High-rolling investors have positioned themselves bullish on Palo Alto Networks PANW, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in PANW often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 10 options trades for Palo Alto Networks. This is not a typical pattern.
The sentiment among these major traders is split, with 70% bullish and 30% bearish. Among all the options we identified, there was one put, amounting to $38,000, and 9 calls, totaling $445,585.
Expected Price Movements
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $200.0 to $280.0 for Palo Alto Networks over the recent three months.
Volume & Open Interest Development
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Palo Alto Networks's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Palo Alto Networks's whale activity within a strike price range from $200.0 to $280.0 in the last 30 days.
Palo Alto Networks Call and Put Volume: 30-Day Overview
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| PANW | CALL | SWEEP | BULLISH | 12/15/23 | $240.00 | $139.2K | 5.5K | 2 |
| PANW | CALL | TRADE | BULLISH | 01/19/24 | $280.00 | $82.2K | 653 | 59 |
| PANW | CALL | TRADE | NEUTRAL | 12/15/23 | $230.00 | $46.5K | 5.2K | 57 |
| PANW | PUT | TRADE | BULLISH | 11/17/23 | $250.00 | $38.0K | 3.7K | 1.2K |
| PANW | CALL | TRADE | BULLISH | 11/24/23 | $240.00 | $37.5K | 1.2K | 11 |
About Palo Alto Networks
Palo Alto Networks is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, and security operations. The California-based firm has more than 85,000 customers across the world, including more than three fourths of the Global 2000.
Following our analysis of the options activities associated with Palo Alto Networks, we pivot to a closer look at the company's own performance.
Current Position of Palo Alto Networks
- With a trading volume of 1,789,543, the price of PANW is up by 2.36%, reaching $248.01.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 95 days from now.
Expert Opinions on Palo Alto Networks
In the last month, 5 experts released ratings on this stock with an average target price of $286.4.
- An analyst from Wedbush downgraded its action to Outperform with a price target of $290.
- In a cautious move, an analyst from Oppenheimer downgraded its rating to Outperform, setting a price target of $310.
- In a cautious move, an analyst from Stifel downgraded its rating to Buy, setting a price target of $280.
- An analyst from JP Morgan persists with their Overweight rating on Palo Alto Networks, maintaining a target price of $272.
- An analyst from Cantor Fitzgerald has revised its rating downward to Overweight, adjusting the price target to $280.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Palo Alto Networks options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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