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 9 extraordinary options activities for Cloudflare. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 33% leaning bullish and 33% bearish. Among these notable options, 3 are puts, totaling $152,621, and 6 are calls, amounting to $209,026.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $60.0 to $110.0 for Cloudflare during the past quarter.
Insights into Volume & Open Interest
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 Cloudflare'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 Cloudflare's whale activity within a strike price range from $60.0 to $110.0 in the last 30 days.
Cloudflare 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NET | PUT | TRADE | NEUTRAL | 09/20/24 | $39.15 | $35.25 | $37.48 | $110.00 | $74.9K | 40 | 20 |
| NET | CALL | TRADE | BULLISH | 01/16/26 | $12.0 | $11.4 | $12.0 | $95.00 | $48.0K | 258 | 41 |
| NET | CALL | TRADE | NEUTRAL | 01/16/26 | $18.6 | $16.35 | $17.65 | $85.00 | $44.1K | 173 | 25 |
| NET | PUT | SWEEP | BEARISH | 06/21/24 | $2.63 | $2.62 | $2.63 | $70.00 | $39.7K | 4.7K | 185 |
| NET | PUT | SWEEP | BULLISH | 06/07/24 | $1.79 | $1.78 | $1.79 | $71.00 | $37.9K | 46 | 251 |
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.
Having examined the options trading patterns of Cloudflare, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Where Is Cloudflare Standing Right Now?
- With a volume of 2,192,801, the price of NET is down -5.49% at $71.07.
- RSI indicators hint that the underlying stock may be oversold.
- Next earnings are expected to be released in 63 days.
Expert Opinions on Cloudflare
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $104.0.
- Maintaining their stance, an analyst from Wells Fargo continues to hold a Overweight rating for Cloudflare, targeting a price of $105.
- An analyst from Baird persists with their Outperform rating on Cloudflare, maintaining a target price of $94.
- Maintaining their stance, an analyst from UBS continues to hold a Sell rating for Cloudflare, targeting a price of $76.
- An analyst from TD Cowen has decided to maintain their Buy rating on Cloudflare, which currently sits at a price target of $110.
- Reflecting concerns, an analyst from Needham lowers its rating to Buy with a new price target of $135.
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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