Deep-pocketed investors have adopted a bearish approach towards Snowflake SNOW, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in SNOW usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 17 extraordinary options activities for Snowflake. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 35% leaning bullish and 52% bearish. Among these notable options, 6 are puts, totaling $252,901, and 11 are calls, amounting to $726,142.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $65.0 to $160.0 for Snowflake over the recent three months.
Volume & Open Interest Trends
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 $65.0 to $160.0, over the past month.
Snowflake Option Activity Analysis: Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SNOW | CALL | SWEEP | BEARISH | 07/26/24 | $5.9 | $5.7 | $5.7 | $137.00 | $285.0K | 27 | 505 |
| SNOW | PUT | SWEEP | BEARISH | 08/02/24 | $2.38 | $2.37 | $2.38 | $130.00 | $91.3K | 466 | 134 |
| SNOW | CALL | TRADE | BULLISH | 09/20/24 | $30.55 | $30.4 | $30.55 | $110.00 | $76.3K | 83 | 0 |
| SNOW | CALL | TRADE | NEUTRAL | 07/19/24 | $16.2 | $14.35 | $15.27 | $125.00 | $76.3K | 1.0K | 0 |
| SNOW | CALL | TRADE | BEARISH | 01/16/26 | $85.5 | $81.0 | $81.0 | $65.00 | $40.5K | 64 | 7 |
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.
Present Market Standing of Snowflake
- With a trading volume of 2,261,477, the price of SNOW is down by -1.02%, reaching $140.12.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 43 days from now.
What Analysts Are Saying About Snowflake
Over the past month, 4 industry analysts have shared their insights on this stock, proposing an average target price of $207.5.
- An analyst from Wells Fargo persists with their Overweight rating on Snowflake, maintaining a target price of $200.
- An analyst from Needham downgraded its action to Buy with a price target of $210.
- An analyst from B of A Securities has revised its rating downward to Neutral, adjusting the price target to $200.
- Consistent in their evaluation, an analyst from Goldman Sachs keeps a Buy rating on Snowflake with a target price of $220.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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