organizations to drive meaningful business insights, build powerful data-driven applications, and facilitate secure data sharing. The company serves a diverse range of customers, including organizations of all sizes across various industries, both domestically and internationally. Essentially, Snowflake provides the critical infrastructure for businesses to effectively manage, analyze, and leverage their data to improve operational efficiency and foster innovation.

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1. The Oracle of the cloud.

2. Salesforce for all your company's data.

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  • Data Cloud: A cloud-based platform that enables customers to consolidate data into a single source of truth to drive business insights, build data-driven applications, and share data.

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Snowflake primarily sells its cloud-based data platform to other companies. Major customers include:

  • Adobe (ADBE)
  • Capital One (COF)
  • Expedia Group (EXPE)
  • Warner Bros. Discovery (WBD)
  • Salesforce (CRM)

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Sridhar Ramaswamy, Chief Executive Officer

Sridhar Ramaswamy was appointed CEO of Snowflake in February 2024, succeeding Frank Slootman. He joined Snowflake in May 2023 with the company's acquisition of Neeva, an AI-powered search engine that he co-founded in 2019. Before Neeva, Ramaswamy spent over 15 years at Google, where he served as Senior Vice President of Ads & Commerce and was instrumental in growing Google's advertising business from $1.5 billion to over $100 billion. He also held research positions at Bell Labs, Lucent Technologies, and Bell Communications Research (Bellcore), and was a Venture Partner at Greylock Partners.

Mike Scarpelli, Chief Financial Officer

Mike Scarpelli has served as Snowflake's Chief Financial Officer since August 2019. Prior to joining Snowflake, he served as CFO at ServiceNow from 2011 to 2019, guiding the company through its IPO. Earlier in his career, Scarpelli was the CFO of Data Domain for three years, where he led the company through its IPO in 2007 and its subsequent acquisition by EMC in 2009 for $2.4 billion. He has a track record of leading multiple companies through successful IPOs and acquisitions. Scarpelli began his career in public accounting at Coopers and Lybrand and also served as CFO of HPL Technologies, Inc.

Frank Slootman, Chairman of the Board

Frank Slootman became the Chairman of the Board for Snowflake in February 2024, after serving as CEO from 2019. He led Snowflake through its blockbuster IPO in 2020. Slootman is recognized for growing companies founded by others and has successfully taken three companies public. Before Snowflake, he was CEO of ServiceNow from 2011 to 2017, taking it public in 2012. From 2003 to 2009, he was CEO of Data Domain, which he took public in 2007 and sold to EMC for $1.8 billion or $2.4 billion.

Benoit Dageville, Co-Founder & Chief Architect, President of Product

Benoit Dageville is a Co-Founder of Snowflake and currently serves as its Chief Architect and President of Product. He has been a member of Snowflake's board of directors since August 2012. Before co-founding Snowflake, Dageville held various engineering roles at Oracle Corporation, including Architect in the Manageability Group from 2002 to 2012.

Christian Kleinerman, Executive Vice President of Product

Christian Kleinerman is the Executive Vice President of Product at Snowflake, having joined the company in 2018. He is a database expert with over 20 years of experience. Prior to Snowflake, Kleinerman worked at Google, where he led YouTube's infrastructure and data systems. He also served as General Manager of the Data Warehousing product unit at Microsoft.

AI Analysis | Feedback

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Here are the key risks to Snowflake's business:

  1. Intense Competition: Snowflake operates in a highly competitive market for cloud-based data platforms. The company faces significant competition from major cloud providers like Amazon Web Services (AWS), Google Cloud, and Microsoft Azure, which offer their own integrated data warehousing and analytics solutions. Additionally, specialized data platform companies such as Databricks pose a direct threat, particularly in areas like machine learning and AI workloads. This intense competition can lead to pricing pressures, the need for continuous and substantial investment in innovation, and potential erosion of market share.
  2. Volatility of Consumption-Based Revenue Model: Snowflake's revenue is predominantly generated through a consumption-based model, meaning its financial performance is directly tied to customer usage of its Data Cloud platform. While this model can align costs with value for customers, it also makes Snowflake's revenue highly sensitive to customer optimization efforts and broader macroeconomic spending slowdowns. The company has experienced a deceleration in its product revenue growth rate, and forecasting future results remains challenging due to a limited operating history and external economic factors. Snowflake has also historically reported operating losses and may face challenges in achieving or sustaining profitability.
  3. Security and Data Breach Risks: As a cloud-based data platform, Snowflake is inherently exposed to cybersecurity threats, including unauthorized access to customer data. Recent high-profile incidents have highlighted vulnerabilities arising from compromised customer credentials and the absence of multi-factor authentication (MFA) on customer accounts, leading to the exposure of sensitive data for numerous organizations. Although Snowflake has stated that these incidents were not due to a breach of its own system or platform vulnerabilities, such events can severely damage the company's reputation, reduce demand for its platform, and result in significant liabilities and potential customer churn.
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Intensified competition from hyperscale cloud providers' native data and artificial intelligence (AI) services.

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Snowflake (SNOW) operates within significant and expanding addressable markets, primarily driven by its cloud-based data platform.

  • In 2020, Snowflake's total addressable market (TAM) for its Cloud Data Platform was estimated at $81 billion. This expanded significantly, tripling to $248 billion within 2.5 years, as of March 2023.
  • More recently, in December 2025, Snowflake's overall market opportunity was projected to increase from $170 billion to over $350 billion within five years.
  • The broader data cloud market, where Snowflake's Data Cloud platform is a key player, is projected to reach $1 trillion globally by 2028.
  • Specifically, the global cloud data warehouse market is anticipated to grow from $36.31 billion in 2025 to $155.66 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 17.55%.

These market size estimates are generally global, as no specific regional limitations were indicated in the provided data, with the "global cloud data warehouse market" explicitly stated.

