News Summary
PositiveSnowflake delivered a strong Q2 earnings beat with 62¢ adjusted EPS vs. 45¢ expected and raised full-year product revenue guidance to $6.07B (from $5.84B), driven by momentum in CoCo AI coding agent (9,100 accounts) and broader AI Data Cloud adoption. Non-GAAP operating margins expanded significantly to 15.3% YoY, with management now guiding to 14.5% adjusted operating margins for FY2027 and a path to GAAP profitability by Q4 FY2028.
Red flags
- •Director Michael Speiser disposed of ~$17.45M in stock near recent highs, signaling potential valuation concerns despite overall bullish sentiment
- •$3.5B convertible note issuance at 0% coupon suggests capital structure management ahead of potential margin normalization or growth investment needs
Funds Buying (6)
| Fund | Manager | Shares Held | ∆ Shares | Position Value | % of Fund | QoQ | Status |
|---|---|---|---|---|---|---|---|
| Point72 | Steve Cohen | 2.8M | +2.7M | $716M | 1.2% | >+999% | Existing |
| Maverick Capital | Lee Ainslie | 978K | +978K | $249M | 2.2% | — | NEW |
| Viking Global | Andreas Halvorsen | 960K | +960K | $244M | 0.7% | — | NEW |
| Whale Rock Capital | Alex Sacerdote | 885K | +885K | $225M | 1.8% | — | NEW |
| D1 Capital | Dan Sundheim | 216K | +216K | $55M | 0.2% | — | NEW |
| Soros Fund Management | Soros Family Office | 137K | +89K | $35M | 0.5% | +186% | Existing |
Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter. % of Fund is the position's share of the fund's reported equity portfolio — it drives the size weighting in the conviction score.
Portfolio Context
Where SNOW ranks in each buying fund's book, and the positions immediately around it. What a holding sits next to often says more about the thesis than the position size does.
position #9 of this fund's book
- 6SEAGATE TECHNOLOGY HLDNGS PL$794M
- 7ADVANCED MICRO DEVICES INC$772M
- 8TAIWAN SEMICONDUCTOR MANUFAC$766M
- 9SNOWFLAKE INC$716M
- 10PROCTER & GAMBLE CO$634M
- 11RTX CORPORATION$626M
- 12CAPITAL ONE FINL CORP$507M
position #22 of this fund's book
- 19BOSTON SCIENTIFIC CORP$253M
- 20MONSTER BEVERAGE CORP NEW$253M
- 21DPC HOLDINGS PLC$252M
- 22SNOWFLAKE INC$249M
- 23INSMED INC$229M
- 24SHERWIN WILLIAMS CO$198M
- 25CAMDEN PPTY TR$195M
position #23 of this fund's book
- 20META PLATFORMS INC$257M
- 21WESTERN DIGITAL CORP$256M
- 22APPLOVIN CORP$238M
- 23SNOWFLAKE INC$225M
- 24TWILIO INC$170M
- 25SEAGATE TECHNOLOGY HLDNGS PL$143M
- 26KLAVIYO INC$83M
Values are quarter-end position sizes. Shown only for funds where SNOW ranks inside their 40 largest equity positions — below that, neighbouring names carry no signal. Adjacency is an inference about a fund's reasoning, not a disclosure of it.
