Whales with a lot of money to spend have taken a noticeably bullish stance on Cloudflare.
Looking at options history for Cloudflare (NYSE:NET) we detected 18 trades.
If we consider the specifics of each trade, it is accurate to state that 33% of the investors opened trades with bullish expectations and 27% with bearish.
From the overall spotted trades, 8 are puts, for a total amount of $420,914 and 10, calls, for a total amount of $409,463.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $77.0 to $120.0 for Cloudflare over the recent three months.
Insights into Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Cloudflare options trades today is 1052.67 with a total volume of 8,105.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Cloudflare's big money trades within a strike price range of $77.0 to $120.0 over the last 30 days.
Cloudflare Option Activity Analysis: Last 30 Days
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 | BEARISH | 09/20/24 | $37.6 | $36.95 | $37.6 | $120.00 | $94.0K | 4 | 10 |
| NET | CALL | TRADE | NEUTRAL | 07/26/24 | $7.3 | $6.95 | $7.13 | $77.00 | $71.3K | 921 | 3 |
| NET | PUT | SWEEP | NEUTRAL | 08/16/24 | $4.7 | $4.55 | $4.6 | $80.00 | $68.8K | 1.8K | 758 |
| NET | PUT | SWEEP | NEUTRAL | 08/16/24 | $4.7 | $4.55 | $4.6 | $80.00 | $61.7K | 1.8K | 1.5K |
| NET | PUT | SWEEP | BULLISH | 08/16/24 | $4.7 | $4.6 | $4.64 | $80.00 | $53.8K | 1.8K | 1.1K |
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.
After a thorough review of the options trading surrounding Cloudflare, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Cloudflare's Current Market Status
- With a volume of 1,799,275, the price of NET is down -2.45% at $82.8.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 23 days.
What Analysts Are Saying About 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 $77.8.
- Reflecting concerns, an analyst from Scotiabank lowers its rating to Sector Perform with a new price target of $85.
- In a cautious move, an analyst from Guggenheim downgraded its rating to Sell, setting a price target of $50.
- An analyst from Morgan Stanley has revised its rating downward to Equal-Weight, adjusting the price target to $92.
- An analyst from Cantor Fitzgerald downgraded its action to Neutral with a price target of $80.
- An analyst from UBS upgraded its action to Neutral with a price target of $82.
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.