AI Analysis | Feedback

Here are the expected drivers of future revenue growth for Snowflake (SNOW) over the next 2-3 years:

  1. Expansion of AI Portfolio: Snowflake's growing suite of AI-driven products and services, including Snowflake Intelligence, Cortex Code, and Snowflake Arctic, is a primary driver of future revenue. These offerings are accelerating enterprise adoption of AI agent capabilities and the development and deployment of AI-powered applications. Snowflake Intelligence, providing enterprise-grade agent capabilities, scaled rapidly to over 2,500 accounts in Q4 FY26, nearly doubling quarter-over-quarter. Cortex Code, a coding agent, is being utilized by over 4,400 customers to accelerate AI application development.
  2. Customer Acquisition and Expansion: The company continues to demonstrate strong growth in its customer base and increased spending from existing clients. Snowflake added 740 net new customers in Q4 FY26, marking a 40% year-over-year increase, and reported a healthy net revenue retention rate of 125%. Furthermore, the number of customers spending over $1 million annually grew by 27% year-over-year to 733, with 56 customers now spending over $10 million annually, up 56% year-over-year.
  3. Strategic Product Development and Innovation: Snowflake is consistently enhancing its platform through continuous product innovation and strategic acquisitions. Key innovations like Iceberg, Snowpark container services, and hybrid tables are designed to fuel future revenue growth by expanding capabilities and strengthening its competitive advantage. Strategic acquisitions, such as Crunchy Data for PostgreSQL expansion and Observe and TensorStax for observability and AI-driven data engineering, further integrate advanced features into the platform.
  4. Multi-Cloud Strategy and Strategic Partnerships: Snowflake's robust multi-cloud strategy, enabling seamless operations across major public clouds like AWS, Azure, and Google Cloud, offers significant flexibility and helps businesses avoid vendor lock-in. Additionally, strategic partnerships with leading AI companies such as OpenAI, Anthropic, and Google Cloud are expanding its ecosystem and market reach, facilitating seamless data integration and broadening the availability of models for users.

AI Analysis | Feedback

Share Repurchases

  • Snowflake announced a $2 billion stock repurchase program in June 2023.
  • During the fiscal year ending January 31, 2025, Snowflake repurchased 14.8 million shares for $1.9 billion, under an authorized program of up to $4.5 billion, with $2.0 billion remaining available.
  • From August 1, 2025, to October 31, 2025, the company completed repurchases of 23,034,000 shares for $3,247.59 million under a buyback plan announced on March 1, 2023.

Outbound Investments

  • Snowflake acquired Neeva in Q1 FY2024, adding 40 employees, primarily in research and development, to integrate search capabilities with generative AI across the Data Cloud.
  • The company has also made acquisitions such as Applica to enhance its AI capabilities.

Capital Expenditures

  • Snowflake's capital expenditures for the fiscal year ending January 2026 peaked at $101.6 million.
  • Annual capital expenditures were $97.963 million in 2024 and $75.712 million in 2025.
  • The company had aggressively spent on purchasing GPUs for AI capabilities, with R&D expenses surging to $1.28 billion in Fiscal 2024, but plans to slow down AI investments until previous investments yield revenue growth.

Better Bets vs. Snowflake (SNOW)

Peer Outperformance in Application Software

SNOW has outperformed 77% of its 124 Application Software peers over 5Y. Among the peers that beat it are DDOG and GRND. Application Software ranks 11th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Application Software constituents that SNOW has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
91%
of 150 industry peers · 47.2% return
3Y
88%
of 139 industry peers · 126.1% return
5Y
77%
of 124 industry peers · 17.7% return
Application Software peers with revenue growth within 4pp of SNOW's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
SNOW Snowflake 30.5% -118.1x 47.2%126.1%17.7% —
DDOG Datadog 27.9% 588.3x 78.7%220.0%109.0% +91pp
GRND Grindr 31.9% 27.8x 21.8%156.9%48.5% +31pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is SNOW's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Electronic Manufacturing Services 9 58.4%176.0%381.8% TTMI 816% · FLEX 771% · SANM 450%
Semiconductor Materials & Equipment 27 82.0%102.5%122.7% AXTI 749% · KLAC 530% · LRCX 510%
Technology Distributors 9 51.0%89.9%94.2% CLMB 428% · AVT 205% · SNX 177%
Electronic Components 26 29.3%71.5%73.9% CLS 3782% · BELFA 1287% · COHR 446%
Communications Equipment 36 2.5%98.2%71.9% AAOI 1515% · LITE 1211% · ANET 832%
Semiconductors 55 18.5%49.9%31.1% POET 1611% · MU 1403% · NVDA 1006%
Technology Hardware, Storage & Peripherals 20 20.4%116.6%28.0% DELL 1119% · SMCI 1035% · STX 1029%
Internet Services & Infrastructure 6 -2.3%43.2%26.9% DOCN 61% · VRSN 50% · GDDY 49%
Electronic Equipment & Instruments 26 -18.4%25.6%-7.7% PI 260% · KEYS 137% · VPG 106%
IT Consulting & Other Services 28 -22.1%-11.9%-19.8% CHRN 489111% · APLD 821% · TSSI 782%
Application Software ← 125 -24.2%-16.2%-43.3% VIDA 1469900% · INLX 4550% · PLTR 790%
Systems Software 71 -14.6%25.0%-51.9% QNC 589% · PAYS 487% · PANW 410%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

SNOWMSFTAMZNGOOGLORCLPLTRMedian
NameSnowflakeMicrosoftAmazon.c.Alphabet Oracle Palantir. 
Mkt Price368.90534.99262.52351.60141.50208.74307.06
Mkt Cap128.83,972.82,827.14,272.3-500.92,827.1
Rev LTM5,435331,839775,680445,867-6,156331,839
Op Inc LTM-1,237155,23793,712147,628-2,63593,712
FCF LTM1,19366,987-11,62553,273-3,3583,358
FCF 3Y Avg91470,89016,73260,263-1,92116,732
CFO LTM1,253182,935161,403185,675-3,400161,403
CFO 3Y Avg994145,882130,164141,481-1,946130,164

