Snowflake Sees Nearly $4M Bullish Call Bet Targeting $350 as Stock Sits Near 52-Week Highs

By TrendSpider Editor

A single unusual options contract worth $3,985,161.50 in premium hit the tape on Snowflake Inc. (SNOW) on Tuesday, pointing to a decisive bullish wager by at least one well-capitalized trader. SNOW shares are currently trading at $319.56, up 1.37% on the session, and sit meaningfully closer to their

Snowflake Sees Nearly $4M Bullish Call Bet Targeting $350 as Stock Sits Near 52-Week Highs

A single unusual options contract worth $3,985,161.50 in premium hit the tape on Snowflake Inc. (SNOW) on Tuesday, pointing to a decisive bullish wager by at least one well-capitalized trader. SNOW shares are currently trading at $319.56, up 1.37% on the session, and sit meaningfully closer to their 52-week high of $384.55 than their 52-week low of $118.30. The options activity suggests at least one market participant expects a continued push higher over the next 14 months.

Key Drivers of the SNOW Stock Move

• Main Catalyst: One unusual call contract was flagged on SNOW, covering a $350 strike expiring December 17, 2027, with a size of 535 contracts against open interest that represents a 185% OI ratio, meaning new positioning substantially exceeded prior open interest. Total premium on the contract came to $3,985,161.50.
• Bull Case: The $350 strike sits above the current price of $319.56 but well below the 52-week high of $384.55, meaning SNOW has already traded at that level within the past year. The 185% OI ratio signals this is fresh, aggressive positioning rather than a hedge against an existing stake, and the nearly $4 million premium commitment reflects high conviction behind the trade.
• Bear Case: The contract is currently out of the money, requiring SNOW to climb from $319.56 to above $350 before December 2027 for the trade to pay off at expiration. The stock also carries a wide 52-week range of $118.30 to $384.55, underscoring the volatility risk embedded in any long-dated directional bet on this name.

The forward setup for Snowflake remains tied closely to the trajectory of enterprise AI spending and cloud data platform adoption. With a long-dated expiry of December 2027, this options bet gives the trader significant runway to be right, spanning multiple potential product cycles and earnings reports. The outsized premium and above-market strike together suggest the buyer is positioning for a sustained re-rating rather than a short-term pop, making it one of the more meaningful single-contract options prints seen on SNOW in recent sessions.

SNOW Unusual Options Activity

One unusual options contract was flagged in Tuesday's session:

• Type: Call | Strike: $350 | Expiry: December 17, 2027 | Volume: 535 | Open Interest Ratio: 185% | Premium: $3,985,161.50

The 185% open interest ratio confirms this contract represents newly initiated exposure rather than a roll or close of a prior position. At 535 contracts and nearly $4 million in total premium, the trade stands out as a high-conviction directional call on SNOW through the end of 2027.

SNOW Seasonality

The fourth quarter has historically been an active period for enterprise software commitments as corporate IT budgets are finalized, which can provide a tailwind for cloud data platforms like Snowflake heading into year-end. A December 2027 expiry also captures multiple upcoming fiscal year cycles, giving the trade exposure to what has historically been a seasonally active stretch for SNOW's business.

SNOW Relative Performance

SNOW is up 1.37% on the session and is currently trading at $319.56, placing it meaningfully above the midpoint of its 52-week range of $118.30 to $384.55. The stock's proximity to the upper end of its annual range suggests relative strength compared to where it started the trailing twelve months, and the bullish options activity on Tuesday adds to the picture of a name with renewed momentum heading into the final months of 2026.