Snowflake (SNOW)


Market Price (11/7/2026): $275.93 | Market Cap: $97.3 BilSector: Information Technology | Industry: Application Software

Snowflake (SNOW)


Market Price (11/7/2026): $275.93
Market Cap: $97.3 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.

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 77x

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 71%

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 -5.4%

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 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%
5 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 77x
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 30%
7 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 71%
8 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 -5.4%
9 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%
ITOT0.13%
IWB0.15%
VUG0.32%
VO0.55%
IWP3.1%
AGIX1.5%
VOT1.3%
+18 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/5/2026

Snowflake (SNOW) stock has lost about 5% since 7/31/2026 because of the following key factors:

1. Broader Software Sector Weakness and Macroeconomic Concerns. Snowflake's stock experienced a significant pullback, including a 13% drop in the week leading up to November 2, 2026, largely due to broader macroeconomic pressures and negative sentiment impacting the software and cloud computing sectors rather than company-specific bad news. Concerns arose from substantial AI infrastructure spending by major cloud providers like Amazon, which reported a $94.8 billion increase in net capital spending over the trailing 12 months, and Oracle's plan to raise $20 billion for its AI buildout. Additionally, a miss on adjusted earnings per share and cautious growth guidance from ServiceNow contributed to a broader downturn across software stocks, indirectly affecting Snowflake.

2. Concerns over AI Profitability Impacting Gross Margins. Although Snowflake's growth is accelerating, with AI products like CoCo and CoWork contributing approximately half of the acceleration in fiscal Q2 2027 (which ended July 31, 2026), these AI workloads are currently characterized by lower margins. Snowflake's management expects an adjusted product gross margin of 74% for the full fiscal year 2027, a slight reduction from previous projections, partly due to the increasing revenue contribution from these faster-growing but less profitable AI-driven services. This has led to investor scrutiny regarding the long-term profitability implications of its AI-driven expansion strategy.

Show more
Updated on 11/5/2026

Snowflake (SNOW) stock has lost about 5% since 7/31/2026 because of the following key factors:

1. Broader Software Sector Weakness and Macroeconomic Concerns. Snowflake's stock experienced a significant pullback, including a 13% drop in the week leading up to November 2, 2026, largely due to broader macroeconomic pressures and negative sentiment impacting the software and cloud computing sectors rather than company-specific bad news. Concerns arose from substantial AI infrastructure spending by major cloud providers like Amazon, which reported a $94.8 billion increase in net capital spending over the trailing 12 months, and Oracle's plan to raise $20 billion for its AI buildout. Additionally, a miss on adjusted earnings per share and cautious growth guidance from ServiceNow contributed to a broader downturn across software stocks, indirectly affecting Snowflake.

2. Concerns over AI Profitability Impacting Gross Margins. Although Snowflake's growth is accelerating, with AI products like CoCo and CoWork contributing approximately half of the acceleration in fiscal Q2 2027 (which ended July 31, 2026), these AI workloads are currently characterized by lower margins. Snowflake's management expects an adjusted product gross margin of 74% for the full fiscal year 2027, a slight reduction from previous projections, partly due to the increasing revenue contribution from these faster-growing but less profitable AI-driven services. This has led to investor scrutiny regarding the long-term profitability implications of its AI-driven expansion strategy.

3. Significant Insider Selling Activity. The stock trend was influenced by substantial insider selling during the period. Notably, Benoit Dageville, a director, sold 50,000 shares of common stock for $14,617,500 on November 4, 2026. This transaction was part of a pre-arranged 10b5-1 trading plan and followed a series of large sales from The Snow Trust, for which Dageville is a trustee, with individual sales ranging from over $15 million to nearly $17 million between August 12 and October 21, 2026. Christian Kleinerman, an Executive Vice President, also executed a sale of $8,125,000 on August 7, 2026. This pattern of significant insider sales, with total insider sales reaching $1.3089 billion over the past 12 months without reported insider buying, can signal a lack of confidence to the market, even if pre-scheduled.

4. Premium Valuation and Susceptibility to Market Corrections. Snowflake maintains a high valuation relative to the broader market, trading at 19.0 times sales compared to 3.2 for the S&P 500, and approximately 12 times its fiscal 2028 projected revenue. Despite robust product revenue growth of 37% year-over-year in fiscal Q2 2027 and raised fiscal year 2027 product revenue guidance to $6.07 billion, this premium valuation makes the stock particularly sensitive to negative market sentiment or any perceived slowdown in growth or profitability. Consequently, the stock is prone to more pronounced pullbacks during periods of market uncertainty or sector-specific corrections.

