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 trades 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.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 16 uncommon options trades for Snowflake.
This isn't normal.
The overall sentiment of these big-money traders is split between 50% bullish and 31%, bearish.
Out of all of the special options we uncovered, 10 are puts, for a total amount of $443,242, and 6 are calls, for a total amount of $211,246.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $130.0 and $210.0 for Snowflake, spanning the last three months.
Volume & Open Interest Development
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 $130.0 to $210.0 in the last 30 days.
Snowflake Option Volume And Open Interest Over Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SNOW | PUT | TRADE | BULLISH | 07/19/24 | $7.1 | $6.85 | $6.95 | $140.00 | $69.5K | 2.1K | 308 |
| SNOW | PUT | TRADE | BULLISH | 07/19/24 | $7.15 | $6.9 | $6.95 | $140.00 | $69.5K | 2.1K | 207 |
| SNOW | PUT | TRADE | BULLISH | 07/19/24 | $7.05 | $6.7 | $6.75 | $140.00 | $67.5K | 2.1K | 103 |
| SNOW | CALL | SWEEP | BEARISH | 06/21/24 | $2.65 | $2.5 | $2.54 | $150.00 | $50.9K | 2.3K | 279 |
| SNOW | PUT | SWEEP | BULLISH | 06/21/24 | $11.45 | $9.55 | $9.5 | $150.00 | $47.5K | 4.5K | 75 |
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.
Where Is Snowflake Standing Right Now?
- With a trading volume of 689,564, the price of SNOW is up by 0.08%, reaching $141.06.
- Current RSI values indicate that the stock is may be approaching oversold.
- Next earnings report is scheduled for 82 days from now.
What The Experts Say On Snowflake
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $201.0.
- An analyst from Stifel has decided to maintain their Buy rating on Snowflake, which currently sits at a price target of $200.
- Consistent in their evaluation, an analyst from Needham keeps a Buy rating on Snowflake with a target price of $210.
- An analyst from Bernstein persists with their Market Perform rating on Snowflake, maintaining a target price of $185.
- Maintaining their stance, an analyst from Canaccord Genuity continues to hold a Buy rating for Snowflake, targeting a price of $215.
- Consistent in their evaluation, an analyst from Rosenblatt keeps a Buy rating on Snowflake with a target price of $195.
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.
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