Behind the Scenes of Pure Storage's Latest Options Trends

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Investors with a lot of money to spend have taken a bullish stance on Pure Storage PSTG.

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with PSTG, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 12 uncommon options trades for Pure Storage.

This isn't normal.

The overall sentiment of these big-money traders is split between 58% bullish and 33%, bearish.

Out of all of the special options we uncovered, 8 are puts, for a total amount of $281,180, and 4 are calls, for a total amount of $328,650.

Projected Price Targets

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $47.0 to $70.0 for Pure Storage 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 Pure Storage'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 Pure Storage's whale activity within a strike price range from $47.0 to $70.0 in the last 30 days.

Pure Storage Option Activity Analysis: Last 30 Days

Largest Options Trades Observed:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Ask Bid Price Strike Price Total Trade Price Open Interest Volume
PSTG CALL SWEEP BULLISH 06/21/24 $9.1 $8.9 $9.0 $55.00 $225.0K 4.8K 277
PSTG PUT TRADE BULLISH 06/21/24 $1.15 $1.05 $1.05 $55.00 $52.5K 2.3K 792
PSTG PUT SWEEP BULLISH 09/20/24 $3.1 $2.9 $2.9 $55.00 $50.7K 111 175
PSTG CALL TRADE BEARISH 07/19/24 $2.45 $2.2 $2.2 $70.00 $44.0K 804 0
PSTG PUT SWEEP BULLISH 06/21/24 $1.05 $0.95 $1.0 $55.00 $34.3K 2.3K 1.2K

About Pure Storage

Pure Storage Inc is a U.S.-based company that provides an enterprise data storage platform that transforms business through a dramatic increase in performance and reduction in complexity and costs. It generates revenue from two sources: product revenue which includes the sale of integrated storage hardware and embedded operating system software and; subscription services revenue which includes Evergreen Storage subscriptions, a unified subscription which includes Pure as-a-Service, and Cloud Block Store, and Portworx. Subscription services revenue also includes professional services offerings such as installation and implementation consulting services.

Where Is Pure Storage Standing Right Now?

  • Currently trading with a volume of 1,782,292, the PSTG's price is up by 0.58%, now at $62.88.
  • RSI readings suggest the stock is currently may be overbought.
  • Anticipated earnings release is in 0 days.

What Analysts Are Saying About Pure Storage

In the last month, 3 experts released ratings on this stock with an average target price of $60.333333333333336.

  • Maintaining their stance, an analyst from Morgan Stanley continues to hold a Overweight rating for Pure Storage, targeting a price of $60.
  • Consistent in their evaluation, an analyst from Wedbush keeps a Outperform rating on Pure Storage with a target price of $70.
  • In a cautious move, an analyst from Barclays downgraded its rating to Equal-Weight, setting a price target of $51.

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 Pure Storage, Benzinga Pro gives you real-time options trades alerts.

Market News and Data brought to you by Benzinga APIs
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Posted In: OptionsMarketsBZI-UOA
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