Cisco Systems Sees Mixed Options Activity as $1.24M Call Bet Targets $130 by March 2027

By TrendSpider Editor

Cisco Systems (CSCO) is drawing attention in the options market Thursday, with two unusual contracts totaling $1,328,332.80 in combined premium hitting the tape as the stock trades at $104.94, down 2.16% on the session. The dominant flow is a bullish call position targeting a breakout toward $130 by

Cisco Systems Sees Mixed Options Activity as $1.24M Call Bet Targets $130 by March 2027

Cisco Systems (CSCO) is drawing attention in the options market Thursday, with two unusual contracts totaling $1,328,332.80 in combined premium hitting the tape as the stock trades at $104.94, down 2.16% on the session. The dominant flow is a bullish call position targeting a breakout toward $130 by March 2027, a level that would approach the stock's 52-week high of $130.37. With CSCO sitting well above its 52-week low of $69.85, the options activity arrives at an interesting technical juncture as the stock pulls back on the day.

Key Drivers of the CSCO Stock Move

• Main Catalyst: Two unusual options contracts have printed for CSCO today, a 4,000-lot call at the $130 strike expiring March 19, 2027, and a 1,008-lot put at the $101 strike expiring October 30, 2026, together generating $1,328,332.80 in total premium activity.
• Bull Case: The $130 call block is the clear heavyweight, contributing $1,236,000 of the total premium. At 4,000 contracts with an open interest ratio of 53%, this represents meaningful new positioning from a trader betting CSCO can reclaim its 52-week high of $130.37 within roughly five months.
• Bear Case: The near-term $101 put, expiring in just eight days on October 30, 2026, carries an open interest ratio of 877%, signaling a sharp surge in bearish hedging relative to existing positioning at that strike. A drop to $101 from the current $104.94 would represent a further decline of roughly four points in a very short window.

The forward setup for CSCO presents a split picture. The long-dated $130 call suggests at least one large participant expects a sustained recovery or continued momentum over the next five months, while the near-term $101 put with its explosive open interest ratio points to hedging activity or short-term downside protection heading into what may be a catalyst event before the end of October. Traders should monitor whether today's session-level decline of 2.16% accelerates or stabilizes as a potential trigger for the near-term put position to come into play.

CSCO Unusual Options Activity

• Contract 1: PUT, $101 strike, expiring October 30, 2026 | Volume: 1,008 | Open Interest: 877% above normal | Out of the money | Premium: $92,332.80
• Contract 2: CALL, $130 strike, expiring March 19, 2027 | Volume: 4,000 | Open Interest: 53% of existing OI | Out of the money | Premium: $1,236,000

CSCO Seasonality

Late October historically brings elevated volatility for large-cap tech names as earnings season peaks, and the unusually high open interest ratio on the October 30 put suggests traders may be positioning around a near-term company-specific event within that window. The longer March 2027 call position aligns with a timeframe that would encompass at least two additional earnings cycles for Cisco.

CSCO Relative Performance

CSCO is down 2.16% Thursday, underperforming on a session where the broader technology sector faces its own headwinds. The stock's current price of $104.94 leaves it positioned in the upper half of its 52-week range between $69.85 and $130.37, though the day's pullback reduces some of the cushion built up from the annual low. The divergence between today's price weakness and the large bullish options bet expiring in March 2027 will be worth watching as traders assess whether insider conviction in the longer-term thesis holds.