I disagree a bit here with Joel. I would not recommend buying either puts or calls here - long options are generally a losing proposition because of time decay. But because IV is so low right now, buying some puts as a hedge for your portfolio might make sense.

If the stock you hold pays a decent dividend, it might make more sense to sell calls against the stock instead of sell the shares. You would continue to earn dividends and also collect call premium. But if the stock does not pay a dividend and you believe the stock might drop in price, selling some of the shares to lock in profits might be a better choice.

I would not under any circumstances buy calls here. You already believe the stock is overpriced, so a further run-up from here is unlikely. To make money on calls, you generally need a pretty decent and relatively quick price gain.

Paul