Deep-pocketed investors have adopted a bearish approach towards Adobe ADBE, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in ADBE usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 17 extraordinary options activities for Adobe. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 47% leaning bullish and 52% bearish. Among these notable options, 2 are puts, totaling $80,818, and 15 are calls, amounting to $784,468.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $500.0 to $720.0 for Adobe during the past quarter.
Volume & Open Interest Trends
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Adobe's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Adobe's significant trades, within a strike price range of $500.0 to $720.0, over the past month.
Adobe Option Activity Analysis: Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| ADBE | CALL | SWEEP | BULLISH | 02/16/24 | $620.00 | $168.5K | 1.4K | 263 |
| ADBE | CALL | SWEEP | BEARISH | 02/16/24 | $630.00 | $142.3K | 1.1K | 30 |
| ADBE | CALL | TRADE | NEUTRAL | 05/17/24 | $500.00 | $65.6K | 0 | 0 |
| ADBE | CALL | TRADE | BULLISH | 01/26/24 | $600.00 | $57.0K | 659 | 164 |
| ADBE | PUT | SWEEP | BEARISH | 02/16/24 | $600.00 | $53.0K | 774 | 65 |
About Adobe
Adobe provides content creation, document management, and digital marketing and advertising software and services to creative professionals and marketers for creating, managing, delivering, measuring, optimizing and engaging with compelling content multiple operating systems, devices and media. The company operates with three segments: digital media content creation, digital experience for marketing solutions, and publishing for legacy products (less than 5% of revenue).
Following our analysis of the options activities associated with Adobe, we pivot to a closer look at the company's own performance.
Current Position of Adobe
- With a volume of 976,951, the price of ADBE is up 0.63% at $615.43.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 51 days.
Professional Analyst Ratings for Adobe
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $602.0.
- An analyst from Piper Sandler persists with their Overweight rating on Adobe, maintaining a target price of $705.
- Reflecting concerns, an analyst from Exane BNP Paribas lowers its rating to Underperform with a new price target of $499.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Adobe, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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