Growth & Margins

SNOWMSFTAMZNGOOGLORCLPLTRMedian
NameSnowflakeMicrosoftAmazon.c.Alphabet Oracle Palantir. 
Rev Chg LTM32.0%17.8%15.8%20.1%-78.9%20.1%
Rev Chg 3Y Avg30.5%16.1%13.0%15.5%-46.3%16.1%
Rev Chg Q35.1%17.7%19.6%24.2%-92.8%24.2%
QoQ Delta Rev Chg LTM8.0%4.3%4.4%5.5%-17.8%5.5%
Op Inc Chg LTM19.7%20.8%23.0%21.6%-362.6%21.6%
Op Inc Chg 3Y Avg-9.3%20.6%90.0%25.6%-333.7%25.6%
Op Mgn LTM-22.8%46.8%12.1%33.1%-42.8%33.1%
Op Mgn 3Y Avg-32.9%45.7%10.8%31.9%-23.7%23.7%
QoQ Delta Op Mgn LTM3.4%-0.0%0.6%0.4%-4.7%0.6%
CFO/Rev LTM23.1%55.1%20.8%41.6%-55.2%41.6%
CFO/Rev 3Y Avg23.7%50.6%18.9%36.5%-44.7%36.5%
FCF/Rev LTM22.0%20.2%-1.5%11.9%-54.6%20.2%
FCF/Rev 3Y Avg21.7%25.3%2.8%16.1%-44.1%21.7%

Valuation

SNOWMSFTAMZNGOOGLORCLPLTRMedian
NameSnowflakeMicrosoftAmazon.c.Alphabet Oracle Palantir. 
Mkt Cap128.83,972.82,827.14,272.3-500.92,827.1
P/S23.712.03.69.6-81.412.0
P/Op Inc-104.225.630.228.9-190.128.9
P/EBIT-120.823.515.814.2-190.115.8
P/E-118.129.720.917.5-166.120.9
P/CFO102.821.717.523.0-147.323.0
Total Yield-0.8%4.0%4.8%6.0%-0.6%4.0%
Dividend Yield0.0%0.7%0.0%0.2%-0.0%0.0%
FCF Yield 3Y Avg1.4%2.2%0.9%2.4%-1.0%1.4%
D/E0.00.00.10.0-0.00.0
Net D/E0.0-0.00.0-0.0--0.0-0.0

Returns

SNOWMSFTAMZNGOOGLORCLPLTRMedian
NameSnowflakeMicrosoftAmazon.c.Alphabet Oracle Palantir. 
1M Rtn11.3%8.8%4.0%6.3%-12.1%23.1%7.6%
3M Rtn41.1%39.2%7.0%-1.5%1.0%64.6%23.1%
6M Rtn204.6%44.8%10.1%11.0%3.2%63.0%27.9%
12M Rtn47.2%3.3%15.3%46.0%-51.7%12.5%13.9%
3Y Rtn126.1%66.7%102.7%157.1%34.1%1,072.7%114.4%
1M Excs Rtn9.0%5.7%1.3%2.8%-10.0%23.0%4.3%
3M Excs Rtn33.4%33.1%2.2%-4.1%4.0%56.6%18.6%
6M Excs Rtn190.0%30.2%-4.5%-3.6%-11.4%48.4%13.3%
12M Excs Rtn31.8%-12.9%0.9%28.4%-65.9%-1.9%-0.5%
3Y Excs Rtn59.6%-11.5%23.5%79.3%-45.9%1,143.9%41.5%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Product revenue4,4723,4622,6671,9391,140
Professional services and other revenue21216414012779
Total4,6843,6262,8062,0661,219


Price Behavior

Price Behavior
Market Price$368.89 
Market Cap ($ Bil)128.8 
First Trading Date09/16/2020 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$330.25$230.15
DMA Trendupup
Distance from DMA11.7%60.3%
 3M1YR
Volatility49.7%64.8%
Downside Capture68.19136.30
Upside Capture239.67156.61
Correlation (SPY)35.3%25.6%
SNOW Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta3.022.771.690.941.321.50
Up Beta6.763.603.300.941.021.25
Down Beta2.602.19-0.56-0.300.791.41
Up Capture294%313%243%241%242%613%
Bmk +ve Days6162766132424
Stock +ve Days9193063128398
Down Capture182%182%70%28%127%110%
Bmk -ve Days16263760120328
Stock -ve Days13233463124353

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SNOW
SNOW47.7%64.9%0.83-
Sector ETF (XLK)37.5%26.5%1.1728.3%
Equity (SPY)16.7%13.0%0.9125.7%
Gold (GLD)3.3%29.5%0.118.2%
Commodities (DBC)44.8%20.9%1.672.7%
Real Estate (VNQ)4.8%13.8%0.09-0.3%
Bitcoin (BTCUSD)-33.8%44.2%-0.8125.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SNOW
SNOW3.2%62.4%0.29-
Sector ETF (XLK)22.2%25.9%0.7550.4%
Equity (SPY)13.9%17.1%0.6249.1%
Gold (GLD)18.5%18.9%0.796.2%
Commodities (DBC)10.0%19.6%0.396.3%
Real Estate (VNQ)1.3%18.8%-0.0429.4%
Bitcoin (BTCUSD)11.2%52.0%0.3929.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SNOW
SNOW3.4%62.0%0.34-
Sector ETF (XLK)24.9%25.0%0.9048.5%
Equity (SPY)15.5%17.9%0.7346.1%
Gold (GLD)11.8%16.4%0.597.3%
Commodities (DBC)8.2%18.1%0.377.9%
Real Estate (VNQ)4.5%20.7%0.1826.8%
Bitcoin (BTCUSD)63.3%66.2%1.0323.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity18.8 Mil
Short Interest: % Change Since 83120263.9%
Average Daily Volume7.2 Mil
Days-to-Cover Short Interest2.6 days
Basic Shares Quantity349.3 Mil
Short % of Basic Shares5.4%

