Palo Alto Networks released better-than-expected fiscal fourth-quarter results
Palo Alto Networks Inc (NASDAQ:PANW) stock is surging today, up 7.5% at $368.95 at last glance, after the cybersecurity name's fiscal fourth-quarter results beat estimates. The company also announced upbeat quarterly and full-year guidance, leading a flood of analysts to lift their price targets on the stock.
Today's pop has PANW finally fully recovered from its massive February post-earnings bear gap that saw the stock drop 28.4% in a single session. Year to date, the equity is up 24.4%.
Options traders are chiming in, with 55,000 calls and 31,000 puts exchanged so far today -- already 2.5 times the stock's overall average daily options volume. The weekly 8/23 370-strike call is the most popular, followed by the 400-strike call in the same series, with new positions opening at both.
This bullish skew is keeping with the last 10 weeks in the options pits. PANW's 50-day call/put volume ratio of 1.98 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 94% of readings from the past year, showing calls being picked up at a much faster-than-usual rate.