Snowflake stock is brushing off upbeat fourth-quarter results
Cloud-based software name Snowflake Inc (NYSE:SNOW) is down 16.9% at $220.64 at last glance -- brushing off upbeat fourth-quarter results after a dismal fiscal 2023 revenue forecast. The company also acquired startup Streamlit, which enables customers to build data-based apps, though the financial terms of the deal were not disclosed. To follow, no fewer than 12 analysts slashed their price targets, with one coming from J.P. Morgan Securities to $270 from $340.
This negative price action has SNOW trading at its lowest levels since May of 2021. The security has been moving lower since its mid-February rally was rejected by the 80-day moving average. Year-to-date, the equity is down 34.6%.
Options volume is pacing for the top percentile of its annual range, with 54,000 calls and 56,000 puts across the tape so far -- 13 times the intraday average. The weekly 3/4 220-strike put is the most popular, followed by the 250-strike call in the same weekly series, with positions being opened at both. It's also worth noting that today's volatility has put SNOW on the Short Sale Restricted (SSR) list today.