Earnings Returns History

Updated 10/6/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/2/202616.6%7.8%11.5%
5/27/202636.5%37.7%42.1%
2/25/20265.1%2.9%-0.3%
12/3/20252.0%-14.3%-13.6%
8/27/202520.3%10.7%12.1%
5/21/202513.4%12.9%19.3%
2/26/20251.2%5.7%-2.7%
11/20/2024-0.9%31.5%26.1%
...
SUMMARY STATS   
# Positive141512
# Negative10912
Median Positive4.9%7.8%11.6%
Median Negative-5.3%-14.3%-11.5%
Max Positive36.5%37.7%42.1%
Max Negative-16.5%-28.3%-31.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/2/202616.6%7.8%11.5%
5/27/202636.5%37.7%42.1%
2/25/20265.1%2.9%-0.3%
12/3/20252.0%-14.3%-13.6%
8/27/202520.3%10.7%12.1%
5/21/202513.4%12.9%19.3%
2/26/20251.2%5.7%-2.7%
11/20/2024-0.9%31.5%26.1%
8/21/2024-14.7%-17.4%-18.4%
5/22/2024-5.4%-13.7%-23.6%
2/28/2024-1.7%-28.3%-31.6%
11/29/20232.2%8.5%17.3%
8/23/2023-5.2%-0.2%-3.9%
5/24/2023-16.5%-5.6%-4.1%
3/1/20230.1%-7.7%-11.0%
11/30/20224.6%0.1%4.3%
8/24/202223.1%13.5%7.9%
5/25/2022-4.5%4.1%11.6%
3/2/20220.6%-27.2%-12.0%
12/1/2021-8.6%6.8%0.1%
8/25/20217.6%6.1%11.5%
5/26/20214.2%1.4%5.0%
3/3/2021-8.7%-15.0%-15.3%
12/2/2020-4.2%27.6%-7.9%
SUMMARY STATS   
# Positive141512
# Negative10912
Median Positive4.9%7.8%11.6%
Median Negative-5.3%-14.3%-11.5%
Max Positive36.5%37.7%42.1%
Max Negative-16.5%-28.3%-31.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
07/31/202609/04/202610-Q
04/30/202605/29/202610-Q
01/31/202603/20/202610-K
10/31/202512/05/202510-Q
07/31/202509/05/202510-Q
04/30/202505/30/202510-Q
01/31/202503/21/202510-K
10/31/202411/27/202410-Q
07/31/202408/29/202410-Q
04/30/202405/31/202410-Q
01/31/202403/26/202410-K
10/31/202312/01/202310-Q
07/31/202308/31/202310-Q
04/30/202306/02/202310-Q
01/31/202303/29/202310-K
10/31/202212/02/202210-Q
Collapse to Preview
Report DateFiling DateFiling
07/31/202609/04/202610-Q
04/30/202605/29/202610-Q
01/31/202603/20/202610-K
10/31/202512/05/202510-Q
07/31/202509/05/202510-Q
04/30/202505/30/202510-Q
01/31/202503/21/202510-K
10/31/202411/27/202410-Q
07/31/202408/29/202410-Q
04/30/202405/31/202410-Q
01/31/202403/26/202410-K
10/31/202312/01/202310-Q
07/31/202308/31/202310-Q
04/30/202306/02/202310-Q
01/31/202303/29/202310-K
10/31/202212/02/202210-Q
07/31/202209/01/202210-Q
04/30/202206/03/202210-Q
01/31/202203/30/202210-K
10/31/202112/03/202110-Q
07/31/202109/02/202110-Q
04/30/202106/04/202110-Q
01/31/202103/31/202110-K
10/31/202012/03/202010-Q
07/31/202009/16/2020424B4

Recent Forward Guidance

Updated 10/4/2026

Latest: Q2 2027 Earnings Reported 9/2/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2027 Product RevenueReported1.59 Bil1.59 Bil1.59 Bil   
Q3 2027 Non-GAAP Operating MarginReported 15.5%    
2027 Product RevenueReported 6.07 Bil 3.9% RaisedGuidance: 5.84 Bil for 2027
2027 Non-GAAP Product Gross MarginReported 74.0%  -1.0%LoweredGuidance: 75.0% for 2027
2027 Non-GAAP Operating MarginReported 14.5%  1.0%RaisedGuidance: 13.5% for 2027
2027 Non-GAAP Adjusted Free Cash Flow MarginReported 23.0%  0.0%AffirmedGuidance: 23.0% for 2027


Prior: Q1 2027 Earnings Reported 5/27/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2027 Weighted-average sharesReported 375.00 Mil    
Q2 2027 Product RevenueReported1.42 Bil1.42 Bil1.42 Bil   
Q2 2027 Non-GAAP Operating MarginReported 12.5%    
2027 Weighted-average sharesReported 376.00 Mil    
2027 Product RevenueReported 5.84 Bil 3.2% RaisedGuidance: 5.66 Bil for 2027
2027 Non-GAAP Product Gross MarginReported 75.0%    
2027 Non-GAAP Operating MarginReported 13.5%  1.0%RaisedGuidance: 12.5% for 2027
2027 Non-GAAP Adjusted Free Cash Flow MarginReported 23.0%  0.0%AffirmedGuidance: 23.0% for 2027

Q4 2026 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2027 Product RevenueReported1.26 Bil1.26 Bil1.27 Bil5.6% Higher NewActual: 1.20 Bil for Q4 2026
Q1 2027 Non-GAAP product gross profit marginReported 75.0%    
Q1 2027 Non-GAAP operating income marginReported 9.0%  2.0%Higher NewActual: 7.0% for Q4 2026
2027 Product RevenueReported 5.66 Bil 27.3% Higher NewActual: 4.45 Bil for 2026
2027 Non-GAAP operating income marginReported 12.5%  3.5%Higher NewActual: 9.0% for 2026
2027 Non-GAAP adjusted free cash flow marginReported 23.0%  -2.0%Lower NewActual: 25.0% for 2026

