Whales with a lot of money to spend have taken a noticeably bearish stance on Fortinet.
Looking at options history for Fortinet FTNT we detected 8 trades.
If we consider the specifics of each trade, it is accurate to state that 37% of the investors opened trades with bullish expectations and 62% with bearish.
From the overall spotted trades, 5 are puts, for a total amount of $668,627 and 3, calls, for a total amount of $189,505.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $55.0 to $75.0 for Fortinet over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Fortinet options trades today is 1532.83 with a total volume of 1,801.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Fortinet's big money trades within a strike price range of $55.0 to $75.0 over the last 30 days.
Fortinet 30-Day Option Volume & Interest Snapshot
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| FTNT | PUT | TRADE | BULLISH | 01/17/25 | $70.00 | $510.0K | 1.0K | 605 |
| FTNT | CALL | SWEEP | BULLISH | 01/17/25 | $55.00 | $119.4K | 1.4K | 60 |
| FTNT | PUT | SWEEP | BEARISH | 06/21/24 | $70.00 | $65.4K | 1.1K | 0 |
| FTNT | CALL | SWEEP | BULLISH | 01/17/25 | $75.00 | $44.2K | 3.4K | 56 |
| FTNT | PUT | SWEEP | BEARISH | 06/21/24 | $65.00 | $38.1K | 1.8K | 619 |
About Fortinet
Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. The firm derives a majority of its revenue through sales of its subscriptions and support-based business. The California-based firm has more than 700,000 customers across the world.
Having examined the options trading patterns of Fortinet, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Where Is Fortinet Standing Right Now?
- With a volume of 3,257,830, the price of FTNT is up 0.69% at $68.11.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 66 days.
What The Experts Say On Fortinet
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $77.2.
- Consistent in their evaluation, an analyst from Truist Securities keeps a Buy rating on Fortinet with a target price of $80.
- Consistent in their evaluation, an analyst from Wedbush keeps a Outperform rating on Fortinet with a target price of $86.
- An analyst from DZ Bank downgraded its action to Sell with a price target of $60.
- In a cautious move, an analyst from Cantor Fitzgerald downgraded its rating to Neutral, setting a price target of $75.
- Consistent in their evaluation, an analyst from Rosenblatt keeps a Buy rating on Fortinet with a target price of $85.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Fortinet with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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