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 30 extraordinary options activities for Snowflake. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 40% leaning bullish and 43% bearish. Among these notable options, 16 are puts, totaling $734,930, and 14 are calls, amounting to $606,623.
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 $85.0 to $170.0 for Snowflake over the last 3 months.
Volume & Open Interest Development
In today's trading context, the average open interest for options of Snowflake stands at 1099.0, with a total volume reaching 5,025.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Snowflake, situated within the strike price corridor from $85.0 to $170.0, throughout the last 30 days.
Snowflake 30-Day Option Volume & Interest Snapshot
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SNOW | CALL | SWEEP | NEUTRAL | 01/17/25 | $14.2 | $14.0 | $14.2 | $115.00 | $142.0K | 320 | 100 |
| SNOW | PUT | SWEEP | BEARISH | 01/17/25 | $12.8 | $12.75 | $12.8 | $115.00 | $103.6K | 2.4K | 175 |
| SNOW | PUT | SWEEP | BEARISH | 08/30/24 | $4.9 | $4.85 | $4.9 | $116.00 | $79.3K | 1.7K | 206 |
| SNOW | PUT | SWEEP | BEARISH | 01/16/26 | $10.9 | $10.85 | $10.85 | $85.00 | $74.8K | 118 | 69 |
| SNOW | CALL | SWEEP | NEUTRAL | 12/18/26 | $20.25 | $19.95 | $20.23 | $170.00 | $60.7K | 109 | 50 |
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.
After a thorough review of the options trading surrounding Snowflake, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Current Position of Snowflake
- With a trading volume of 3,194,958, the price of SNOW is down by -3.42%, reaching $111.59.
- Current RSI values indicate that the stock is may be approaching oversold.
- Next earnings report is scheduled for 91 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 $160.0.
- Maintaining their stance, an analyst from Morgan Stanley continues to hold a Equal-Weight rating for Snowflake, targeting a price of $175.
- Consistent in their evaluation, an analyst from Piper Sandler keeps a Overweight rating on Snowflake with a target price of $165.
- In a cautious move, an analyst from Wells Fargo downgraded its rating to Equal-Weight, setting a price target of $130.
- Consistent in their evaluation, an analyst from B of A Securities keeps a Neutral rating on Snowflake with a target price of $160.
- An analyst from Evercore ISI Group has decided to maintain their Outperform rating on Snowflake, which currently sits at a price target of $170.
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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