FireEye, Inc. (FEYE) Traders See Upside Ahead

FireEye Inc (NASDAQ:FEYE) is crushing it this afternoon -- following sector peer Cyberark Software Ltd (NASDAQ:CYBR) north -- in the wake of another price-target hike. This time, Imperial Capital raised its target to $42 from $32, while reiterating an "in-line" rating. Not surprisingly, options traders have responded by targeting calls.

Taking a quick step back, FEYE calls are crossing at nearly quadruple the expected intraday rate, and outnumber puts by a roughly 5-to-1 margin. According to data from the International Securities Exchange (ISE), the March 44 call is seeing buy-to-open activity, as speculators gamble on additional upside through the close on Friday, March 20 -- when the back-month options expire.

At last check, FEYE shares were up 5% at $41.62, bringing their year-to-date advance to about 32%. What's more, the stock has outperformed the broader S&P 500 Index (SPX) by 35 percentage points over the last two months.

FireEye Inc (NASDAQ:FEYE) has also likely benefited from increased attention in the wake of several high-profile cyberattacks. Today, in fact, President Barack Obama is hosting a summit to address the intensifying need for online security, with FEYE earlier announcing an intelligence-sharing initiative.