The cloud company lifted its full-year product revenue guidance
Cloud stock Snowflake Inc (NYSE:SNOW) is jumping to 52-week highs, up 10.7% at $198.28 at last glance, after the company hiked its full-year product revenue forecast. First-quarter earnings beat estimates, and revenue came in line with expectations, with no fewer than 20 analysts lifting their price targets after the event.
SNOW has been on a tear, closing only two sessions lower since the start of May -- both earlier this week. The security had been stalling at the $84 region prior to today's breakout, but is now trading at its highest level since February 2024. Year to date, the shares are up 27.3%.
So far today, Snowflake stock has already seen 10 times the options volume typically seen at this point. Options bulls are chiming in, with 116,000 calls traded in comparison to 52,000 puts. The weekly 5/23 200-strike call is the most popular by far, with new positions opening there.
This represents a shift in sentiment, as investors were much more bearish than usual coming into today. SNOW's 10-day put/call volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 97% of readings from the past year.