Deep-pocketed investors have adopted a bullish approach towards Cloudflare NET, 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 NET usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 14 extraordinary options activities for Cloudflare. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 57% leaning bullish and 42% bearish. Among these notable options, 3 are puts, totaling $129,800, and 11 are calls, amounting to $849,628.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $65.0 and $120.0 for Cloudflare, spanning the last three months.
Volume & Open Interest Development
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Cloudflare's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Cloudflare's substantial trades, within a strike price spectrum from $65.0 to $120.0 over the preceding 30 days.
Cloudflare Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NET | CALL | SWEEP | BULLISH | 02/16/24 | $78.00 | $274.5K | 360 | 90 |
| NET | CALL | TRADE | BEARISH | 02/16/24 | $95.00 | $135.0K | 2.0K | 117 |
| NET | CALL | SWEEP | BULLISH | 03/01/24 | $82.00 | $134.5K | 112 | 50 |
| NET | CALL | SWEEP | BULLISH | 03/08/24 | $110.00 | $53.0K | 159 | 112 |
| NET | CALL | SWEEP | BULLISH | 04/19/24 | $115.00 | $48.8K | 922 | 254 |
About Cloudflare
Cloudflare is a software company based in San Francisco, California, that offers security and web performance offerings by utilizing a distributed, serverless content delivery network, or CDN. The firm's edge computing platform, Workers, leverages this network by providing clients the ability to deploy, and execute code without maintaining servers.
Following our analysis of the options activities associated with Cloudflare, we pivot to a closer look at the company's own performance.
Where Is Cloudflare Standing Right Now?
- Currently trading with a volume of 2,538,792, the NET's price is down by -1.04%, now at $106.8.
- RSI readings suggest the stock is currently may be overbought.
- Anticipated earnings release is in 73 days.
What The Experts Say On Cloudflare
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $112.4.
- Maintaining their stance, an analyst from Needham continues to hold a Buy rating for Cloudflare, targeting a price of $135.
- Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Neutral with a new price target of $100.
- Maintaining their stance, an analyst from Wells Fargo continues to hold a Overweight rating for Cloudflare, targeting a price of $125.
- Maintaining their stance, an analyst from RBC Capital continues to hold a Outperform rating for Cloudflare, targeting a price of $108.
- An analyst from Keybanc persists with their Overweight rating on Cloudflare, maintaining a target price of $94.
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 Cloudflare, 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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