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SolarWinds has been rallying hard, and one investor is guarding against a pullback.

optionMONSTER's Depth Charge monitoring program detected the purchase of 1,500 December 47.50 puts for an average premium of $1.84. A matching number of December 42.50 puts were sold for $0.84, resulting in a net cost of $1. Volume was more than 40 times open interest in both strikes, indicating that new positions were implemented.

The strategy will earn a maximum profit of 400 percent if the stock closes at or below $42.50 on expiration. It's known as a bearish put spread because it leverages a move between two specific price points. (See our Education section)

SWI rose 3.40 percent to $56.34 yesterday and has more than doubled in the last year. The maker of network-management software has repeatedly beaten estimates and raised guidance. Its next earnings-release date hasn't yet been announced, but last year's calendar suggests that it will occur in late October.

Overall option volume in the name was 18 times greater than average, according to the Depth Charge. Puts accounted for more than two-thirds of the total.

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