Whales with a lot of money to spend have taken a noticeably bearish stance on Snowflake.
Looking at options history for Snowflake SNOW we detected 21 trades.
If we consider the specifics of each trade, it is accurate to state that 42% of the investors opened trades with bullish expectations and 57% with bearish.
From the overall spotted trades, 2 are puts, for a total amount of $57,220 and 19, calls, for a total amount of $1,386,819.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $200.0 to $250.0 for Snowflake over the recent three months.
Volume & Open Interest Trends
In terms of liquidity and interest, the mean open interest for Snowflake options trades today is 2578.8 with a total volume of 9,776.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Snowflake's big money trades within a strike price range of $200.0 to $250.0 over the last 30 days.
Snowflake Option Volume And Open Interest Over Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SNOW | CALL | SWEEP | BULLISH | 05/17/24 | $230.00 | $283.6K | 4.0K | 519 |
| SNOW | CALL | TRADE | BULLISH | 03/15/24 | $250.00 | $107.1K | 3.1K | 15 |
| SNOW | CALL | SWEEP | BEARISH | 03/15/24 | $230.00 | $98.4K | 7.2K | 294 |
| SNOW | CALL | SWEEP | BEARISH | 03/15/24 | $230.00 | $95.5K | 7.2K | 544 |
| SNOW | CALL | SWEEP | BULLISH | 03/15/24 | $230.00 | $95.5K | 7.2K | 895 |
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 trading volume of 1,332,690, the price of SNOW is down by -0.63%, reaching $217.38.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 23 days from now.
Professional Analyst Ratings for Snowflake
In the last month, 5 experts released ratings on this stock with an average target price of $217.6.
- Consistent in their evaluation, an analyst from Truist Securities keeps a Buy rating on Snowflake with a target price of $230.
- An analyst from Raymond James has decided to maintain their Outperform rating on Snowflake, which currently sits at a price target of $223.
- An analyst from JMP Securities downgraded its action to Market Outperform with a price target of $212.
- An analyst from Barclays has revised its rating downward to Equal-Weight, adjusting the price target to $198.
- Reflecting concerns, an analyst from Needham lowers its rating to Buy with a new price target of $225.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Snowflake with Benzinga Pro for real-time alerts.
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