CRM options: $19M premium turnover into 2026-08-14; largest line CRM260918P00180000 $1MCRM 期权异动：期权成交额约 $19M，到期 2026-08-14，最大合约 CRM260918P00180000 约 $1M
Options Flow Snapshot
On 2026-08-10, Salesforce (CRM) posted concentrated options activity with elevated downside volatility skew: total option volume hit 32,531 contracts, aggregate premium turnover of $19 million, nearest expiration 2026-08-14, ATM straddle implied move of 4.4%. The most active single contract was CRM260918P00180000, a $180 strike put expiring 2026-09-18 with 1,758 contracts traded and $1 million in premium turnover. Average call IV was 33.1%, average put IV 44.4%, creating an 11.3 percentage point put/call skew, with call volume (19,482) outpacing put volume (13,049) for a 1.49 call/put ratio.
Signal Read-Through
This signal combines downside volatility skew and concentrated out-of-the-money put activity. While overall call volume exceeded put volume, the elevated put IV relative to call IV indicates market participants are pricing in heightened near-term downside risk for CRM. The largest single contract is a put struck below the current underlying price of $192.72, reflecting targeted positioning around a potential near-term price decline.
Fundamental and Event Cross-Check
Public filings and market context align with this activity: CRM is scheduled to report quarterly earnings on 2026-08-26, with consensus estimates of $3.28 EPS and $11.33B in revenue. The stock has fallen over 30% in 2026 per recent public commentary. The company filed an 8-K with the SEC on 2026-08-05, and insiders including Harris Parker and Tallapragada Srinivas completed in-kind stock transfers in June and July 2026. As of 2025-12-31, 3,027 institutional holders hold 85% of CRM’s float, with aggregate holdings valued at $215B.
Follow-Up Markers
Key monitoring points include changes in open interest for the $180 strike 9/18/2026 put option, realized price movement relative to the 4.4% implied move ahead of the 8/14/2026 expiration, and the 2026-08-26 quarterly earnings report. This signal does not confirm that CRM’s stock price will decline, nor does it establish a direct causal link between insider trading, institutional positioning, and the observed options activity.
中文部分
2026年8月10日，Salesforce（CRM）场内期权出现显著结构特征：总成交量32531张合约，权利金总成交额约1900万美元，最近到期日为2026年8月14日，平价跨式期权隐含波动幅度为4.4%，认沽期权平均隐含波动率较认购期权高出11.3个百分点。其中最活跃合约为代码CRM260918P00180000的180美元行权价认沽期权，2026年9月18日到期，成交量1758张，权利金成交额100万美元。认购期权总成交量19482张，认沽期权13049张，认购/认沽比约1.49。
期权成交结构
本次期权活动核心数据包括：总成交量32,531张合约，权利金成交额1900万美元；认购期权成交量19,482张、认沽期权13,049张，认购/认沽比1.49；最活跃合约为2026年9月18日到期的180美元认沽期权，成交量1758张，权利金100万美元；平价期权隐含波动4.4%，认购期权平均隐含波动率33.1%，认沽期权44.4%，波动率偏差11.3个百分点。
信号含义
该信号属于下行波动率偏差与集中认沽期权成交的组合信号：尽管认购期权总成交量更高，但认沽期权隐含波动率显著高于认购期权，且最活跃合约为虚值认沽期权，表明期权市场参与者正在为标的价格下行风险定价，同时存在对180美元行权价的集中成交需求。
基本面与事件交叉验证
结合公开信息验证：Salesforce将于2026年8月26日发布季度财报，当前股价较2026年初下跌超30%。2026年8月5日公司提交SEC 8-K文件，高管如Slack联合创始人Harris Parker、首席工程与客户成功官Tallapragada Srinivas在6-7月完成实物股票转让的内幕交易。截至2025年12月31日，3027家机构持有其85%流通股，总持仓市值2150亿美元。
后续关注
后续需关注该180美元认沽期权的未平仓合约变化、8月14日到期前标的股价的实际波动，以及8月26日的季度财报。本信号无法证明标的价格一定会下行，也无法确认内幕交易或机构持仓变化与本次期权成交直接相关。
This analysis was generated by InvestLog AI based on SEC filings, Form 4 insider transactions, Form 144 planned-sale notices, 13F institutional holdings, analyst ratings, and market data. It is for informational purposes only and does not constitute investment advice.这篇研究由 InvestLog AI 基于 SEC 披露、Form 4 内部人交易、Form 144 计划减持、13F 机构持仓、分析师评级和市场数据生成。内容仅供参考，不构成投资建议。