Insider Activity
| Name | Title | Type | Shares | Price | Value | Filed | Src |
|---|---|---|---|---|---|---|---|
| Speiser Michael L | — | SELL | 840 | $344.00 | $0.29M | 2026-10-02 | ↗ |
| Speiser Michael L | — | SELL | 13K | $344.00 | $4.46M | 2026-10-02 | ↗ |
| Speiser Michael L | — | SELL | 840 | $344.00 | $0.29M | 2026-10-02 | ↗ |
| Speiser Michael L | — | SELL | 403 | $344.00 | $0.14M | 2026-10-02 | ↗ |
| Speiser Michael L | — | SELL | 34K | $344.00 | $11.70M | 2026-10-02 | ↗ |
| Speiser Michael L | — | SELL | 840 | $344.00 | $0.29M | 2026-10-02 | ↗ |
| Speiser Michael L | — | SELL | 840 | $344.00 | $0.29M | 2026-10-02 | ↗ |
| Kleinerman Christian | EVP, Product Management | SELL | 15K | $341.57 | $5.12M | 2026-10-01 | ↗ |
| Dageville Benoit | — | SELL | 50K | $339.08 | $16.95M | 2026-09-23 | ↗ |
| Beaulier Jonathan Mead | Chief Revenue Officer | SELL | 755 | $336.36 | $0.25M | 2026-09-23 | ↗ |
| Kleinerman Christian | EVP, Product Management | SELL | 3K | $344.50 | $0.90M | 2026-09-22 | ↗ |
| Slootman Frank | — | SELL | 3K | $338.99 | $0.85M | 2026-09-21 | ↗ |
| Slootman Frank | — | SELL | 2K | $330.17 | $0.64M | 2026-09-21 | ↗ |
| Slootman Frank | — | SELL | 2K | $331.18 | $0.75M | 2026-09-21 | ↗ |
| Slootman Frank | — | SELL | 7K | $332.26 | $2.22M | 2026-09-21 | ↗ |
| Slootman Frank | — | SELL | 6K | $333.46 | $1.91M | 2026-09-21 | ↗ |
| Slootman Frank | — | SELL | 25K | $334.35 | $8.41M | 2026-09-21 | ↗ |
| Slootman Frank | — | SELL | 25K | $335.08 | $8.47M | 2026-09-21 | ↗ |
| Slootman Frank | — | SELL | 10K | $336.29 | $3.31M | 2026-09-21 | ↗ |
| Slootman Frank | — | SELL | 16K | $337.24 | $5.35M | 2026-09-21 | ↗ |
| Slootman Frank | — | SELL | 8K | $338.12 | $2.55M | 2026-09-21 | ↗ |
| Slootman Frank | — | SELL | 79K | $333.27 | $26.45M | 2026-09-18 | ↗ |
| Slootman Frank | — | SELL | 3K | $335.23 | $0.95M | 2026-09-18 | ↗ |
| Slootman Frank | — | SELL | 4K | $336.11 | $1.38M | 2026-09-18 | ↗ |
| Slootman Frank | — | SELL | 102 | $337.05 | $0.03M | 2026-09-18 | ↗ |
| Slootman Frank | — | SELL | 30K | $338.61 | $10.19M | 2026-09-18 | ↗ |
| Slootman Frank | — | SELL | 24K | $332.19 | $7.81M | 2026-09-18 | ↗ |
| Slootman Frank | — | SELL | 15K | $331.35 | $5.03M | 2026-09-18 | ↗ |
| Slootman Frank | — | SELL | 42K | $334.24 | $14.04M | 2026-09-18 | ↗ |
| Slootman Frank | — | SELL | 8K | $318.51 | $2.61M | 2026-09-16 | ↗ |
| Ho Emily | Chief Accounting Officer | SELL | 768 | $332.93 | $0.26M | 2026-09-16 | ↗ |
| Kleinerman Christian | EVP, Product Management | SELL | 3K | $318.51 | $0.95M | 2026-09-16 | ↗ |
| Beaulier Jonathan Mead | Chief Revenue Officer | SELL | 12K | $336.12 | $4.13M | 2026-09-16 | ↗ |
| Raghunathan Vivek | SVP, Engineering | SELL | 4K | $318.51 | $1.23M | 2026-09-16 | ↗ |
| Kleinerman Christian | EVP, Product Management | SELL | 3K | $335.72 | $0.92M | 2026-09-09 | ↗ |
| Dageville Benoit | — | SELL | 50K | $335.72 | $16.79M | 2026-09-09 | ↗ |
| Speiser Michael L | — | SELL | 403 | $353.87 | $0.14M | 2026-09-04 | ↗ |
| Speiser Michael L | — | SELL | 840 | $353.87 | $0.30M | 2026-09-04 | ↗ |
| Speiser Michael L | — | SELL | 840 | $353.87 | $0.30M | 2026-09-04 | ↗ |
| Speiser Michael L | — | SELL | 840 | $353.87 | $0.30M | 2026-09-04 | ↗ |
| Speiser Michael L | — | SELL | 840 | $353.87 | $0.30M | 2026-09-04 | ↗ |
| Speiser Michael L | — | SELL | 34K | $353.87 | $12.03M | 2026-09-04 | ↗ |
| GARRETT MARK | — | SELL | 50K | $350.00 | $17.50M | 2026-09-04 | ↗ |
| Speiser Michael L | — | SELL | 13K | $353.87 | $4.59M | 2026-09-04 | ↗ |
