Looking At Snowflake's Recent Unusual Options Activity

Investors with a lot of money to spend have taken a bullish stance on Snowflake SNOW.

And retail traders should know.

We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with SNOW, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 8 options trades for Snowflake.

This isn't normal.

The overall sentiment of these big-money traders is split between 50% bullish and 50%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $29,800, and 7, calls, for a total amount of $376,405.

Projected Price Targets

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $130.0 to $340.0 for Snowflake over the last 3 months.

Volume & Open Interest Development

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 $130.0 to $340.0 in the last 30 days.

Snowflake Call and Put Volume: 30-Day Overview

Biggest Options Spotted:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Ask Bid Price Strike Price Total Trade Price Open Interest Volume
SNOW CALL SWEEP BULLISH 06/21/24 $32.9 $32.25 $32.9 $130.00 $164.5K 306 50
SNOW CALL SWEEP BULLISH 01/16/26 $9.8 $8.9 $9.8 $340.00 $59.7K 291 0
SNOW CALL TRADE BULLISH 06/21/24 $2.53 $2.14 $2.53 $200.00 $37.9K 6.0K 0
SNOW CALL TRADE BEARISH 07/19/24 $7.3 $6.45 $6.65 $185.00 $29.9K 755 0
SNOW PUT TRADE BEARISH 05/24/24 $7.5 $7.35 $7.45 $155.00 $29.8K 236 52

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.

Present Market Standing of Snowflake

  • With a volume of 1,197,935, the price of SNOW is down -3.1% at $158.6.
  • RSI indicators hint that the underlying stock may be approaching overbought.
  • Next earnings are expected to be released in 15 days.

Expert Opinions on Snowflake

Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $185.0.

  • Reflecting concerns, an analyst from Keybanc lowers its rating to Overweight with a new price target of $185.

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.

Market News and Data brought to you by Benzinga APIs
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Posted In: OptionsMarketsBZI-UOA
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