Q3 2026 Earnings Reported 12/3/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Product RevenueReported1.20 Bil1.20 Bil1.20 Bil6.2% Higher NewActual: 1.13 Bil for Q3 2026
Q4 2026 Operating Income MarginReported 7.0%  -2.0%Lower NewActual: 9.0% for Q3 2026
2026 Product RevenueReported 4.45 Bil 1.2% RaisedGuidance: 4.39 Bil for 2026
2026 Product Gross Profit MarginReported 75.0%  0AffirmedGuidance: 75.0% for 2026
2026 Operating Income MarginReported 9.0%  0AffirmedGuidance: 9.0% for 2026
2026 Adjusted Free Cash Flow MarginReported 25.0%  0AffirmedGuidance: 25.0% for 2026

Insider Activity

Updated 10/8/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Dageville, Benoit TrustSell10082026333.4250,00016,671,000795,166,356Form
2Speiser, Michael L DirectSell10022026344.00403138,6327,487,848Form
3Speiser, Michael L Ltd PartnershipSell10022026344.0012,9734,462,712129,413,144Form
4Speiser, Michael L Trust (AMS-21)Sell10022026344.00840288,9608,378,464Form
5Speiser, Michael L Trust (WWS-21)Sell10022026344.00840288,9608,378,464Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Dageville, Benoit TrustSell10082026333.4250,00016,671,000795,166,356Form
2Speiser, Michael L DirectSell10022026344.00403138,6327,487,848Form
3Speiser, Michael L Ltd PartnershipSell10022026344.0012,9734,462,712129,413,144Form
4Speiser, Michael L Trust (AMS-21)Sell10022026344.00840288,9608,378,464Form
5Speiser, Michael L Trust (WWS-21)Sell10022026344.00840288,9608,378,464Form
6Speiser, Michael L Trust (LES-21)Sell10022026344.00840288,9608,378,464Form
7Speiser, Michael L Trust (ESS-21)Sell10022026344.00840288,9608,378,464Form
8Speiser, Michael L Trust (Rev Tr)Sell10022026344.0034,00511,697,720391,382,904Form
9Kleinerman, ChristianEVP, Product ManagementDirectSell10022026341.5715,0005,123,550107,163,489Form
10Dageville, Benoit TrustSell9242026339.0850,00016,954,000825,618,771Form
11Beaulier, Jonathan MeadChief Revenue OfficerDirectSell9242026336.36755253,95371,180,590Form
12Kleinerman, ChristianEVP, Product ManagementDirectSell9222026344.502,622903,279113,250,241Form
13Slootman, Frank DirectSell9222026335.22102,79134,457,2936,377,169Form
14Slootman, Frank DirectSell9222026334.10197,20965,888,2486,355,988Form
15Beaulier, Jonathan MeadChief Revenue OfficerDirectSell9162026336.1212,2924,131,63671,622,983Form
16Ho, EmilyChief Accounting OfficerDirectSell9162026332.93768255,69313,303,337Form
17Kleinerman, ChristianEVP, Product ManagementDirectSell9162026318.512,986951,071106,386,481Form
18Slootman, Frank DirectSell9162026318.518,1912,608,9156,059,334Form
19Raghunathan, VivekSVP, EngineeringDirectSell9162026318.513,8761,234,54576,586,685Form
20Kleinerman, ChristianEVP, Product ManagementDirectSell9102026335.722,730916,516107,392,464Form
21Dageville, Benoit TrustSell9102026335.7250,00016,786,000878,987,140Form
22Garrett, Mark DirectSell9092026350.0050,00017,500,0003,525,900Form
23Speiser, Michael LDirectSell9092026353.87403142,6107,845,320Form
24Speiser, Michael LLtd PartnershipSell9092026353.8712,9734,590,768137,717,393Form
25Speiser, Michael LTrust (AMS-21)Sell9092026353.87840297,2528,916,134Form
26Speiser, Michael LTrust (WWS-21)Sell9092026353.87840297,2528,916,134Form
27Speiser, Michael LTrust (LES-21)Sell9092026353.87840297,2528,916,134Form
28Speiser, Michael LTrust (ESS-21)Sell9092026353.87840297,2528,916,134Form
29Speiser, Michael LTrust (Rev Tr)Sell9092026353.8734,00512,033,383414,646,929Form
30Kleinerman, ChristianEVP, Product ManagementLLCSell9032026380.0010,0003,800,0007,055,840Form
31Kleinerman, ChristianEVP, Product ManagementDirectSell9032026325.5715,0004,883,550105,933,641Form
32Dageville, Benoit TrustSell8282026309.4450,00015,472,000830,810,196Form
33Slootman, Frank DirectSell8202026320.7848,99015,715,0049,153,452Form
34Slootman, Frank DirectSell8202026325.53251,01081,710,0619,288,859Form
35Dageville, Benoit TrustSell8142026335.7050,00016,785,000923,695,671Form
36Kleinerman, ChristianEVP, Product ManagementDirectSell8112026325.0025,0008,125,000110,623,175Form
37Kleinerman, ChristianEVP, Product ManagementLLCSell8112026325.005,0001,625,0009,284,600Form
38Speiser, Michael L DirectSell8112026324.06403130,5967,315,006Form
39Speiser, Michael L Ltd PartnershipSell8112026324.0612,9734,204,030130,319,757Form
40Speiser, Michael L Trust (AMS-21)Sell8112026324.06840272,2108,437,226Form
41Speiser, Michael L Trust (WWS-21)Sell8112026324.06840272,2108,437,226Form
42Speiser, Michael L Trust (LES-21)Sell8112026324.06840272,2108,437,226Form
43Speiser, Michael L Trust (ESS-21)Sell8112026324.06840272,2108,437,226Form
44Speiser, Michael L Trust (Rev Tr)Sell8112026324.0634,00511,019,660366,595,792Form
45Kleinerman, ChristianEVP, Product ManagementDirectSell8052026297.0010,0002,969,950108,515,736Form
46Kleinerman, ChristianEVP, Product ManagementDirectSell8032026300.0020,0006,000,000112,613,700Form
47Kleinerman, ChristianEVP, Product ManagementLLCSell8032026300.009,986  Form
48Dageville, Benoit TrustSell7302026280.0050,00014,000,000789,101,320Form
49Slootman, Frank DirectSell7222026275.1010,3152,837,6347,849,916Form
50Slootman, Frank DirectSell7222026274.39289,68579,486,0577,829,659Form
51Dageville, Benoit TrustSell7162026276.5350,00013,826,500797,757,802Form
52Kleinerman, ChristianEVP, Product ManagementDirectSell7162026275.002,500687,500108,729,225Form
53Speiser, Michael L Trust (WWS-21)Sell7082026257.91840216,6426,931,511Form
54Speiser, Michael L Trust (AMS-21)Sell7082026257.91840216,6426,931,511Form
