Financial giants have made a conspicuous bearish move on Snowflake. Our analysis of options history for Snowflake SNOW revealed 15 unusual trades.
Delving into the details, we found 40% of traders were bullish, while 60% showed bearish tendencies. Out of all the trades we spotted, 3 were puts, with a value of $196,768, and 12 were calls, valued at $617,493.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $120.0 to $200.0 for Snowflake over the recent three months.
Volume & Open Interest Trends
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Snowflake's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Snowflake's substantial trades, within a strike price spectrum from $120.0 to $200.0 over the preceding 30 days.
Snowflake Option Volume And Open Interest Over Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SNOW | CALL | TRADE | NEUTRAL | 06/21/24 | $180.00 | $129.2K | 972 | 38 |
| SNOW | CALL | SWEEP | BULLISH | 12/15/23 | $195.00 | $92.5K | 3.7K | 1.7K |
| SNOW | PUT | SWEEP | BEARISH | 01/17/25 | $120.00 | $89.7K | 826 | 167 |
| SNOW | CALL | TRADE | BEARISH | 12/15/23 | $195.00 | $76.6K | 3.7K | 3.0K |
| SNOW | CALL | SWEEP | BEARISH | 01/19/24 | $200.00 | $71.7K | 5.4K | 769 |
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.
Following our analysis of the options activities associated with Snowflake, we pivot to a closer look at the company's own performance.
Where Is Snowflake Standing Right Now?
- With a volume of 3,332,239, the price of SNOW is down -1.14% at $188.5.
- RSI indicators hint that the underlying stock may be overbought.
- Next earnings are expected to be released in 79 days.
Expert Opinions on Snowflake
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $214.0.
- An analyst from Wells Fargo has decided to maintain their Overweight rating on Snowflake, which currently sits at a price target of $210.
- An analyst from Oppenheimer persists with their Outperform rating on Snowflake, maintaining a target price of $240.
- Consistent in their evaluation, an analyst from Rosenblatt keeps a Neutral rating on Snowflake with a target price of $190.
- Consistent in their evaluation, an analyst from Morgan Stanley keeps a Overweight rating on Snowflake with a target price of $230.
- In a cautious move, an analyst from JMP Securities downgraded its rating to Market Outperform, setting a price target of $200.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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