Looking At Snowflake's Recent Unusual Options Activity

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 29 uncommon options trades for Snowflake.

This isn't normal.

The overall sentiment of these big-money traders is split between 62% bullish and 37%, bearish.

Out of all of the special options we uncovered, 6 are puts, for a total amount of $232,840, and 23 are calls, for a total amount of $4,208,381.

What's The Price Target?

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $110.0 to $250.0 for Snowflake over the recent three months.

Insights into Volume & Open Interest

In terms of liquidity and interest, the mean open interest for Snowflake options trades today is 1477.0 with a total volume of 9,633.00.

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 $110.0 to $250.0 over the last 30 days.

Snowflake Option Activity Analysis: Last 30 Days

Significant Options Trades Detected:

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.

Snowflake's Current Market Status

• With a volume of 3,427,223, the price of SNOW is down -2.97% at $182.11.
• RSI indicators hint that the underlying stock may be overbought.
• Next earnings are expected to be released in 89 days.

What The Experts Say On Snowflake

In the last month, 5 experts released ratings on this stock with an average target price of $222.0.

• Maintaining their stance, an analyst from Morgan Stanley continues to hold a Overweight rating for Snowflake, targeting a price of $230.
• An analyst from Oppenheimer has decided to maintain their Outperform rating on Snowflake, which currently sits at a price target of $240.
• Consistent in their evaluation, an analyst from Mizuho keeps a Buy rating on Snowflake with a target price of $210.
• Consistent in their evaluation, an analyst from Truist Securities keeps a Buy rating on Snowflake with a target price of $210.
• Maintaining their stance, an analyst from Piper Sandler continues to hold a Overweight rating for Snowflake, targeting a 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.