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Stock Movement Drivers

Fundamental Drivers

The -5.9% change in SNOW stock from 7/31/2026 to 11/6/2026 was primarily driven by a -11.9% change in the company's P/S Multiple.
(LTM values as of)731202611062026Change
Stock Price ($)293.28275.88-5.9%
Change Contribution By: 
Total Revenues ($ Mil)5,0335,4358.0%
P/S Multiple20.117.7-11.9%
Shares Outstanding (Mil)345349-1.1%
Cumulative Contribution-5.9%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/6/2026
ReturnCorrelation
SNOW-5.9% 
Market (SPY)-1.6%58.2%
Sector (XLK)-6.1%60.3%

Fundamental Drivers

The 102.2% change in SNOW stock from 4/30/2026 to 11/6/2026 was primarily driven by a 77.7% change in the company's P/S Multiple.
(LTM values as of)430202611062026Change
Stock Price ($)136.47275.88102.2%
Change Contribution By: 
Total Revenues ($ Mil)4,6845,43516.0%
P/S Multiple10.017.777.7%
Shares Outstanding (Mil)342349-2.0%
Cumulative Contribution102.2%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/6/2026
ReturnCorrelation
SNOW102.2% 
Market (SPY)2.6%27.5%
Sector (XLK)3.4%29.2%

Fundamental Drivers

The 0.4% change in SNOW stock from 10/31/2025 to 11/6/2026 was primarily driven by a 32.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202511062026Change
Stock Price ($)274.88275.880.4%
Change Contribution By: 
Total Revenues ($ Mil)4,1165,43532.0%
P/S Multiple22.417.7-20.8%
Shares Outstanding (Mil)335349-4.0%
Cumulative Contribution0.4%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/6/2026
ReturnCorrelation
SNOW0.4% 
Market (SPY)8.7%29.2%
Sector (XLK)10.0%33.6%

Fundamental Drivers

The 90.1% change in SNOW stock from 10/31/2023 to 11/6/2026 was primarily driven by a 122.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202311062026Change
Stock Price ($)145.13275.8890.1%
Change Contribution By: 
Total Revenues ($ Mil)2,4445,435122.4%
P/S Multiple19.417.7-8.8%
Shares Outstanding (Mil)327349-6.3%
Cumulative Contribution90.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/6/2026
ReturnCorrelation
SNOW90.1% 
Market (SPY)81.9%40.6%
Sector (XLK)104.5%42.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SNOW Return20%-58%39%-22%42%26%-2%
Peers Return27%-37%79%99%48%-7%290%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
SNOW Win Rate50%33%50%17%50%36% 
Peers Win Rate60%30%68%65%57%45% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
SNOW Max Drawdown-40%-67%-26%-54%-32%-48% 
Peers Max Drawdown-20%-46%-20%-19%-33%-34% 
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 11/6/2026 (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.

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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.

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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 65% of its 123 Application Software peers over 5Y. Among the peers that beat it are GRND, SHOP and DDOG. 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
69%
of 150 industry peers · 4.2% return
3Y
81%
of 135 industry peers · 72.9% return
5Y
65%
of 123 industry peers · -24.4% 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% -88.3x 4.2%72.9%-24.4% —
GRND Grindr 31.9% 25.0x -0.4%134.3%33.3% +58pp
SHOP Shopify 28.7% 90.1x -4.6%141.4%-2.5% +22pp
DDOG Datadog 28.7% 245.1x -6.2%75.2%-3.5% +21pp
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 10 3.9%93.2%163.4% FLEX 421% · TTMI 365% · JBL 272%
Technology Distributors 9 45.1%46.2%52.9% AVT 122% · SNX 104% · PLUS 53%
Semiconductor Materials & Equipment 28 29.6%43.7%33.2% AXTI 322% · KLAC 249% · LRCX 245%
Electronic Components 24 13.5%59.8%21.1% CLS 1777% · BELFA 985% · APH 283%
Communications Equipment 36 1.6%74.2%17.8% AAOI 755% · LITE 477% · ANET 415%
Electronic Equipment & Instruments 27 -6.1%28.9%1.7% PI 120% · OSIS 105% · MIR 60%
Semiconductors 55 1.3%33.9%-12.6% MU 869% · NVDA 530% · AVGO 474%
Technology Hardware, Storage & Peripherals 21 10.7%47.3%-20.2% DELL 543% · WDC 531% · SMCI 517%
Internet Services & Infrastructure 6 -0.1%36.9%-26.0% GDDY 57% · VRSN 35% · AKAM -23%
IT Consulting & Other Services 30 -17.8%-1.9%-28.2% APLD 253% · IBM 140% · GIB -8%
Application Software ← 124 -11.2%-13.4%-54.0% PLTR 517% · FROG 159% · AGYS 143%
Systems Software 70 -8.1%10.8%-54.6% ZETA 237% · CRWD 217% · CVLT 133%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

