High-rolling investors have positioned themselves bullish on Snowflake SNOW, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in SNOW often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 8 options trades for Snowflake. This is not a typical pattern.
The sentiment among these major traders is split, with 62% bullish and 37% bearish. Among all the options we identified, there was one put, amounting to $34,700, and 7 calls, totaling $1,057,539.
Expected Price Movements
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $140.0 and $170.0 for Snowflake, spanning the last three months.
Volume & Open Interest Trends
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
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 activity within a strike price range from $140.0 to $170.0 in the last 30 days.
Snowflake 30-Day Option Volume & Interest Snapshot
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SNOW | CALL | SWEEP | BULLISH | 01/17/25 | $155.00 | $805.0K | 612 | 0 |
| SNOW | CALL | TRADE | NEUTRAL | 05/17/24 | $140.00 | $88.4K | 163 | 40 |
| SNOW | CALL | TRADE | NEUTRAL | 03/28/24 | $160.00 | $43.6K | 1.6K | 179 |
| SNOW | CALL | SWEEP | BEARISH | 03/28/24 | $162.50 | $35.2K | 999 | 34 |
| SNOW | PUT | SWEEP | BULLISH | 03/22/24 | $162.50 | $34.7K | 581 | 3 |
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.
Having examined the options trading patterns of Snowflake, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Present Market Standing of Snowflake
- Trading volume stands at 494,433, with SNOW's price down by -0.08%, positioned at $158.27.
- RSI indicators show the stock to be may be oversold.
- Earnings announcement expected in 61 days.
Expert Opinions on Snowflake
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $223.0.
- An analyst from Oppenheimer persists with their Outperform rating on Snowflake, maintaining a target price of $220.
- In a cautious move, an analyst from Morgan Stanley downgraded its rating to Equal-Weight, setting a price target of $175.
- An analyst from Evercore ISI Group has decided to maintain their Outperform rating on Snowflake, which currently sits at a price target of $225.
- An analyst from Citigroup persists with their Buy rating on Snowflake, maintaining a target price of $290.
- In a positive move, an analyst from Macquarie has upgraded their rating to Outperform and adjusted the price target to $205.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Snowflake options trades with real-time alerts from Benzinga Pro.
© 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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