55Speiser, Michael L Trust (ESS-21)Sell7082026257.91840216,6426,931,511Form
56Speiser, Michael L Trust (LES-21)Sell7082026257.91840216,6426,931,511Form
57Speiser, Michael L Trust (Rev Tr)Sell7082026257.9134,0058,770,104300,528,951Form
58Speiser, Michael L DirectSell7082026257.92403103,9405,925,877Form
59Speiser, Michael L Ltd PartnershipSell7082026257.9112,9733,345,823107,062,198Form
60Briggs, Teresa DirectSell7062026255.1134387,5031,290,857Form
61Dageville, Benoit DirectSell7062026254.64140,81935,858,15046,079,145Form
62Dageville, Benoit TrustSell7062026254.6450,00012,732,000751,583,965Form
63Briggs, Teresa DirectSell7062026254.6434487,5961,375,820Form
64Kleinerman, ChristianEVP, Product ManagementDirectSell7062026258.562,500646,400102,875,594Form
65Slootman, Frank DirectSell7012026251.7399,90025,147,5627,183,040Form
66Slootman, Frank DirectSell6292026250.0010025,0007,133,750Form
67Ho, EmilyChief Accounting OfficerDirectSell6262026232.251,860431,9769,587,770Form
68Kleinerman, ChristianEVP, Product ManagementDirectSell6242026228.452,621598,76791,466,583Form
69Beaulier, Jonathan MeadChief Revenue OfficerDirectSell6242026231.989,3672,172,95754,466,816Form
70Slootman, Frank DirectSell6222026224.27200,00044,854,0366,399,550Form
71Kleinerman, ChristianEVP, Product ManagementDirectSell6172026240.002,986716,64097,356,480Form
72Raghunathan, VivekSVP, EngineeringDirectSell6172026240.003,876930,24062,085,360Form
73Slootman, Frank DirectSell6172026240.008,0661,935,8406,848,400Form
74Kleinerman, ChristianEVP, Product ManagementDirectSell6102026239.002,729652,23198,707,478Form
75Speiser, Michael L DirectSell6082026245.2140398,8185,420,524Form
76Speiser, Michael L Ltd PartnershipSell6082026245.2112,9733,181,057104,970,972Form
77Speiser, Michael L Trust (Rev Tr)Sell6082026245.2134,0058,338,230294,067,954Form
78Speiser, Michael L Trust (AMS-21)Sell6082026245.21840205,9736,796,129Form
79Speiser, Michael L Trust (ESS-21)Sell6082026245.21840205,9736,796,129Form
80Speiser, Michael L Trust (LES-21)Sell6082026245.21840205,9736,796,129Form
81Speiser, Michael L Trust (WWS-21)Sell6082026245.21840205,9736,796,129Form
82Kleinerman, ChristianEVP, Product ManagementDirectSell6032026272.0010,0002,720,000113,830,368Form
83Slootman, Frank DirectSell6032026263.70162,92442,962,77510,032,664Form
84Slootman, Frank DirectSell6012026252.43437,076110,332,8539,604,105Form
85Garrett, Mark DirectSell6012026250.00100,00025,000,2002,200,268Form
86Kleinerman, ChristianEVP, Product ManagementDirectSell5292026236.775,0001,183,850125,131,524Form
87Kleinerman, ChristianEVP, Product ManagementLLCSell5292026236.7710023,6771,180,535Form
88Slootman, Frank DirectSell5292026233.42400,00093,366,5798,880,562Form
89Slootman, Frank DirectSell5282026176.5255,3509,770,4566,715,931Form
90Slootman, Frank DirectSell5202026175.45144,65025,378,3956,675,053Form
91Speiser, Michael L DirectSell5042026141.5940357,0633,187,148Form
92Speiser, Michael L Ltd PartnershipSell5042026141.6012,9731,836,91662,452,877Form
93Speiser, Michael L Trust (Rev Tr)Sell5042026141.6034,0054,814,951174,625,916Form
94Speiser, Michael L Trust (AMS-21)Sell5042026141.60840118,9404,043,399Form
95Speiser, Michael L Trust (ESS-21)Sell5042026141.60840118,9404,043,399Form
96Speiser, Michael L Trust (LES-21)Sell5042026141.60840118,9404,043,399Form
97Speiser, Michael L Trust (WWS-21)Sell5042026141.60840118,9404,043,399Form
98Speiser, Michael L DirectSell4062026148.2140359,7273,395,673Form
99Speiser, Michael L Ltd PartnershipSell4062026148.2112,9731,922,66367,290,850Form
100Speiser, Michael L Trust (AMS-21)Sell4062026148.21840124,4924,356,634Form
101Speiser, Michael L Trust (WWS-21)Sell4062026148.21840124,4924,356,634Form
102Speiser, Michael L Trust (LES-21)Sell4062026148.21840124,4924,356,634Form
103Speiser, Michael L Trust (ESS-21)Sell4062026148.21840124,4924,356,634Form
104Speiser, Michael L Trust (Rev Tr)Sell4062026148.2134,0055,039,711187,817,084Form
105Raghunathan, VivekSVP, EngineeringDirectSell4022026152.803,876592,25341,763,754Form
106Ho, EmilyChief Accounting OfficerDirectSell3242026173.972,141372,4657,750,796Form
107Dageville, BenoitFounder and Chief ArchitectDirectSell3242026170.01874148,58911,176,797Form
108Kleinerman, ChristianEVP, Product ManagementDirectSell3242026170.012,621445,59690,699,315Form
109Slootman, Frank DirectSell3202026175.2511,2991,980,1726,667,638Form
110Slootman, Frank DirectSell3202026175.9388,70115,605,3706,693,520Form
111Slootman, Frank DirectSell3182026175.347,8741,380,6276,670,986Form
112Kleinerman, ChristianEVP, Product ManagementDirectSell3182026175.342,986523,56586,977,758Form
113Dageville, BenoitFounder and Chief ArchitectDirectSell3182026175.341,919336,4779,338,959Form
114Slootman, Frank DirectSell3112026182.442,042372,5428,676,482Form
115Kleinerman, ChristianEVP, Product ManagementDirectSell3112026182.44550100,34291,554,777Form
116Dageville, BenoitFounder and Chief ArchitectDirectSell3112026182.444,183763,14710,421,703Form
117Speiser, Michael L DirectSell3092026175.1940370,6014,084,494Form
118Speiser, Michael L Ltd PartnershipSell3092026175.1912,9732,272,74881,816,122Form
119Speiser, Michael L Trust (AMS-21)Sell3092026175.19840147,1625,297,114Form
120Speiser, Michael L Trust (WWS-21)Sell3092026175.19840147,1625,297,114Form
121Speiser, Michael L Trust (LES-21)Sell3092026175.19840147,1625,297,114Form
122Speiser, Michael L Trust (ESS-21)Sell3092026175.19840147,1625,297,114Form
123Speiser, Michael L Trust (Rev Tr)Sell3092026175.1934,0055,957,355227,972,686Form
