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Behind the Scenes of Snowflake's Latest Options Trends

Author: Benzinga Insights | May 03, 2024 12:46pm

Whales with a lot of money to spend have taken a noticeably bearish stance on Snowflake.

Looking at options history for Snowflake (NYSE:SNOW) we detected 15 trades.

If we consider the specifics of each trade, it is accurate to state that 33% of the investors opened trades with bullish expectations and 40% with bearish.

From the overall spotted trades, 10 are puts, for a total amount of $449,478 and 5, calls, for a total amount of $261,870.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $100.0 to $200.0 for Snowflake over the last 3 months.

Insights into Volume & Open Interest

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 $100.0 to $200.0 in the last 30 days.

Snowflake Option Activity Analysis: Last 30 Days

Options Call Chart

Noteworthy Options Activity:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Ask Bid Price Strike Price Total Trade Price Open Interest Volume
SNOW CALL SWEEP BULLISH 12/20/24 $22.7 $22.45 $22.7 $170.00 $124.8K 385 0
SNOW PUT TRADE NEUTRAL 01/17/25 $6.7 $6.5 $6.6 $115.00 $66.0K 1.7K 100
SNOW PUT TRADE BULLISH 01/17/25 $6.7 $6.5 $6.58 $115.00 $65.8K 1.7K 0
SNOW PUT SWEEP BEARISH 01/16/26 $32.35 $29.7 $32.05 $155.00 $57.8K 130 105
SNOW CALL TRADE NEUTRAL 12/20/24 $19.0 $18.6 $18.81 $180.00 $56.4K 397 31

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 1,469,914, the price of SNOW is up 0.4% at $158.4.
  • RSI indicators hint that the underlying stock may be approaching overbought.
  • Next earnings are expected to be released in 19 days.

Professional Analyst Ratings for Snowflake

A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $185.0.

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

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.

Posted In: SNOW

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