SNOWMSFTAMZNGOOGLORCLPLTRMedian
NameSnowflakeMicrosoftAmazon.c.Alphabet Oracle Palantir. 
Mkt Price275.93531.38259.82285.54115.94160.83267.88
Mkt Cap96.43,946.02,805.33,499.6-386.92,805.3
Rev LTM5,435346,445797,455471,098-7,288346,445
Op Inc LTM-1,237163,191104,366156,976-3,326104,366
FCF LTM1,19359,957-46,89219,747-4,0544,054
FCF 3Y Avg91470,2122,20749,707-2,2762,276
CFO LTM1,253195,878168,300179,551-4,097168,300
CFO 3Y Avg994155,021137,232145,359-2,303137,232

Growth & Margins

SNOWMSFTAMZNGOOGLORCLPLTRMedian
NameSnowflakeMicrosoftAmazon.c.Alphabet Oracle Palantir. 
Rev Chg LTM32.0%17.9%15.4%22.2%-87.1%22.2%
Rev Chg 3Y Avg30.5%16.6%12.9%16.7%-52.9%16.7%
Rev Chg Q35.1%18.8%12.1%24.7%-95.9%24.7%
QoQ Delta Rev Chg LTM8.0%4.4%2.8%5.7%-18.4%5.7%
Op Inc Chg LTM19.7%20.0%37.0%26.5%-291.5%26.5%
Op Inc Chg 3Y Avg-9.3%20.2%64.1%26.0%-442.9%26.0%
Op Mgn LTM-22.8%47.1%13.1%33.3%-45.6%33.3%
Op Mgn 3Y Avg-32.9%46.0%11.3%32.1%-27.1%27.1%
QoQ Delta Op Mgn LTM3.4%0.3%1.0%0.2%-2.8%1.0%
CFO/Rev LTM23.1%56.5%21.1%38.1%-56.2%38.1%
CFO/Rev 3Y Avg23.7%51.5%19.4%36.1%-46.8%36.1%
FCF/Rev LTM22.0%17.3%-5.9%4.2%-55.6%17.3%
FCF/Rev 3Y Avg21.7%24.1%0.9%13.2%-46.2%21.7%

Valuation

SNOWMSFTAMZNGOOGLORCLPLTRMedian
NameSnowflakeMicrosoftAmazon.c.Alphabet Oracle Palantir. 
Mkt Cap96.43,946.02,805.33,499.6-386.92,805.3
P/S17.711.43.57.4-53.111.4
P/Op Inc-77.924.226.922.3-116.324.2
P/EBIT-90.421.815.712.0-116.315.7
P/E-88.327.720.814.8-105.520.8
P/CFO76.920.116.719.5-94.420.1
Total Yield-1.1%4.3%4.8%7.1%-1.0%4.3%
Dividend Yield0.0%0.7%0.0%0.3%-0.0%0.0%
FCF Yield 3Y Avg1.4%2.0%0.3%1.9%-0.8%1.4%
D/E0.00.00.10.0-0.00.0
Net D/E0.0-0.00.1-0.0--0.0-0.0

Returns

SNOWMSFTAMZNGOOGLORCLPLTRMedian
NameSnowflakeMicrosoftAmazon.c.Alphabet Oracle Palantir. 
1M Rtn-17.1%0.3%-0.0%-18.5%-18.9%-17.1%-17.1%
3M Rtn-16.5%6.5%-5.3%-19.4%-20.8%-6.5%-11.5%
6M Rtn81.0%28.5%-4.7%-28.7%-40.4%16.7%6.0%
12M Rtn4.2%7.8%6.9%0.5%-51.8%-8.1%2.4%
3Y Rtn72.9%50.8%82.1%120.1%10.2%755.5%77.5%
1M Excs Rtn-18.7%2.7%3.3%-17.0%-13.3%-18.1%-15.1%
3M Excs Rtn-16.7%6.0%-5.7%-19.2%-22.1%-7.4%-12.1%
6M Excs Rtn77.1%24.6%-8.6%-32.6%-44.3%12.8%2.1%
12M Excs Rtn-8.9%-7.5%-9.3%-12.5%-66.2%-27.6%-10.9%
3Y Excs Rtn9.8%-24.4%8.1%46.3%-67.7%896.3%8.9%