124Kleinerman, ChristianEVP, Product ManagementDirectSell3032026165.0110,0001,650,10084,233,810Form
125Slootman, Frank DirectSell2192026176.91100,00017,690,8238,903,614Form
126Speiser, Michael L DirectSell2062026165.2240366,5843,918,727Form
127Speiser, Michael L Ltd PartnershipSell2062026165.2212,9732,143,44579,304,829Form
128Speiser, Michael L Trust (AMS-21)Sell2062026165.22840138,7885,134,490Form
129Speiser, Michael L Trust (WWS-21)Sell2062026165.22840138,7885,134,490Form
130Speiser, Michael L Trust (LES-21)Sell2062026165.22840138,7885,134,490Form
131Speiser, Michael L Trust (ESS-21)Sell2062026165.22840138,7885,134,490Form
132Speiser, Michael L Trust (Rev Tr)Sell2062026165.2234,0055,618,427220,621,195Form
133Kleinerman, ChristianEVP, Product ManagementDirectSell2032026197.0910,0001,970,90090,927,669Form
134Slootman, Frank DirectSell1222026206.77200,00041,353,98410,406,523Form
135Kleinerman, ChristianEVP, Product ManagementDirectSell1062026219.9010,0002,199,000103,650,085Form
136Speiser, Michael L DirectSell1052026221.1640389,1285,334,634Form
137Speiser, Michael L Trust (Rev Tr)Sell1052026221.1634,0057,520,622285,780,320Form
138Speiser, Michael L Ltd PartnershipSell1052026221.1612,9732,869,138109,023,700Form
139Speiser, Michael L Trust (AMS-21)Sell1052026221.16840185,7767,058,618Form
140Speiser, Michael L Trust (ESS-21)Sell1052026221.16840185,7767,058,618Form
141Speiser, Michael L Trust (LES-21)Sell1052026221.16840185,7767,058,618Form
142Speiser, Michael L Trust (WWS-21)Sell1052026221.16840185,7767,058,618Form
143Raghunathan, VivekSVP, Engineering and SupportDirectSell1052026220.4411,8012,601,35348,059,239Form
144Ho, EmilyChief Accounting OfficerDirectSell12232025223.631,072239,7319,797,007Form
145Kleinerman, ChristianEVP, Product ManagementDirectSell12232025224.304,7551,066,546120,356,464Form
146Dageville, BenoitFounder and Chief ArchitectDirectSell12232025224.30870195,1419,700,975Form
147Ho, EmilyChief Accounting OfficerDirectSell12222025222.91586130,62410,248,195Form
148Slootman, Frank DirectSell12222025221.83200,00044,366,31511,164,561Form
149Dageville, BenoitFounder and Chief ArchitectDirectSell12162025212.451,912406,2049,562,162Form
150Slootman, Frank DirectSell12162025212.457,7281,641,81429,943,765Form
151Kleinerman, ChristianEVP, Product ManagementDirectSell12162025212.452,975632,039107,165,516Form
152Kleinerman, ChristianEVP, Product ManagementDirectSell12102025223.31548122,374113,985,240Form
153Dageville, BenoitFounder and Chief ArchitectDirectSell12102025223.31814181,77410,913,606Form
154Slootman, Frank DirectSell12102025223.311,993445,05733,598,329Form
155Speiser, Michael L DirectSell12082025230.6540392,9525,656,453Form
156Speiser, Michael L Trust (Rev Tr)Sell12082025230.6534,0057,843,401305,889,175Form
157Speiser, Michael L Ltd PartnershipSell12082025230.6512,9732,992,281116,695,270Form
158Speiser, Michael L Trust (AMS-21)Sell12082025230.65840193,7507,555,331Form
159Speiser, Michael L Trust (ESS-21)Sell12082025230.65840193,7507,555,331Form
160Speiser, Michael L Trust (LES-21)Sell12082025230.65840193,7507,555,331Form
161Speiser, Michael L Trust (WWS-21)Sell12082025230.65840193,7507,555,331Form
162Kleinerman, ChristianEVP, Product ManagementDirectSell12032025249.5310,0002,495,300127,871,648Form
163Dageville, BenoitFounder and Chief ArchitectDirectSell12012025249.6525,0006,241,25012,612,068Form
164Dageville, BenoitFounder and Chief ArchitectDirectSell11142025264.4525,0006,611,25013,359,750Form
165Speiser, Michael L Trust (Rev Tr)Sell11102025257.3034,0058,749,585349,979,550Form
166Speiser, Michael L DirectSell11102025257.29403103,6886,413,466Form
167Speiser, Michael L Ltd PartnershipSell11102025257.3012,9733,337,993133,515,613Form
168Speiser, Michael L Trust (AMS-21)Sell11102025257.30840216,1368,644,417Form
169Speiser, Michael L Trust (ESS-21)Sell11102025257.30840216,1368,644,417Form
170Speiser, Michael L Trust (LES-21)Sell11102025257.30840216,1368,644,417Form
171Speiser, Michael L Trust (WWS-21)Sell11102025257.30840216,1368,644,417Form
172Kleinerman, ChristianEVP, Product ManagementDirectSell11042025277.7310,0002,777,300145,100,038Form
173Kleinerman, ChristianEVP, Product ManagementLLCSell11042025275.005,0001,375,00010,606,200Form
174Dageville, BenoitFounder and Chief ArchitectDirectSell10312025265.0025,0006,625,00013,387,535Form
175Dageville, BenoitFounder and Chief ArchitectDirectSell10202025246.0025,0006,150,00012,427,674Form
176Kleinerman, ChristianEVP, Product ManagementLLCSell10102025250.005,0001,250,00010,892,000Form
177Speiser, Michael L Trust (AMS-21)Sell10062025234.44456106,9058,073,190Form
178Speiser, Michael L Trust (ESS-21)Sell10062025236.29840198,4858,136,944Form
179Speiser, Michael L Trust (LES-21)Sell10062025236.30840198,4908,137,147Form
180Speiser, Michael L Trust (WWS-21)Sell10062025236.30840198,4908,137,147Form
181Speiser, Michael L Trust (Rev Tr)Sell10062025236.3034,0058,035,290329,443,340Form
182Speiser, Michael L DirectSell10062025236.2940395,2255,985,247Form
183Speiser, Michael L Ltd PartnershipSell10062025236.3012,9733,065,481125,680,940Form
184Speiser, Michael L Trust (AMS-21)Sell10062025238.4938491,5808,321,403Form
185Dageville, BenoitPresident of ProductsDirectSell10062025234.6425,0005,866,00011,853,778Form
186Kleinerman, ChristianEVP, Product ManagementDirectSell10022025223.8810,0002,238,800119,204,906Form
187Raghunathan, VivekSVP, Engineering and SupportDirectSell10022025223.2211,8012,634,19653,986,166Form

