Deep-pocketed investors have adopted a bearish approach towards Palo Alto Networks (NASDAQ:PANW), 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 PANW usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 15 extraordinary options activities for Palo Alto Networks. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 40% leaning bullish and 53% bearish. Among these notable options, 7 are puts, totaling $328,937, and 8 are calls, amounting to $548,107.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $320.0 and $370.0 for Palo Alto Networks, spanning the last three months.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Palo Alto Networks stands at 598.82, with a total volume reaching 1,700.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Palo Alto Networks, situated within the strike price corridor from $320.0 to $370.0, throughout 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 | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PANW | CALL | SWEEP | BEARISH | 09/13/24 | $9.5 | $7.5 | $7.5 | $335.00 | $150.0K | 610 | 0 |
| PANW | CALL | SWEEP | BULLISH | 12/20/24 | $27.4 | $27.05 | $27.4 | $340.00 | $137.0K | 532 | 64 |
| PANW | PUT | SWEEP | BEARISH | 11/15/24 | $27.65 | $27.35 | $27.65 | $350.00 | $60.8K | 361 | 30 |
| PANW | PUT | TRADE | NEUTRAL | 09/20/24 | $36.6 | $34.9 | $35.7 | $370.00 | $60.6K | 250 | 17 |
| PANW | PUT | SWEEP | BULLISH | 09/20/24 | $4.55 | $4.45 | $4.5 | $332.50 | $59.9K | 69 | 133 |
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 80,000 enterprise customers across the world, including more than three fourths of the Global 2000.
Where Is Palo Alto Networks Standing Right Now?
- Trading volume stands at 1,459,658, with PANW's price down by -3.08%, positioned at $336.89.
- RSI indicators show the stock to be is currently neutral between overbought and oversold.
- Earnings announcement expected in 63 days.
What Analysts Are Saying About Palo Alto Networks
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $380.0.
- Maintaining their stance, an analyst from Bernstein continues to hold a Outperform rating for Palo Alto Networks, targeting a price of $399.
- Maintaining their stance, an analyst from Rosenblatt continues to hold a Neutral rating for Palo Alto Networks, targeting a price of $345.
- Consistent in their evaluation, an analyst from Rosenblatt keeps a Neutral rating on Palo Alto Networks with a target price of $345.
- Consistent in their evaluation, an analyst from Wells Fargo keeps a Overweight rating on Palo Alto Networks with a target price of $416.
- Consistent in their evaluation, an analyst from BTIG keeps a Buy rating on Palo Alto Networks with a target price of $395.
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.