Salesforce Bears Place $1.74M Long-Dated Put Bet as CRM Slides Near 52-Week Lows
By TrendSpider Editor
A single $1.74 million put contract has hit the tape on Salesforce, Inc. (CRM), with a trader targeting the $180 strike expiring December 17, 2027, a notably long-dated bearish wager as the stock trades at $181.94. The contract printed with an open interest spike of 610% above normal levels, signali
Salesforce Bears Place $1.74M Long-Dated Put Bet as CRM Slides Near 52-Week Lows
A single $1.74 million put contract has hit the tape on Salesforce, Inc. (CRM), with a trader targeting the $180 strike expiring December 17, 2027, a notably long-dated bearish wager as the stock trades at $181.94. The contract printed with an open interest spike of 610% above normal levels, signaling fresh and deliberate positioning rather than a routine hedge. That activity arrives on a session already under pressure, with CRM declining 2.74% today and hovering just above its 52-week low of $163.52, far removed from its 52-week high of $296.05.
Key Drivers of the CRM Stock Move
- Main Catalyst: One unusual put contract was flagged today: a $180 strike put expiring December 17, 2027, with a block size of 500 contracts, open interest at 610% of normal levels, and a total premium of $1,745,000. The contract is currently out of the money, with CRM trading at $181.94.
- Bull Case: The $180 strike put is only slightly below the current price, meaning the stock does not need to fall dramatically for CRM bulls to argue this is simply a portfolio hedge. The 52-week low sits at $163.52, and if CRM can hold above that floor and recover toward the mid-range of its 52-week band, this bearish bet expires worthless.
- Bear Case: A $1.74 million premium committed to a two-year-plus put with a 610% open interest surge is not casual activity. The trader is willing to pay a significant premium to be protected against extended downside in CRM through the end of 2027, and the stock is already down 2.74% today with a current price of $181.94 sitting dangerously close to that $180 strike.
The forward setup for CRM is complicated by the stock's position in its 52-week range. Trading at $181.94 against a high of $296.05 means the stock has shed substantial ground over the past year, and bearish options flow of this size and duration suggests at least one large participant is not expecting a swift recovery. The decision to go out to December 2027 rather than a near-term expiry implies the trader is either hedging a long equity position through multiple earnings cycles or expressing a conviction view that Salesforce faces a prolonged period of pressure. With the stock already in the lower third of its annual range and today's session adding another 2.74% loss, the technical backdrop offers little immediate comfort for longs.
CRM Unusual Options Activity
One unusual options contract was flagged in today's session:
- Type: Put | Strike: $180 | Expiry: December 17, 2027 | Volume/Size: 500 contracts | Open Interest: 610% above normal levels
The single contract accounts for the entirety of today's unusual flow, with a total premium of $1,745,000 and zero call-side unusual activity flagged. The out-of-the-money positioning and extreme open interest reading suggest this is a freshly initiated directional or hedging trade rather than a roll of an existing position.
CRM Seasonality
May has historically represented a transitional period for enterprise software stocks as investors reassess forward guidance following spring earnings reports. Long-dated put activity initiated in early May, as seen here, may be designed to carry through Salesforce's next several quarterly reporting cycles with protection in place.
CRM Relative Performance
With CRM down 2.74% on the session and trading at $181.94, the stock is significantly underperforming relative to where it stood at its 52-week high of $296.05, representing a drawdown of roughly two-thirds of the distance between its annual low and high. The stock's proximity to the lower bound of its 52-week range of $163.52 to $296.05 places it in technically vulnerable territory, and today's session decline only reinforces the cautious tone reflected in the options market.