Deep-pocketed investors have adopted a bullish approach towards Snowflake SNOW, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in SNOW usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 12 extraordinary options activities for Snowflake. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 66% leaning bullish and 33% bearish. Among these notable options, 2 are puts, totaling $94,295, and 10 are calls, amounting to $919,398.
Predicted Price Range
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $140.0 to $210.0 for Snowflake during the past quarter.
Volume & Open Interest Trends
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Snowflake's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Snowflake's whale trades within a strike price range from $140.0 to $210.0 in the last 30 days.
Snowflake Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SNOW | CALL | TRADE | BULLISH | 01/19/24 | $140.00 | $334.8K | 623 | 72 |
| SNOW | CALL | SWEEP | BEARISH | 01/19/24 | $150.00 | $252.0K | 1.7K | 69 |
| SNOW | CALL | TRADE | BULLISH | 06/21/24 | $210.00 | $90.2K | 1.3K | 0 |
| SNOW | PUT | TRADE | BEARISH | 12/20/24 | $170.00 | $68.4K | 0 | 35 |
| SNOW | CALL | SWEEP | BULLISH | 01/26/24 | $190.00 | $55.8K | 1.1K | 1.0K |
About Snowflake
Founded in 2012, Snowflake is a data lake, warehousing, and sharing company that came public in 2020. To date, the company has over 3,000 customers, including nearly 30% of the Fortune 500 as its customers. Snowflake's data lake stores unstructured and semistructured data that can then be used in analytics to create insights stored in its data warehouse. Snowflake's data sharing capability allows enterprises to easily buy and ingest data almost instantaneously compared with a traditionally months-long process. Overall, the company is known for the fact that all of its data solutions that can be hosted on various public clouds.
After a thorough review of the options trading surrounding Snowflake, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Current Position of Snowflake
- With a trading volume of 807,307, the price of SNOW is up by 0.68%, reaching $187.87.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 40 days from now.
Professional Analyst Ratings for Snowflake
5 market experts have recently issued ratings for this stock, with a consensus target price of $212.6.
- Reflecting concerns, an analyst from Needham lowers its rating to Buy with a new price target of $225.
- Reflecting concerns, an analyst from Barclays lowers its rating to Equal-Weight with a new price target of $198.
- In a cautious move, an analyst from Monness, Crespi, Hardt downgraded its rating to Sell, setting a price target of $160.
- An analyst from Piper Sandler persists with their Overweight rating on Snowflake, maintaining a target price of $250.
- An analyst from Truist Securities has decided to maintain their Buy rating on Snowflake, which currently sits at a price target of $230.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Snowflake, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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