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$275.88 
Market Cap ($ Bil)96.4 
First Trading Date09/16/2020 
Distance from 52W High-25.2% 
   50 Days200 Days
DMA Price$328.12$241.04
DMA Trendupup
Distance from DMA-15.9%14.5%
 3M1YR
Volatility57.3%66.7%
Downside Capture286.37153.80
Upside Capture224.57142.73
Correlation (S&P 500)51.1%27.4%
SNOW Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta3.563.343.091.451.431.51
Up Beta1.484.503.431.171.071.23
Down Beta4.604.344.111.061.211.45
Up Capture275%299%323%337%204%614%
Bmk +ve Days12182862130427
Stock +ve Days10182962121396
Down Capture346%266%234%64%135%111%
Bmk -ve Days10253664121325
Stock -ve Days12253564130355

[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
SNOW4.2%66.7%0.31-
Sector ETF (XLK)12.1%28.4%0.3933.2%
Equity (SPY)9.5%13.6%0.4028.8%
Gold (GLD)1.6%28.7%0.059.6%
Commodities (DBC)38.4%21.2%1.422.2%
Real Estate (VNQ)11.3%14.2%0.51-1.5%
Bitcoin (BTCUSD)-26.9%43.6%-0.6026.0%

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
SNOW-5.6%62.8%0.15-
Sector ETF (XLK)16.2%26.4%0.5551.1%
Equity (SPY)11.3%17.3%0.4849.5%
Gold (GLD)17.5%19.1%0.746.5%
Commodities (DBC)8.1%19.6%0.306.6%
Real Estate (VNQ)1.3%18.9%-0.0428.8%
Bitcoin (BTCUSD)4.1%51.6%0.2629.8%

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
SNOW0.4%62.1%0.26-
Sector ETF (XLK)22.6%25.3%0.8249.2%
Equity (SPY)15.0%18.0%0.7046.5%
Gold (GLD)11.9%16.5%0.597.6%
Commodities (DBC)7.5%18.1%0.338.0%
Real Estate (VNQ)5.9%20.7%0.2426.3%
Bitcoin (BTCUSD)60.1%66.3%1.0023.5%

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

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity18.6 Mil
Short Interest: % Change Since 93020263.6%
Average Daily Volume4.3 Mil
Days-to-Cover Short Interest4.4 days
Basic Shares Quantity349.3 Mil
Short % of Basic Shares5.3%