| Kleinerman Christian | EVP, Product Management | SELL | 10K | $380.00 | $3.80M | 2026-09-03 | ↗ |
| Kleinerman Christian | EVP, Product Management | SELL | 15K | $325.57 | $4.88M | 2026-09-01 | ↗ |
| Dageville Benoit | — | SELL | 50K | $309.44 | $15.47M | 2026-08-26 | ↗ |
| Slootman Frank | — | SELL | 13K | $319.06 | $4.04M | 2026-08-19 | ↗ |
| Slootman Frank | — | SELL | 18K | $319.98 | $5.77M | 2026-08-19 | ↗ |
| Slootman Frank | — | SELL | 4K | $320.89 | $1.37M | 2026-08-19 | ↗ |
| Slootman Frank | — | SELL | 4K | $321.99 | $1.28M | 2026-08-19 | ↗ |
| Slootman Frank | — | SELL | 4K | $322.88 | $1.20M | 2026-08-19 | ↗ |
| Slootman Frank | — | SELL | 4K | $324.13 | $1.26M | 2026-08-19 | ↗ |
| Slootman Frank | — | SELL | 2K | $324.88 | $0.78M | 2026-08-19 | ↗ |
| Slootman Frank | — | SELL | 60 | $325.82 | $0.02M | 2026-08-19 | ↗ |
| Slootman Frank | — | SELL | 4K | $332.42 | $1.34M | 2026-08-18 | ↗ |
| Slootman Frank | — | SELL | 3K | $333.37 | $1.02M | 2026-08-18 | ↗ |
| Slootman Frank | — | SELL | 11K | $331.35 | $3.51M | 2026-08-18 | ↗ |
| Slootman Frank | — | SELL | 11K | $322.09 | $3.56M | 2026-08-18 | ↗ |
| Slootman Frank | — | SELL | 40K | $323.24 | $13.06M | 2026-08-18 | ↗ |
| Slootman Frank | — | SELL | 61K | $324.10 | $19.88M | 2026-08-18 | ↗ |
| Slootman Frank | — | SELL | 43K | $325.06 | $13.83M | 2026-08-18 | ↗ |
| Slootman Frank | — | SELL | 46K | $325.96 | $15.09M | 2026-08-18 | ↗ |
| Slootman Frank | — | SELL | 9K | $327.20 | $2.99M | 2026-08-18 | ↗ |
| Slootman Frank | — | SELL | 7K | $328.07 | $2.16M | 2026-08-18 | ↗ |
| Slootman Frank | — | SELL | 4K | $329.01 | $1.31M | 2026-08-18 | ↗ |
| Slootman Frank | — | SELL | 12K | $330.34 | $3.97M | 2026-08-18 | ↗ |
| Dageville Benoit | — | SELL | 50K | $335.70 | $16.79M | 2026-08-12 | ↗ |
| Speiser Michael L | — | SELL | 840 | $324.06 | $0.27M | 2026-08-07 | ↗ |
| Kleinerman Christian | EVP, Product Management | SELL | 25K | $325.00 | $8.13M | 2026-08-07 | ↗ |
| Kleinerman Christian | EVP, Product Management | SELL | 5K | $325.00 | $1.63M | 2026-08-07 | ↗ |
| Speiser Michael L | — | SELL | 403 | $324.06 | $0.13M | 2026-08-07 | ↗ |
| Speiser Michael L | — | SELL | 13K | $324.06 | $4.20M | 2026-08-07 | ↗ |
| Speiser Michael L | — | SELL | 840 | $324.06 | $0.27M | 2026-08-07 | ↗ |
| Speiser Michael L | — | SELL | 840 | $324.06 | $0.27M | 2026-08-07 | ↗ |
| Speiser Michael L | — | SELL | 840 | $324.06 | $0.27M | 2026-08-07 | ↗ |
| Speiser Michael L | — | SELL | 34K | $324.06 | $11.02M | 2026-08-07 | ↗ |
| Kleinerman Christian | EVP, Product Management | SELL | 5K | $293.99 | $1.47M | 2026-08-03 | ↗ |
| Kleinerman Christian | EVP, Product Management | SELL | 5K | $300.00 | $1.50M | 2026-08-03 | ↗ |
| Kleinerman Christian | EVP, Product Management | SELL | 20K | $300.00 | $6.00M | 2026-07-31 | ↗ |
| Kleinerman Christian | EVP, Product Management | SELL | 5K | $300.00 | $1.50M | 2026-07-31 | ↗ |
| Kleinerman Christian | EVP, Product Management | SELL | 5K | $300.00 | $1.50M | 2026-07-31 | ↗ |
| Dageville Benoit | — | SELL | 50K | $280.00 | $14.00M | 2026-07-29 | ↗ |
| Slootman Frank | — | SELL | 2K | $278.24 | $0.50M | 2026-07-21 | ↗ |
| Slootman Frank | — | SELL | 3K | $277.54 | $0.75M | 2026-07-21 | ↗ |
| Slootman Frank | — | SELL | 2K | $275.23 | $0.54M | 2026-07-21 | ↗ |
| Slootman Frank | — | SELL | 600 | $274.08 | $0.16M | 2026-07-21 | ↗ |
| Slootman Frank | — | SELL | 1K | $272.83 | $0.29M | 2026-07-21 | ↗ |
| Slootman Frank | — | SELL | 1K | $271.51 | $0.35M | 2026-07-21 | ↗ |
| Slootman Frank | — | SELL | 281 | $270.62 | $0.08M | 2026-07-21 | ↗ |
| Slootman Frank | — | SELL | 632 | $269.58 | $0.17M | 2026-07-21 | ↗ |
