Investment Review №334. Customer return
LONG CALL ON NEM
Investment Rationale
Palo Alto Networks is one of the leaders in enterprise cybersecurity, actively transforming its product line toward cloud observability, SASE and identity security. In recent weeks the company announced the acquisition of Chronosphere and is continuing work on the large CyberArk transaction, while raising guidance for FY2026.
Investment Idea
Buy a call option on PANW — a tactical bet on continued positive operating momentum (re-acceleration of revenue and ARR in the Next-Gen Security segment), successful integration of the recently announced acquisitions, and a technical rebound from oversold levels. The idea combines fundamental catalysts with a technical trigger (RSI / channel).
| Strategy | Long Call |
| Ticker of the Underlying | PANW |
| Recommendation | Покупать |
| Strike and Option Type | CALL $190 |
| Expiration Date | 20.02.2026 |
| Current Price (Mid) | 12,925 |
| Strategy Cost | $1 292,50 |
| Greek Parameters |
Дельта – 0,555 Гамма – 0,013 Вега — 0,359 Тета – -0,082 |
| Implied Volatility | 33,35% |
| Realized |
1М – 32,98% 3М – 27,25% 6М – 30,5% 12М – 35,64% |
P/L of the option strategy
Trade Parameters
| Strategy | Long Call on PANW |
| Strike | Long CALL 190 |
| Buying | +PANW*G2K190 |
| Exp Date | 29.02.2026 |
| Margin Requirement | $1293 |
| Entry Price | $2130 |
| Max Prifit | $Inf |
| Max Loss | $(1322) |
| Expected return | 65% |
| Breakeven Point | $202,93 |
Position Management
If on the expiration date of February 20, 2026, the underlying asset’s price is above $190 but below $202,93, the investor will incur a variable loss. If the underlying asset’s price falls below $190, the investor will face the maximum loss of $1293. If the underlying asset’s price rises above the breakeven point of $202,93, the potential profit is unlimited. However, we recommend closing the position once the call option reaches a value of $2130.