Protection Purchased on Check Point Software

Shares of Check Point Software Tech CHKP are trading slightly high on the session, up 0.33% to $30.65. The stock has fallen sharply over the past few weeks and broken through both the 50-day and 200-day moving averages, which is a bearish sign. Options traders are betting that the stock does not find support here and, in fact, may fall much further. I am detecting the June $30 put purchased over 4,000 times on the offer on open interest on just 847 contracts, in addition to 1,190 June $27.50 puts purchased on open interest of 189 contracts. Both of these trades signal new, bearish positioning. Check Point Software Technologies Ltd. develops, markets and supports a range of software, as well as combined hardware and software products and services for information technology (IT) security.