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 10/26/2026

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 11/5/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Dageville, Benoit TrustSell11052026292.3550,00014,617,500653,365,706Form
2Kleinerman, ChristianEVP, Product ManagementDirectSell11042026306.0110,0003,060,10092,946,865Form
3Dageville, Benoit TrustSell10232026321.7450,00016,087,000740,498,445Form
4Slootman, Frank DirectSell10212026316.43300,00094,930,1766,019,839Form
5Dageville, Benoit TrustSell10082026333.4250,00016,671,000795,166,356Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Dageville, Benoit TrustSell11052026292.3550,00014,617,500653,365,706Form
2Kleinerman, ChristianEVP, Product ManagementDirectSell11042026306.0110,0003,060,10092,946,865Form
3Dageville, Benoit TrustSell10232026321.7450,00016,087,000740,498,445Form
4Slootman, Frank DirectSell10212026316.43300,00094,930,1766,019,839Form
5Dageville, Benoit TrustSell10082026333.4250,00016,671,000795,166,356Form
6Speiser, Michael L DirectSell10022026344.00403138,6327,487,848Form
7Speiser, Michael L Ltd PartnershipSell10022026344.0012,9734,462,712129,413,144Form
8Speiser, Michael L Trust (AMS-21)Sell10022026344.00840288,9608,378,464Form
9Speiser, Michael L Trust (WWS-21)Sell10022026344.00840288,9608,378,464Form
10Speiser, Michael L Trust (LES-21)Sell10022026344.00840288,9608,378,464Form
11Speiser, Michael L Trust (ESS-21)Sell10022026344.00840288,9608,378,464Form
12Speiser, Michael L Trust (Rev Tr)Sell10022026344.0034,00511,697,720391,382,904Form
13Kleinerman, ChristianEVP, Product ManagementDirectSell10022026341.5715,0005,123,550107,163,489Form
14Dageville, Benoit TrustSell9242026339.0850,00016,954,000825,618,771Form
15Beaulier, Jonathan MeadChief Revenue OfficerDirectSell9242026336.36755253,95371,180,590Form
16Kleinerman, ChristianEVP, Product ManagementDirectSell9222026344.502,622903,279113,250,241Form
17Slootman, Frank DirectSell9222026335.22102,79134,457,2936,377,169Form
18Slootman, Frank DirectSell9222026334.10197,20965,888,2486,355,988Form
19Beaulier, Jonathan MeadChief Revenue OfficerDirectSell9162026336.1212,2924,131,63671,622,983Form
20Ho, EmilyChief Accounting OfficerDirectSell9162026332.93768255,69313,303,337Form
21Kleinerman, ChristianEVP, Product ManagementDirectSell9162026318.512,986951,071106,386,481Form
22Slootman, Frank DirectSell9162026318.518,1912,608,9156,059,334Form
23Raghunathan, VivekSVP, EngineeringDirectSell9162026318.513,8761,234,54576,586,685Form
24Kleinerman, ChristianEVP, Product ManagementDirectSell9102026335.722,730916,516107,392,464Form
25Dageville, Benoit TrustSell9102026335.7250,00016,786,000878,987,140Form
26Garrett, Mark DirectSell9092026350.0050,00017,500,0003,525,900Form
27Speiser, Michael LDirectSell9092026353.87403142,6107,845,320Form
28Speiser, Michael LLtd PartnershipSell9092026353.8712,9734,590,768137,717,393Form
29Speiser, Michael LTrust (AMS-21)Sell9092026353.87840297,2528,916,134Form
30Speiser, Michael LTrust (WWS-21)Sell9092026353.87840297,2528,916,134Form
31Speiser, Michael LTrust (LES-21)Sell9092026353.87840297,2528,916,134Form
32Speiser, Michael LTrust (ESS-21)Sell9092026353.87840297,2528,916,134Form
33Speiser, Michael LTrust (Rev Tr)Sell9092026353.8734,00512,033,383414,646,929Form
34Kleinerman, ChristianEVP, Product ManagementLLCSell9032026380.0010,0003,800,0007,055,840Form
35Kleinerman, ChristianEVP, Product ManagementDirectSell9032026325.5715,0004,883,550105,933,641Form
36Dageville, Benoit TrustSell8282026309.4450,00015,472,000830,810,196Form
37Slootman, Frank DirectSell8202026320.7848,99015,715,0049,153,452Form
38Slootman, Frank DirectSell8202026325.53251,01081,710,0619,288,859Form
39Dageville, Benoit TrustSell8142026335.7050,00016,785,000923,695,671Form
40Kleinerman, ChristianEVP, Product ManagementDirectSell8112026325.0025,0008,125,000110,623,175Form
