Snowflake Stock Jumps 4.28% But Unusual Put Contracts Signal Caution Beneath the Surface

May 22, 2026

By TrendSpider Editor

Snowflake Stock Jumps 4.28% But Unusual Put Contracts Signal Caution Beneath the Surface

Snowflake Inc. (SNOW) climbed 4.28% to $172.58 on Friday, May 22, yet two unusual put contracts totaling $1,138,643 in premium are drawing attention from options traders who appear to be positioning for downside. The stock currently sits in the lower half of its 52-week range of $118.30 to $280.67, leaving significant room for movement in either direction. The divergence between today's price strength and the bearish options flow creates a noteworthy setup heading into the weekend.

Key Drivers of the SNOW Stock Move

Main Catalyst: Two unusual put contracts were flagged today with a combined premium of $1,138,643. The larger contract is a PUT at the $155 strike expiring June 17, 2027, with a size of 339 contracts and open interest running 616% above normal. The second is a PUT at the $105 strike expiring November 20, 2026, with a size of 164 contracts and open interest at 245% above normal.
Bull Case: SNOW shares posted a solid 4.28% gain today, and the $155 strike on the larger put contract sits roughly 10% below the current price of $172.58, meaning the stock has a meaningful cushion before that position moves into the money. The June 2027 expiration on the dominant contract also suggests this may be a long-dated hedge rather than an aggressive near-term directional bet.
Bear Case: The $105 strike put expiring in November 2026 sits more than 39% below the current price, yet still attracted $72,488 in premium with open interest at 245% above baseline. The fact that traders are paying for that level of protection points to concern about a deeper drawdown scenario. The stock remains far below its 52-week high of $280.67, and the absence of any call activity in today's unusual flow means there is no offsetting bullish options conviction to counter the put positioning.

The forward setup for SNOW is mixed. The stock has recovered meaningfully from its 52-week low of $118.30, but today's unusual options flow introduces a note of skepticism about whether the current rally has durable legs. The longer-dated put at $155 with a June 2027 expiry could reflect institutional hedging against an existing long position rather than outright bearish speculation, which is a meaningful distinction. However, the out-of-the-money $105 put activity, even with its smaller premium, suggests at least some market participants are stress-testing significantly lower price outcomes before year-end. Traders should watch whether additional put flow accumulates in the sessions ahead as a gauge of whether this activity represents isolated positioning or the beginning of a broader defensive shift.

SNOW Unusual Options Activity

Two bearish contracts were flagged on Friday, May 22, with no unusual call activity present in today's flow.

Contract 1: PUT, $155 strike, expiring June 17, 2027 | Volume: 339 | Open Interest: 616% above normal | Out of the money | Premium: $1,066,155
Contract 2: PUT, $105 strike, expiring November 20, 2026 | Volume: 164 | Open Interest: 245% above normal | Out of the money | Premium: $72,488

Total unusual premium across both contracts came in at $1,138,643, with zero call contracts flagged. The one-sided nature of the flow, entirely put-driven, reinforces a cautious read on near-to-medium term sentiment despite today's price strength.

SNOW Seasonality

Late May has historically been an active period for cloud software names as the sector enters a quieter stretch between earnings cycles, which can amplify the signal value of unusual options positioning. With SNOW's next earnings event not yet imminent, the long-dated nature of the dominant put contract suggests this is a strategic rather than event-driven trade.

SNOW Relative Performance

SNOW's 4.28% gain on Friday represents a notable single-session move for the stock. At $172.58, shares are trading approximately 38.5% below the 52-week high of $280.67 while sitting about 45.9% above the 52-week low of $118.30, placing the stock closer to the midpoint of its annual range but still with a long road to recover prior highs.