Dynatrace put volume heavy and directionally bearish

Bearish flow noted in Dynatrace with 4,090 puts trading, or 7x expected. Most active are Jul-23 50 puts and Aug-23 55 calls, with total volume in those strikes near 4,000 contracts. The Put/Call Ratio is 10.79, while ATM IV is up nearly 2 points on the day. Earnings are expected on August 2nd.