CRM Stock: Unusual Put Activity Signals Bearish Bets Against Salesforce as Shares Hover Near 52-Week Lows
By TrendSpider Editor
Salesforce, Inc. (CRM) is drawing attention from options traders today, with two unusual put contracts totaling $3.13 million in combined premium flagged on the session. Shares are trading at $185.67, down 0.79% on the day, placing the stock uncomfortably close to its 52-week low of $174.57 and well
CRM Stock: Unusual Put Activity Signals Bearish Bets Against Salesforce as Shares Hover Near 52-Week Lows
Salesforce, Inc. (CRM) is drawing attention from options traders today, with two unusual put contracts totaling $3.13 million in combined premium flagged on the session. Shares are trading at $185.67, down 0.79% on the day, placing the stock uncomfortably close to its 52-week low of $174.57 and well off its 52-week high of $296.05. The concentration of bearish options flow adds a layer of concern for bulls already contending with a stock that has shed significant ground over the past year.
Key Drivers of the CRM Stock Move
- Main Catalyst: Two unusual put contracts were flagged today, carrying a combined premium of $3,129,559. The first targets a $180 strike expiring April 17, 2026, with 775 contracts and an open interest utilization of 17%. The second and more notable contract is a deep, long-dated put at the $165 strike expiring June 17, 2027, with 1,352 contracts and a striking open interest utilization of 612%, suggesting this position is dramatically outsized relative to existing open interest.
- Bull Case: Both contracts are currently out of the money, with CRM trading at $185.67. The $180 put requires a further decline below $180 to become intrinsically valuable, and the $165 put requires an even steeper drop, meaning the stock has a buffer before either position becomes a pressing technical concern for equity holders.
- Bear Case: The $165 strike put expiring in June 2027 carried $2,862,184 in premium alone, representing the overwhelming majority of total unusual options spend today. An OI utilization of 612% signals a highly concentrated, deliberate position rather than routine hedging activity. With CRM already trading just 6.3% above its 52-week low of $174.57 and roughly 37% below its 52-week high of $296.05, this long-dated bearish bet suggests at least one major player anticipates continued downside pressure over the next 14 months.
The forward setup for CRM is challenging from a technical standpoint, with the stock pinned near the lower end of its annual range and options flow skewing defensively. The presence of a large, long-dated put position expiring in mid-2027 indicates that some market participants are positioning not just for near-term volatility but for a sustained period of weakness. Investors will want to watch whether the $174.57 52-week low holds as a support level, as a breach of that floor could accelerate selling pressure and validate the bearish thesis embedded in today's options flow.
CRM Unusual Options Activity
Two unusual put contracts were flagged today, with no call activity reported. The details are as follows:
- Contract 1: Put | Strike: $180 | Expiry: April 17, 2026 | Volume: 775 | Open Interest Utilization: 17% | Status: Out of the Money | Premium: $267,375
- Contract 2: Put | Strike: $165 | Expiry: June 17, 2027 | Volume: 1,352 | Open Interest Utilization: 612% | Status: Out of the Money | Premium: $2,862,184
The total premium across both contracts was $3,129,559, with the long-dated June 2027 put accounting for approximately 91.5% of that spend. The 612% OI utilization on the June 2027 contract is the standout figure, indicating that the volume on that contract dramatically exceeded existing open interest, a hallmark of fresh, directional positioning rather than a hedge against an existing equity stake.
CRM Seasonality
April has historically been a transitional month for large-cap technology names, with sentiment often driven by macro data and upcoming earnings guidance cycles. With CRM's fiscal first quarter results expected in the coming months, options traders positioning this early with long-dated contracts may be looking to bracket a wide range of fundamental outcomes well ahead of any scheduled catalysts.
CRM Relative Performance
CRM's current price of $185.67 represents a decline of roughly 37.3% from its 52-week high of $296.05, underperforming the broader large-cap technology landscape during what has been a volatile stretch for the sector. Trading just 6.3% above its 52-week low of $174.57, Salesforce is exhibiting relative weakness compared to peers that have managed to recover more meaningfully from their recent lows, reinforcing the defensive options positioning seen in today's session.