41Kleinerman, ChristianEVP, Product ManagementLLCSell8112026325.005,0001,625,0009,284,600Form
42Speiser, Michael L DirectSell8112026324.06403130,5967,315,006Form
43Speiser, Michael L Ltd PartnershipSell8112026324.0612,9734,204,030130,319,757Form
44Speiser, Michael L Trust (AMS-21)Sell8112026324.06840272,2108,437,226Form
45Speiser, Michael L Trust (WWS-21)Sell8112026324.06840272,2108,437,226Form
46Speiser, Michael L Trust (LES-21)Sell8112026324.06840272,2108,437,226Form
47Speiser, Michael L Trust (ESS-21)Sell8112026324.06840272,2108,437,226Form
48Speiser, Michael L Trust (Rev Tr)Sell8112026324.0634,00511,019,660366,595,792Form
49Kleinerman, ChristianEVP, Product ManagementDirectSell8052026297.0010,0002,969,950108,515,736Form
50Kleinerman, ChristianEVP, Product ManagementDirectSell8032026300.0020,0006,000,000112,613,700Form
51Kleinerman, ChristianEVP, Product ManagementLLCSell8032026300.009,986  Form
52Dageville, Benoit TrustSell7302026280.0050,00014,000,000789,101,320Form
53Slootman, Frank DirectSell7222026275.1010,3152,837,6347,849,916Form
54Slootman, Frank DirectSell7222026274.39289,68579,486,0577,829,659Form
55Dageville, Benoit TrustSell7162026276.5350,00013,826,500797,757,802Form
56Kleinerman, ChristianEVP, Product ManagementDirectSell7162026275.002,500687,500108,729,225Form
57Speiser, Michael L Trust (WWS-21)Sell7082026257.91840216,6426,931,511Form
58Speiser, Michael L Trust (AMS-21)Sell7082026257.91840216,6426,931,511Form
59Speiser, Michael L Trust (ESS-21)Sell7082026257.91840216,6426,931,511Form
60Speiser, Michael L Trust (LES-21)Sell7082026257.91840216,6426,931,511Form
61Speiser, Michael L Trust (Rev Tr)Sell7082026257.9134,0058,770,104300,528,951Form
62Speiser, Michael L DirectSell7082026257.92403103,9405,925,877Form
63Speiser, Michael L Ltd PartnershipSell7082026257.9112,9733,345,823107,062,198Form
64Briggs, Teresa DirectSell7062026255.1134387,5031,290,857Form
65Dageville, Benoit DirectSell7062026254.64140,81935,858,15046,079,145Form
66Dageville, Benoit TrustSell7062026254.6450,00012,732,000751,583,965Form
67Briggs, Teresa DirectSell7062026254.6434487,5961,375,820Form
68Kleinerman, ChristianEVP, Product ManagementDirectSell7062026258.562,500646,400102,875,594Form
69Slootman, Frank DirectSell7012026251.7399,90025,147,5627,183,040Form
70Slootman, Frank DirectSell6292026250.0010025,0007,133,750Form
71Ho, EmilyChief Accounting OfficerDirectSell6262026232.251,860431,9769,587,770Form
72Kleinerman, ChristianEVP, Product ManagementDirectSell6242026228.452,621598,76791,466,583Form
73Beaulier, Jonathan MeadChief Revenue OfficerDirectSell6242026231.989,3672,172,95754,466,816Form
74Slootman, Frank DirectSell6222026224.27200,00044,854,0366,399,550Form
75Kleinerman, ChristianEVP, Product ManagementDirectSell6172026240.002,986716,64097,356,480Form
76Raghunathan, VivekSVP, EngineeringDirectSell6172026240.003,876930,24062,085,360Form
77Slootman, Frank DirectSell6172026240.008,0661,935,8406,848,400Form
78Kleinerman, ChristianEVP, Product ManagementDirectSell6102026239.002,729652,23198,707,478Form
79Speiser, Michael L DirectSell6082026245.2140398,8185,420,524Form
80Speiser, Michael L Ltd PartnershipSell6082026245.2112,9733,181,057104,970,972Form
81Speiser, Michael L Trust (Rev Tr)Sell6082026245.2134,0058,338,230294,067,954Form
82Speiser, Michael L Trust (AMS-21)Sell6082026245.21840205,9736,796,129Form
83Speiser, Michael L Trust (ESS-21)Sell6082026245.21840205,9736,796,129Form
84Speiser, Michael L Trust (LES-21)Sell6082026245.21840205,9736,796,129Form
85Speiser, Michael L Trust (WWS-21)Sell6082026245.21840205,9736,796,129Form
86Kleinerman, ChristianEVP, Product ManagementDirectSell6032026272.0010,0002,720,000113,830,368Form
87Slootman, Frank DirectSell6032026263.70162,92442,962,77510,032,664Form