Investor Activity (13F)

Updated Oct 10, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Optimus Prime Fund Management Co., Ltd.$140.6 Mil13.5%27ADD +28.1%13F
Manchester Global Management (UK) Ltd$38.3 Mil5.1%23ADD +51.1%13F
Altimeter Capital Management, LP$290.5 Mil5.1%13Hold13F
Spyglass Capital Management LLC$53.1 Mil3.8%25ADD +7.1%13F
Jericho Capital Asset Management L.P.$240.1 Mil3.5%23Hold13F
Generali Powszechne Towarzystwo Emerytalne$19.7 Mil3.5%28Hold13F
Nepsis Inc.$8.3 Mil2.8%29Hold13F
Scge Management, L.P.$80.7 Mil2.4%21TRIM -32.9%13F
Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group$5.9 Mil2.2%28New13F
Cypress Point Investment Management LP$9.4 Mil2.2%32ADD +123.7%13F
Stony Point Capital LLC$12.4 Mil1.0%31Hold13F
Comprehensive Financial Management LLC$8.2 Mil0.3%38Hold13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group$5.9 Mil2.2%28New13F
Cypress Point Investment Management LP$9.4 Mil2.2%32ADD +123.7%13F
Manchester Global Management (UK) Ltd$38.3 Mil5.1%23ADD +51.1%13F
Optimus Prime Fund Management Co., Ltd.$140.6 Mil13.5%27ADD +28.1%13F
Spyglass Capital Management LLC$53.1 Mil3.8%25ADD +7.1%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Melqart Asset Management (UK) Ltd$31.7 Mil3.2%44ExitedDec 31, 202513F
Anomaly Capital Management, LP$29.1 Mil1.0%32ExitedDec 31, 202513F
Avantyr Capital Partners, LP$20.1 Mil1.2%25ExitedDec 31, 202513F
Once Capital Management, LLC$16.9 Mil4.3%19ExitedDec 31, 202513F
Benchstone Capital Management LP$13.3 Mil1.5%43ExitedDec 31, 202513F
Kinetic Partners Management, LP$10.9 Mil0.5%44ExitedDec 31, 202513F
TB Alternative Assets Ltd.$10.0 Mil1.6%50ExitedDec 31, 202513F
Napean Trading & Investment Co (Singapore) PTE Ltd$7.4 Mil1.4%37ExitedDec 31, 202513F
Scge Management, L.P.$80.7 Mil2.4%21TRIM -32.9%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Altimeter Capital Management, LP$290.5 Mil5.1%13Hold13F
Jericho Capital Asset Management L.P.$240.1 Mil3.5%23Hold13F
Optimus Prime Fund Management Co., Ltd.$140.6 Mil13.5%27ADD +28.1%13F
Scge Management, L.P.$80.7 Mil2.4%21TRIM -32.9%13F
Spyglass Capital Management LLC$53.1 Mil3.8%25ADD +7.1%13F
Manchester Global Management (UK) Ltd$38.3 Mil5.1%23ADD +51.1%13F
Generali Powszechne Towarzystwo Emerytalne$19.7 Mil3.5%28Hold13F
Stony Point Capital LLC$12.4 Mil1.0%31Hold13F
Cypress Point Investment Management LP$9.4 Mil2.2%32ADD +123.7%13F
Nepsis Inc.$8.3 Mil2.8%29Hold13F
Comprehensive Financial Management LLC$8.2 Mil0.3%38Hold13F
Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group$5.9 Mil2.2%28New13F
Core Cache Last Updated: 10/9/2026