Traders Count on Cyberark Software Ltd (CYBR) to Bounce Back

Cyberark Software Ltd (NASDAQ:CYBR) is off nearly 4% at $61.72, after the company announced a secondary public offering of up to $250 million. However, from the looks of it, options traders may be banking on the cybersecurity stock to bounce back in the near future.

Diving right in, CYBR calls are crossing the tape at double the usual intraday rate. June calls are in focus, with possible buy-to-open activity transpiring at the 60 and 65 strikes. Those purchasing these positions anticipate the equity will rebound -- and finish above the respective strikes -- at the close on Friday, June 19, when front-month options expire.

However, in recent weeks, long puts have been gaining in popularity at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). CYBR's 10-day put/call volume ratio has spiked to 1.20 from 0.53 just two weeks ago.

Technically speaking, Cyberark Software Ltd (NASDAQ:CYBR) has had quite the run in 2015. Year-to-date, the shares have soared 55.7%. Should this uptrend resume, a capitulation among option bears could result in tailwinds.