Cisco Systems Sees Unusual Bullish Options Activity as Stock Climbs 2% Near 52-Week High

By TrendSpider Editor

Cisco Systems (CSCO) is drawing attention in the options market today, with a dominant $2.67 million call sweep at the $115 strike driving a total of $3,019,609 in unusual options premium across four contracts. Shares are trading at $122.87, up 2.03% on the session, and are pressing toward the upper

Cisco Systems Sees Unusual Bullish Options Activity as Stock Climbs 2% Near 52-Week High

Cisco Systems (CSCO) is drawing attention in the options market today, with a dominant $2.67 million call sweep at the $115 strike driving a total of $3,019,609 in unusual options premium across four contracts. Shares are trading at $122.87, up 2.03% on the session, and are pressing toward the upper end of the 52-week range of $65.75 to $130.37. With three of the four unusual contracts being calls, the options tape is painting a notably bullish picture heading into the back half of 2026.

Key Drivers of the CSCO Stock Move

• Main Catalyst: Four unusual options contracts were flagged today totaling $3,019,609 in premium. The standout trade is a 1,500-contract in-the-money call at the $115 strike expiring January 15, 2027, carrying $2,670,000 in premium and an open interest reading just 19% above baseline, suggesting this is a largely fresh position. A second call at the $124 strike expiring August 28, 2026 added 241 contracts at $132,309 in premium with an OI ratio of 227%.
• Bull Case: The $2.67 million ITM call at $115 is the single largest premium print of the session and represents a high-conviction bet that CSCO holds above that level through January 2027. The $124 call expiring August 28 is only slightly out of the money relative to the current price of $122.87, making it a near-term directional play with a tight time horizon. Combined, the three call contracts account for the overwhelming share of total premium spent today.
• Bear Case: One put contract was also flagged: a $90 strike put expiring December 17, 2027, representing 100 contracts at $62,300 in premium with an OI ratio of 370%, meaning this position is far larger relative to existing open interest than almost any other contract at that strike. While the dollar value is modest, the 370% OI reading indicates unusual conviction in a deep downside hedge, and the $90 target would represent a steep pullback from current levels.

The forward setup for Cisco looks constructive based on the options activity alone, with bulls clearly in control of today's unusual flow. The $115 January 2027 call being deep in the money at the current price of $122.87 suggests the buyer is prioritizing participation over leverage, a sign of institutional-style positioning rather than speculative lottery-ticket buying. The $135 strike call expiring September 18, 2026 adds another layer to the bullish thesis, targeting a move above the current 52-week high of $130.37 within roughly five weeks. That said, CSCO trading this close to its 52-week high of $130.37 means there is limited technical headroom before the stock enters uncharted territory, and any macro or sector-level pressure could test the durability of today's momentum.

CSCO Unusual Options Activity

• Contract 1: PUT | Strike: $90 | Expiry: December 17, 2027 | Volume: 100 | OI Ratio: 370% | Out of the money | Premium: $62,300
• Contract 2: CALL | Strike: $124 | Expiry: August 28, 2026 | Volume: 241 | OI Ratio: 227% | Out of the money | Premium: $132,309
• Contract 3: CALL | Strike: $115 | Expiry: January 15, 2027 | Volume: 1,500 | OI Ratio: 19% | In the money | Premium: $2,670,000
• Contract 4: CALL | Strike: $135 | Expiry: September 18, 2026 | Volume: 500 | OI Ratio: 3% | Out of the money | Premium: $155,000

CSCO Seasonality

August and September have historically represented a transitional period for large-cap technology names, with institutional investors repositioning ahead of fall earnings cycles. Cisco typically reports its fiscal first-quarter results in November, meaning the January 2027 call positions traders ahead of what could be a meaningful catalyst window.

CSCO Relative Performance

With CSCO up 2.03% on the session and trading at $122.87, the stock is outperforming on a relative basis today and is within roughly 6% of its 52-week high of $130.37. The distance from the 52-week low of $65.75 underscores how significant the year-long recovery has been, and the clustering of bullish options strikes between $115 and $135 suggests the options market is pricing in a continued grind higher rather than a mean-reversion pullback.