88Slootman, Frank DirectSell6012026252.43437,076110,332,8539,604,105Form
89Garrett, Mark DirectSell6012026250.00100,00025,000,2002,200,268Form
90Kleinerman, ChristianEVP, Product ManagementDirectSell5292026236.775,0001,183,850125,131,524Form
91Kleinerman, ChristianEVP, Product ManagementLLCSell5292026236.7710023,6771,180,535Form
92Slootman, Frank DirectSell5292026233.42400,00093,366,5798,880,562Form
93Slootman, Frank DirectSell5282026176.5255,3509,770,4566,715,931Form
94Slootman, Frank DirectSell5202026175.45144,65025,378,3956,675,053Form
95Speiser, Michael L DirectSell5042026141.5940357,0633,187,148Form
96Speiser, Michael L Ltd PartnershipSell5042026141.6012,9731,836,91662,452,877Form
97Speiser, Michael L Trust (Rev Tr)Sell5042026141.6034,0054,814,951174,625,916Form
98Speiser, Michael L Trust (AMS-21)Sell5042026141.60840118,9404,043,399Form
99Speiser, Michael L Trust (ESS-21)Sell5042026141.60840118,9404,043,399Form
100Speiser, Michael L Trust (LES-21)Sell5042026141.60840118,9404,043,399Form
101Speiser, Michael L Trust (WWS-21)Sell5042026141.60840118,9404,043,399Form
102Speiser, Michael L DirectSell4062026148.2140359,7273,395,673Form
103Speiser, Michael L Ltd PartnershipSell4062026148.2112,9731,922,66367,290,850Form
104Speiser, Michael L Trust (AMS-21)Sell4062026148.21840124,4924,356,634Form
105Speiser, Michael L Trust (WWS-21)Sell4062026148.21840124,4924,356,634Form
106Speiser, Michael L Trust (LES-21)Sell4062026148.21840124,4924,356,634Form
107Speiser, Michael L Trust (ESS-21)Sell4062026148.21840124,4924,356,634Form
108Speiser, Michael L Trust (Rev Tr)Sell4062026148.2134,0055,039,711187,817,084Form
109Raghunathan, VivekSVP, EngineeringDirectSell4022026152.803,876592,25341,763,754Form
110Ho, EmilyChief Accounting OfficerDirectSell3242026173.972,141372,4657,750,796Form
111Dageville, BenoitFounder and Chief ArchitectDirectSell3242026170.01874148,58911,176,797Form
112Kleinerman, ChristianEVP, Product ManagementDirectSell3242026170.012,621445,59690,699,315Form
113Slootman, Frank DirectSell3202026175.2511,2991,980,1726,667,638Form
114Slootman, Frank DirectSell3202026175.9388,70115,605,3706,693,520Form
115Slootman, Frank DirectSell3182026175.347,8741,380,6276,670,986Form
116Kleinerman, ChristianEVP, Product ManagementDirectSell3182026175.342,986523,56586,977,758Form
117Dageville, BenoitFounder and Chief ArchitectDirectSell3182026175.341,919336,4779,338,959Form
118Slootman, Frank DirectSell3112026182.442,042372,5428,676,482Form
119Kleinerman, ChristianEVP, Product ManagementDirectSell3112026182.44550100,34291,554,777Form
120Dageville, BenoitFounder and Chief ArchitectDirectSell3112026182.444,183763,14710,421,703Form
121Speiser, Michael L DirectSell3092026175.1940370,6014,084,494Form
122Speiser, Michael L Ltd PartnershipSell3092026175.1912,9732,272,74881,816,122Form
123Speiser, Michael L Trust (AMS-21)Sell3092026175.19840147,1625,297,114Form
124Speiser, Michael L Trust (WWS-21)Sell3092026175.19840147,1625,297,114Form
125Speiser, Michael L Trust (LES-21)Sell3092026175.19840147,1625,297,114Form
126Speiser, Michael L Trust (ESS-21)Sell3092026175.19840147,1625,297,114Form
127Speiser, Michael L Trust (Rev Tr)Sell3092026175.1934,0055,957,355227,972,686Form
128Kleinerman, ChristianEVP, Product ManagementDirectSell3032026165.0110,0001,650,10084,233,810Form
129Slootman, Frank DirectSell2192026176.91100,00017,690,8238,903,614Form
130Speiser, Michael L DirectSell2062026165.2240366,5843,918,727Form
131Speiser, Michael L Ltd PartnershipSell2062026165.2212,9732,143,44579,304,829Form
132Speiser, Michael L Trust (AMS-21)Sell2062026165.22840138,7885,134,490Form
133Speiser, Michael L Trust (WWS-21)Sell2062026165.22840138,7885,134,490Form
134Speiser, Michael L Trust (LES-21)Sell2062026165.22840138,7885,134,490Form
135Speiser, Michael L Trust (ESS-21)Sell2062026165.22840138,7885,134,490Form