| Slootman Frank | — | SELL | 95K | $274.51 | $26.09M | 2026-07-20 | ↗ |
| Slootman Frank | — | SELL | 958 | $267.76 | $0.26M | 2026-07-20 | ↗ |
| Slootman Frank | — | SELL | 808 | $269.48 | $0.22M | 2026-07-20 | ↗ |
| Slootman Frank | — | SELL | 10K | $270.54 | $2.63M | 2026-07-20 | ↗ |
| Slootman Frank | — | SELL | 11K | $271.42 | $3.08M | 2026-07-20 | ↗ |
| Slootman Frank | — | SELL | 25K | $272.31 | $6.86M | 2026-07-20 | ↗ |
| Slootman Frank | — | SELL | 37K | $273.47 | $10.00M | 2026-07-20 | ↗ |
| Slootman Frank | — | SELL | 60K | $275.39 | $16.52M | 2026-07-20 | ↗ |
| Slootman Frank | — | SELL | 48K | $276.26 | $13.28M | 2026-07-20 | ↗ |
| Slootman Frank | — | SELL | 2K | $277.03 | $0.56M | 2026-07-20 | ↗ |
| Dageville Benoit | — | SELL | 50K | $276.53 | $13.83M | 2026-07-15 | ↗ |
| Kleinerman Christian | EVP, Product Management | SELL | 3K | $275.00 | $0.69M | 2026-07-14 | ↗ |
| Speiser Michael L | — | SELL | 83 | $262.74 | $0.02M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 150 | $262.06 | $0.04M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 7 | $260.36 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 14 | $259.76 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 10 | $258.25 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 29 | $257.45 | $0.01M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 465 | $255.16 | $0.12M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 28 | $254.52 | $0.01M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 1 | $253.86 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 53 | $263.91 | $0.01M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 83 | $262.74 | $0.02M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 150 | $262.06 | $0.04M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 7 | $260.36 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 14 | $259.76 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 10 | $258.25 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 29 | $257.45 | $0.01M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 465 | $255.16 | $0.12M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 28 | $254.52 | $0.01M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 1 | $253.86 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 53 | $263.91 | $0.01M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 83 | $262.74 | $0.02M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 150 | $262.06 | $0.04M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 7 | $260.36 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 14 | $259.76 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 10 | $258.25 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 29 | $257.45 | $0.01M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 465 | $255.16 | $0.12M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 28 | $254.52 | $0.01M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 1 | $253.86 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 53 | $263.91 | $0.01M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 83 | $262.74 | $0.02M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 150 | $262.06 | $0.04M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 7 | $260.36 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 14 | $259.76 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 10 | $258.25 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 29 | $257.45 | $0.01M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 465 | $255.16 | $0.12M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 28 | $254.52 | $0.01M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 1 | $253.86 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 2K | $263.91 | $0.57M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 3K | $262.74 | $0.88M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 6K | $262.06 | $1.59M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 301 | $260.36 | $0.08M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 567 | $259.76 | $0.15M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 400 | $258.25 | $0.10M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 1K | $257.45 | $0.30M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 19K | $255.16 | $4.80M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 1K | $254.52 | $0.29M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 49 | $253.86 | $0.01M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 25 | $263.91 | $0.01M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 40 | $262.74 | $0.01M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 72 | $262.06 | $0.02M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 4 | $260.36 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 7 | $259.76 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 5 | $258.25 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 14 | $257.45 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 223 | $255.16 | $0.06M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 12 | $254.52 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 1 | $253.86 | $0.00M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 818 | $263.91 | $0.22M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 1K | $262.74 | $0.34M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 2K | $262.06 | $0.61M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 114 | $260.36 | $0.03M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 216 | $259.76 | $0.06M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 153 | $258.25 | $0.04M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 446 | $257.45 | $0.11M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 7K | $255.16 | $1.83M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 428 | $254.52 | $0.11M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 18 | $253.86 | $0.00M | 2026-07-06 | ↗ |
| Briggs Teresa | — | SELL | 343 | $255.11 | $0.09M | 2026-07-06 | ↗ |
| Speiser Michael L | — | SELL | 53 | $263.91 | $0.01M | 2026-07-06 | ↗ |
| Dageville Benoit | — | SELL | 50K | $254.64 | $12.73M | 2026-07-02 | ↗ |
| Briggs Teresa | — | SELL | 344 | $254.64 | $0.09M | 2026-07-02 | ↗ |
| Dageville Benoit | — | SELL | 141K | $254.64 | $35.86M | 2026-07-02 | ↗ |
| Kleinerman Christian | EVP, Product Management | SELL | 3K | $258.56 | $0.65M | 2026-07-01 | ↗ |
Beneficial Ownership (13D/13G)
| Filer | Form | Shares | % of Class | Filed | Src |
|---|---|---|---|---|---|
| BlackRock, Inc. | SC 13G/A | 22.3M | 6.4% | 2026-07-30 | ↗ |
| Vanguard Capital Management | SC 13G | 17.7M | 5.1% | 2026-04-30 | ↗ |
SC 13D = active intent to influence control (10-day filing deadline after crossing 5%). SC 13G = passive accumulation, no intent to influence control.
Congressional Trading
| Member | Chamber | State | Type | Amount Range | Transaction Date | Filed | Src |
|---|---|---|---|---|---|---|---|
| Gilbert Cisneros | house | CA31 | BUY | $1,001 - $15,000 | 2026-08-07 | 2026-09-10 | ↗ |
Periodic Transaction Reports filed under the STOCK Act. Amounts are disclosed as ranges, not exact dollar figures.