Cisco Systems Sees $1.51M in Unusual Call Activity as Stock Hovers Near Midpoint of 52-Week Range

By TrendSpider Editor

Cisco Systems (CSCO) is drawing attention in the options market today, with two unusual call contracts totaling $1,510,290 in premium flagged on Monday, September 28, 2026. The larger of the two is a deep-money December 2027 call at the $105 strike, carrying $1,470,000 in premium and representing a

Cisco Systems Sees $1.51M in Unusual Call Activity as Stock Hovers Near Midpoint of 52-Week Range

Cisco Systems (CSCO) is drawing attention in the options market today, with two unusual call contracts totaling $1,510,290 in premium flagged on Monday, September 28, 2026. The larger of the two is a deep-money December 2027 call at the $105 strike, carrying $1,470,000 in premium and representing a substantial directional bet to the upside. CSCO shares are currently trading at $107.06, up 0.34% on the session, and sit well within the stock's 52-week range of $66.81 to $130.37, leaving meaningful room in either direction.

Key Drivers of the CSCO Stock Move

• Main Catalyst: Two unusual call contracts were flagged today, totaling $1,510,290 in combined premium. The dominant trade is a 750-contract in-the-money call at the $105 strike expiring December 17, 2027, generating $1,470,000 in premium. A second, smaller contract targets the $155 strike expiring September 17, 2027, with 102 contracts and $40,290 in premium, sitting deep out of the money.
• Bull Case: The $105 December 2027 call is already in the money with CSCO trading at $107.06, and its open interest was exceeded by 51%, signaling fresh positioning. The $155 call, while far out of the money, saw volume run to 425% of open interest, indicating aggressive new conviction at a level that would require a significant rally from current prices.
• Bear Case: Both contracts are calls, meaning the activity reflects speculative optimism rather than a hedge, and a reversal toward the lower end of the 52-week range near $66.81 would put both positions sharply underwater. The $155 strike on the shorter-dated contract is more than 44% above the current price, making it a high-risk bet that demands sustained momentum to pay off.

The forward setup for CSCO looks constructive based on today's options flow, with smart money appearing to position for continued upside through late 2027. The in-the-money $105 call with a December 2027 expiration suggests a longer-duration thesis rather than a short-term trade, pointing to expectations of strength well into next year. The stock is currently trading closer to the upper half of its 52-week range, and the options activity today implies at least some participants see further upside ahead. With a 52-week high of $130.37 still about 21% above current levels, there is technical room for the thesis to develop before testing prior resistance.

CSCO Unusual Options Activity

• Contract 1: Call | Strike: $105 | Expiry: December 17, 2027 | Volume: 750 | Open Interest: 51% (volume as percent of OI) | Status: In the Money | Premium: $1,470,000
• Contract 2: Call | Strike: $155 | Expiry: September 17, 2027 | Volume: 102 | Open Interest: 425% (volume as percent of OI) | Status: Out of the Money | Premium: $40,290

Both contracts are calls, with a combined total of $1,510,290 in premium and a clear directional lean to the upside. The concentration of premium in the $105 ITM call is the dominant signal, while the outsized volume-to-open-interest ratio on the $155 strike suggests a fresh, speculative position being opened rather than existing exposure being managed.

CSCO Seasonality

Late September has historically marked the start of a seasonally favorable stretch for technology stocks as institutional investors reposition heading into Q4. Options flow of this nature, timed at the tail end of September, may reflect portfolio managers establishing longer-dated exposure ahead of what is traditionally a stronger quarter for the sector.

CSCO Relative Performance

CSCO is up 0.34% today, a modest gain that nonetheless reflects stability at the $107.06 level. The stock is trading well above its 52-week low of $66.81, indicating a meaningful recovery over the past year, though it remains about 17.9% below its 52-week high of $130.37. The options activity today suggests some participants believe the gap to that prior high is closeable over the next 12 to 15 months.