136Speiser, Michael L Trust (Rev Tr)Sell2062026165.2234,0055,618,427220,621,195Form
137Kleinerman, ChristianEVP, Product ManagementDirectSell2032026197.0910,0001,970,90090,927,669Form
138Slootman, Frank DirectSell1222026206.77200,00041,353,98410,406,523Form
139Kleinerman, ChristianEVP, Product ManagementDirectSell1062026219.9010,0002,199,000103,650,085Form
140Speiser, Michael L DirectSell1052026221.1640389,1285,334,634Form
141Speiser, Michael L Trust (Rev Tr)Sell1052026221.1634,0057,520,622285,780,320Form
142Speiser, Michael L Ltd PartnershipSell1052026221.1612,9732,869,138109,023,700Form
143Speiser, Michael L Trust (AMS-21)Sell1052026221.16840185,7767,058,618Form
144Speiser, Michael L Trust (ESS-21)Sell1052026221.16840185,7767,058,618Form
145Speiser, Michael L Trust (LES-21)Sell1052026221.16840185,7767,058,618Form
146Speiser, Michael L Trust (WWS-21)Sell1052026221.16840185,7767,058,618Form
147Raghunathan, VivekSVP, Engineering and SupportDirectSell1052026220.4411,8012,601,35348,059,239Form
148Ho, EmilyChief Accounting OfficerDirectSell12232025223.631,072239,7319,797,007Form
149Kleinerman, ChristianEVP, Product ManagementDirectSell12232025224.304,7551,066,546120,356,464Form
150Dageville, BenoitFounder and Chief ArchitectDirectSell12232025224.30870195,1419,700,975Form
151Ho, EmilyChief Accounting OfficerDirectSell12222025222.91586130,62410,248,195Form
152Slootman, Frank DirectSell12222025221.83200,00044,366,31511,164,561Form
153Dageville, BenoitFounder and Chief ArchitectDirectSell12162025212.451,912406,2049,562,162Form
154Slootman, Frank DirectSell12162025212.457,7281,641,81429,943,765Form
155Kleinerman, ChristianEVP, Product ManagementDirectSell12162025212.452,975632,039107,165,516Form
156Kleinerman, ChristianEVP, Product ManagementDirectSell12102025223.31548122,374113,985,240Form
157Dageville, BenoitFounder and Chief ArchitectDirectSell12102025223.31814181,77410,913,606Form
158Slootman, Frank DirectSell12102025223.311,993445,05733,598,329Form
159Speiser, Michael L DirectSell12082025230.6540392,9525,656,453Form
160Speiser, Michael L Trust (Rev Tr)Sell12082025230.6534,0057,843,401305,889,175Form
161Speiser, Michael L Ltd PartnershipSell12082025230.6512,9732,992,281116,695,270Form
162Speiser, Michael L Trust (AMS-21)Sell12082025230.65840193,7507,555,331Form
163Speiser, Michael L Trust (ESS-21)Sell12082025230.65840193,7507,555,331Form
164Speiser, Michael L Trust (LES-21)Sell12082025230.65840193,7507,555,331Form
165Speiser, Michael L Trust (WWS-21)Sell12082025230.65840193,7507,555,331Form
166Kleinerman, ChristianEVP, Product ManagementDirectSell12032025249.5310,0002,495,300127,871,648Form
167Dageville, BenoitFounder and Chief ArchitectDirectSell12012025249.6525,0006,241,25012,612,068Form
168Dageville, BenoitFounder and Chief ArchitectDirectSell11142025264.4525,0006,611,25013,359,750Form
169Speiser, Michael L Trust (Rev Tr)Sell11102025257.3034,0058,749,585349,979,550Form
170Speiser, Michael L DirectSell11102025257.29403103,6886,413,466Form
171Speiser, Michael L Ltd PartnershipSell11102025257.3012,9733,337,993133,515,613Form
172Speiser, Michael L Trust (AMS-21)Sell11102025257.30840216,1368,644,417Form
173Speiser, Michael L Trust (ESS-21)Sell11102025257.30840216,1368,644,417Form
174Speiser, Michael L Trust (LES-21)Sell11102025257.30840216,1368,644,417Form
175Speiser, Michael L Trust (WWS-21)Sell11102025257.30840216,1368,644,417Form
176Kleinerman, ChristianEVP, Product ManagementDirectSell11042025277.7310,0002,777,300145,100,038Form
177Kleinerman, ChristianEVP, Product ManagementLLCSell11042025275.005,0001,375,00010,606,200Form
178Dageville, BenoitFounder and Chief ArchitectDirectSell10312025265.0025,0006,625,00013,387,535Form

Investor Activity (13F)

Updated Nov 7, 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: 11/6/2026