Snowflake Stock Sees $1.9M Bullish Call Sweep as Shares Climb Near 52-Week High Range

May 26, 2026

By TrendSpider Editor

Snowflake Stock Sees $1.9M Bullish Call Sweep as Shares Climb Near 52-Week High Range

A single unusually large call contract swept through Snowflake Inc. (SNOW) today, drawing attention to the stock as shares trade at $178.59, up 3.67% on the session. The contract carried a total premium of $1,901,474.40, flagging notable conviction from a trader positioning for further upside through mid-July. With SNOW currently trading well above its 52-week low of $118.30 but still below its 52-week high of $280.67, the options flow suggests at least one large player sees momentum building from current levels.

Key Drivers of the SNOW Stock Move

Main Catalyst: A single call contract at the $180 strike expiring July 17, 2026 printed with a volume of 966 contracts against an open interest read of 147% of existing OI, signaling this is fresh positioning rather than a hedge against existing shares. Total premium paid reached $1,901,474.40, qualifying it as unusual activity.
Bull Case: The contract is only slightly out of the money with SNOW at $178.59 and the strike set at $180, meaning the trader needs only a modest additional move of roughly 0.8% to push this position into the money before expiration on July 17, 2026. The 3.67% intraday gain heading into this flow suggests near-term momentum may already be building in the stock's favor.
Bear Case: Despite the bullish positioning, SNOW remains more than 36% below its 52-week high of $280.67, illustrating the significant ground the stock has lost over the past year. The contract is still out of the money, and any reversal from today's gains could leave this bet worthless by expiration if the stock fails to hold above $180.

The forward setup for SNOW is notable given the proximity of the $180 strike to current price levels and the relatively short window to the July 17, 2026 expiration, leaving approximately seven weeks for the trade to play out. Snowflake operates in the highly competitive cloud data warehousing space, where growth expectations and enterprise spending trends remain closely watched by investors. The broad 52-week range between $118.30 and $280.67 reflects the volatile sentiment that has surrounded the stock over the past year, and today's options activity suggests at least one institutional-sized participant is betting that the near-term trajectory tilts higher from the current $178.59 level.

SNOW Unusual Options Activity

Type: Call | Strike: $180 | Expiry: July 17, 2026 | Volume: 966 contracts | Open Interest: 147% of prior OI

This is the only unusual contract flagged in today's session for SNOW, with zero unusual put contracts recorded. The sole call contract accounted for the entirety of the $1,901,474.40 in total unusual options premium.

SNOW Seasonality

Late May and early June have historically represented a transitional period for cloud software names as investors begin to look ahead to summer earnings seasons. With SNOW's next earnings cycle likely falling within or near the window before the July 17, 2026 expiration date, this call positioning could be designed to capture any catalyst that emerges from a quarterly report or major product announcement.

SNOW Relative Performance

SNOW's 3.67% gain today stands out as a strong single-session move and places the stock toward the upper end of its recent trading range given the 52-week span of $118.30 to $280.67. At $178.59, the stock sits roughly 51% above its 52-week low, indicating a meaningful recovery from the lows while still leaving substantial distance to reclaim the highs reached over the past year.