Citrix Systems (CTXS) is unchanged at $32.03 and July 35 and August 40 calls are seeing interest amid unsubstantiated takeover chatter. 6,475 calls traded total, which represents 9.5X (953 percent) the expected. The increased demand for options premium has implied volatilty is up to 47, from about 43.5 the day before.

While the talk is unsubstantiated, it certainly isn’t new. Like VMWare (VMW), CTXS is one of the few independent “virtualization” software companies remaining and, for that reason, is probably on the radar of some larger companies like Microsoft (MSFT) and Oracle (ORCL). The name pops up from time to time as a takeover play (see archives for recent activity). In addition, calls have been active over the past few months, including heavy buying on May 21 (chart), which our scans picked up when the stock was around $28 (premium). In short, takeover speculation in CTXS is not new, but recent options flow indicates that some investors now expect some kind of an announcement in the not-too-distant future.