Trader’s Take Profits in Citrix

Citrix Systems Inc. (NASDAQ: CTXS) is trading lower on the session by 1.33% to $43.86 after Cowen & Co. started to stock at “Underperform.” The stock has had an amazing run higher over the past nine months, though has broken down from its recent support level of $47.50. The stock looks like it is being sucked down toward the 200-day moving average around $41.00.

Options trading is favoring put selling today in Citrix Systems with the June $40 and $45 puts trading 2,000+ and 1,300+ times, respectively. The put/call ratio is currently running at 11.8x its norm.