Unpacking the Latest Options Trading Trends in Snowflake

Author: Benzinga Insights | May 20, 2024 12:16pm

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

Looking at options history for Snowflake (NYSE:SNOW) we detected 24 trades.

If we consider the specifics of each trade, it is accurate to state that 41% of the investors opened trades with bullish expectations and 41% with bearish.

From the overall spotted trades, 7 are puts, for a total amount of $272,244 and 17, calls, for a total amount of $994,609.

Predicted Price Range

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $85.0 and $300.0 for Snowflake, spanning the last three months.

Volume & Open Interest Development

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Snowflake's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Snowflake's significant trades, within a strike price range of $85.0 to $300.0, over the past month.

Snowflake Call and Put Volume: 30-Day Overview

Largest Options Trades Observed:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
SNOW	CALL	TRADE	BEARISH	05/31/24	$8.15	$8.0	$8.05	$167.50	$239.8K	104	393
SNOW	CALL	TRADE	BULLISH	05/24/24	$3.35	$3.35	$3.35	$180.00	$134.0K	3.0K	966
SNOW	CALL	TRADE	BEARISH	01/16/26	$94.7	$92.05	$92.85	$85.00	$92.8K	18	10
SNOW	CALL	TRADE	BULLISH	01/17/25	$70.95	$70.0	$70.59	$100.00	$70.5K	256	10
SNOW	PUT	SWEEP	BEARISH	01/17/25	$6.2	$6.05	$6.19	$120.00	$61.7K	1.7K	252

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.

In light of the recent options history for Snowflake, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Where Is Snowflake Standing Right Now?

• Currently trading with a volume of 1,523,860, the SNOW's price is up by 1.86%, now at $164.87.
• RSI readings suggest the stock is currently may be approaching overbought.
• Anticipated earnings release is in 2 days.

Professional Analyst Ratings for Snowflake

3 market experts have recently issued ratings for this stock, with a consensus target price of $218.33333333333334.

• An analyst from B of A Securities persists with their Neutral rating on Snowflake, maintaining a target price of $200.
• An analyst from RBC Capital has decided to maintain their Outperform rating on Snowflake, which currently sits at a price target of $220.
• An analyst from JMP Securities downgraded its action to Market Outperform with a price target of $235.

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.

Posted In: SNOW