Palo Alto Networks Options Trading: A Deep Dive into Market Sentiment

Author: Benzinga Insights | July 09, 2024 11:02am

Financial giants have made a conspicuous bullish move on Palo Alto Networks. Our analysis of options history for Palo Alto Networks (NASDAQ:PANW) revealed 11 unusual trades.

Delving into the details, we found 54% of traders were bullish, while 45% showed bearish tendencies. Out of all the trades we spotted, 9 were puts, with a value of $4,039,265, and 2 were calls, valued at $78,140.

Expected Price Movements

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $300.0 and $350.0 for Palo Alto Networks, spanning the last three months.

Volume & Open Interest Development

In today's trading context, the average open interest for options of Palo Alto Networks stands at 1244.0, with a total volume reaching 7,580.00. 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 $300.0 to $350.0, throughout the last 30 days.

Palo Alto Networks Option Volume And Open Interest Over 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
PANW	PUT	TRADE	BULLISH	09/20/24	$19.5	$19.2	$19.3	$330.00	$3.2M	803	16
PANW	PUT	SWEEP	BEARISH	09/20/24	$19.45	$19.25	$19.48	$330.00	$237.6K	803	1.7K
PANW	PUT	SWEEP	BEARISH	09/20/24	$19.5	$19.25	$19.42	$330.00	$167.3K	803	1.7K
PANW	PUT	SWEEP	BULLISH	09/20/24	$8.4	$8.05	$8.08	$300.00	$98.4K	3.0K	15
PANW	PUT	SWEEP	BULLISH	09/20/24	$7.8	$7.6	$7.8	$300.00	$78.8K	3.0K	1.8K

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.

In light of the recent options history for Palo Alto Networks, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Where Is Palo Alto Networks Standing Right Now?

• With a volume of 474,995, the price of PANW is up 0.4% at $339.0.
• RSI indicators hint that the underlying stock may be approaching overbought.
• Next earnings are expected to be released in 38 days.

Expert Opinions on Palo Alto Networks

In the last month, 4 experts released ratings on this stock with an average target price of $362.5.

• An analyst from Cantor Fitzgerald downgraded its action to Overweight with a price target of $350.
• Maintaining their stance, an analyst from Morgan Stanley continues to hold a Overweight rating for Palo Alto Networks, targeting a price of $360.
• Consistent in their evaluation, an analyst from Baird keeps a Outperform rating on Palo Alto Networks with a target price of $360.
• An analyst from DA Davidson downgraded its action to Buy with a price target of $380.

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 Palo Alto Networks, Benzinga Pro gives you real-time options trades alerts.

Posted In: PANW