A Closer Look at Snowflake's Options Market Dynamics

Investors with a lot of money to spend have taken a bearish stance on Snowflake SNOW.

And retail traders should know.

We noticed this today when the positions 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.

Today, Benzinga's options scanner spotted 14 options trades for Snowflake.

This isn't normal.

The overall sentiment of these big-money traders is split between 21% bullish and 50%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $561,000, and 13, calls, for a total amount of $683,240.

Expected Price Movements

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $140.0 to $200.0 for Snowflake during the past quarter.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Snowflake options trades today is 1767.12 with a total volume of 656.00.

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 $140.0 to $200.0 over the last 30 days.

Snowflake Option Volume And Open Interest Over Last 30 Days

Largest Options Trades Observed:

About Snowflake

Founded in 2012, Snowflake is a data lake, warehousing, and sharing company that went public in 2020. To date, the company has over 3,000 customers, including nearly 30% of the Fortune 500. 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 buy and ingest data, while its data solutions 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.

Present Market Standing of Snowflake

• Currently trading with a volume of 192,306, the SNOW's price is down by -1.7%, now at $189.5.
• RSI readings suggest the stock is currently may be approaching overbought.
• Anticipated earnings release is in 7 days.

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.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * An analyst from Evercore ISI Group persists with their Outperform rating on Snowflake, maintaining a target price of $200. * An analyst from Wolfe Research upgraded its action to Outperform with a price target of $235. * Consistent in their evaluation, an analyst from Mizuho keeps a Outperform rating on Snowflake with a target price of $205. * Maintaining their stance, an analyst from UBS continues to hold a Neutral rating for Snowflake, targeting a price of $190.

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.