This Is What Whales Are Betting On Snowflake

Author: Benzinga Insights | June 12, 2024 11:31am

Deep-pocketed investors have adopted a bullish approach towards Snowflake (NYSE: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 25 extraordinary options activities for Snowflake. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 48% leaning bullish and 24% bearish. Among these notable options, 7 are puts, totaling $958,470, and 18 are calls, amounting to $892,628.

Expected Price Movements

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $90.0 and $250.0 for Snowflake, spanning the last three months.

Insights into Volume & Open Interest

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

This data can help you track the liquidity and interest for Snowflake's options for a given strike price.

Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Snowflake's whale activity within a strike price range from $90.0 to $250.0 in 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	PUT	TRADE	BEARISH	06/20/25	$9.05	$8.3	$8.95	$100.00	$715.9K	739	1
SNOW	CALL	SWEEP	BEARISH	06/20/25	$4.2	$4.0	$4.0	$250.00	$120.0K	980	0
SNOW	CALL	TRADE	NEUTRAL	07/19/24	$9.85	$9.7	$9.78	$125.00	$97.7K	427	55
SNOW	CALL	TRADE	BEARISH	12/20/24	$31.2	$31.0	$31.0	$110.00	$93.0K	12	0
SNOW	CALL	TRADE	BULLISH	06/14/24	$2.54	$2.41	$2.52	$130.00	$63.0K	3.1K	1.7K

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.

Snowflake's Current Market Status

• Trading volume stands at 2,962,987, with SNOW's price up by 2.0%, positioned at $131.05.
• RSI indicators show the stock to be may be oversold.
• Earnings announcement expected in 70 days.

What Analysts Are Saying About Snowflake

In the last month, 5 experts released ratings on this stock with an average target price of $214.0.

• Maintaining their stance, an analyst from UBS continues to hold a Neutral rating for Snowflake, targeting a price of $190.
• An analyst from Loop Capital persists with their Buy rating on Snowflake, maintaining a target price of $225.
• An analyst from Oppenheimer persists with their Outperform rating on Snowflake, maintaining a target price of $220.
• An analyst from Scotiabank persists with their Sector Outperform rating on Snowflake, maintaining a target price of $195.
• An analyst from Piper Sandler downgraded its action to Overweight with a price target of $240.

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.

Posted In: SNOW