Investors with a lot of money to spend have taken a bearish stance on Fortinet FTNT.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with FTNT, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 11 uncommon options trades for Fortinet.
This isn't normal.
The overall sentiment of these big-money traders is split between 36% bullish and 63%, bearish.
Out of all of the special options we uncovered, 4 are puts, for a total amount of $152,529, and 7 are calls, for a total amount of $387,366.
Expected Price Movements
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $60.0 to $80.0 for Fortinet over the last 3 months.
Insights into Volume & Open Interest
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Fortinet's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Fortinet's whale activity within a strike price range from $60.0 to $80.0 in the last 30 days.
Fortinet Call and Put Volume: 30-Day Overview
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FTNT | CALL | SWEEP | BULLISH | 07/19/24 | $9.35 | $9.25 | $9.35 | $65.00 | $78.5K | 551 | 85 |
| FTNT | CALL | SWEEP | BULLISH | 07/19/24 | $12.4 | $12.3 | $12.4 | $60.00 | $75.6K | 494 | 62 |
| FTNT | CALL | SWEEP | BULLISH | 07/19/24 | $9.55 | $9.4 | $9.55 | $65.00 | $67.7K | 551 | 175 |
| FTNT | CALL | TRADE | BEARISH | 09/20/24 | $6.0 | $5.9 | $5.9 | $75.00 | $54.8K | 1.4K | 95 |
| FTNT | PUT | SWEEP | BEARISH | 04/12/24 | $1.54 | $1.53 | $1.54 | $70.00 | $54.8K | 1.9K | 357 |
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.
Following our analysis of the options activities associated with Fortinet, we pivot to a closer look at the company's own performance.
Fortinet's Current Market Status
- Currently trading with a volume of 3,205,752, the FTNT's price is up by 0.75%, now at $69.75.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 27 days.
Professional Analyst Ratings for Fortinet
A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $80.0.
- Consistent in their evaluation, an analyst from Susquehanna keeps a Neutral rating on Fortinet with a target price of $80.
- An analyst from Piper Sandler has decided to maintain their Neutral rating on Fortinet, which currently sits at a price target of $75.
- An analyst from Rosenblatt persists with their Buy rating on Fortinet, maintaining a target price of $85.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Fortinet options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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