High-rolling investors have positioned themselves bullish on Snowflake (NYSE: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 11 options trades for Snowflake. This is not a typical pattern.
The sentiment among these major traders is split, with 63% bullish and 36% bearish. Among all the options we identified, there was one put, amounting to $27,000, and 10 calls, totaling $823,456.
What’s The Price Target?
After evaluating the trading volumes and Open Interest, it’s evident that the major market movers are focusing on a price band between $170.0 and $220.0 for Snowflake, spanning the last three months.
Volume & Open Interest Development
In today’s trading context, the average open interest for options of Snowflake stands at 941.11, with a total volume reaching 4,979.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Snowflake, situated within the strike price corridor from $170.0 to $220.0, throughout 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 | TRADE | BEARISH | 04/19/24 | $170.00 | $324.8K | 571 | 78 |
| SNOW | CALL | TRADE | BULLISH | 04/19/24 | $200.00 | $105.0K | 522 | 50 |
| SNOW | CALL | SWEEP | BULLISH | 02/02/24 | $215.00 | $73.4K | 2.4K | 696 |
| SNOW | CALL | SWEEP | BULLISH | 08/16/24 | $220.00 | $71.8K | 100 | 32 |
| SNOW | CALL | SWEEP | BEARISH | 02/16/24 | $202.50 | $57.6K | 220 | 61 |
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.
Following our analysis of the options activities associated with Snowflake, we pivot to a closer look at the company’s own performance.
Current Position of Snowflake
- With a volume of 1,106,440, the price of SNOW is down -0.67% at $201.15.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 30 days.
What The Experts Say On Snowflake
5 market experts have recently issued ratings for this stock, with a consensus target price of $206.0.
- In a cautious move, an analyst from Monness, Crespi, Hardt downgraded its rating to Sell, setting a price target of $160.
- In a cautious move, an analyst from RBC Capital downgraded its rating to Outperform, setting a price target of $230.
- In a cautious move, an analyst from Barclays downgraded its rating to Equal-Weight, setting a price target of $198.
- In a cautious move, an analyst from JMP Securities downgraded its rating to Market Outperform, setting a price target of $212.
- An analyst from Truist Securities persists with their Buy rating on Snowflake, maintaining a target price of $230.
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.
