NICE (NICE) is a beaten-up software name based in Israel seeing unusual options positioning in August expiration though also has 1200 May $220 short puts in open interest. The action in August has been selling puts at the $190 and $185 strikes to buy upside call spreads with $210, $220 and $230 calls recently bought. NICE shares are -28% YTD and last week put in a reversal hammer at the rising 144-week moving average and lower edge of value support while also being right near a 50% retracement of the post-pandemic move. NICE is a global enterprise software leader, providing cloud platforms for AI-driven business solutions that serve two main markets: Customer Engagement and Financial Crime and Compliance. Its suite of integrated portfolio of solutions provide customer experience, financial crime and public safety organizations with industry-leading agility and unmatched innovation that are essential for organizations’ success. NICE has a market cap of $13B and now trades 26.55X Earnings, 29.7X FCF and 6X EV/Sales which is cheap with cloud revenues growing 27-30% annually and now accounting for 53% of total revenues as its cloud transition continues with 70%+ margins. NICE is investing in international where it is starting to see strong traction. Analysts have an average target of $335 with short interest low at 2.6% of the float. Citi with a $306 target in February noting NICE has a favorable pipeline with cloud momentum and strong win rates.