Whales with a lot of money to spend have taken a noticeably bullish 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 75% of the investors opened trades with bullish expectations and 25% with bearish.
From the overall spotted trades, 4 are puts, for a total amount of $160,710 and 4, calls, for a total amount of $253,260.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $50.0 to $75.0 for Fortinet during the past quarter.
Analyzing Volume & Open Interest
Looking at the volume and open interest is a powerful move while trading options. 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 trades within a strike price range from $50.0 to $75.0 in the last 30 days.
Fortinet Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
---|---|---|---|---|---|---|---|---|---|---|---|
FTNT | CALL | SWEEP | BULLISH | 09/20/24 | $24.25 | $24.1 | $24.25 | $50.00 | $121.2K | 131 | 50 |
FTNT | CALL | SWEEP | BULLISH | 10/18/24 | $2.99 | $2.96 | $2.98 | $75.00 | $59.8K | 3.8K | 866 |
FTNT | PUT | SWEEP | BULLISH | 08/23/24 | $0.95 | $0.9 | $0.92 | $73.50 | $46.0K | 69 | 501 |
FTNT | CALL | SWEEP | BULLISH | 08/16/24 | $9.1 | $8.95 | $9.04 | $65.00 | $45.1K | 2.3K | 100 |
FTNT | PUT | SWEEP | BULLISH | 12/20/24 | $5.7 | $5.65 | $5.65 | $75.00 | $42.9K | 132 | 79 |
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 2,202,502, the FTNT's price is up by 1.47%, now at $74.48.
- RSI readings suggest the stock is currently may be overbought.
- Anticipated earnings release is in 76 days.
Professional Analyst Ratings for Fortinet
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $74.0.
- Consistent in their evaluation, an analyst from Susquehanna keeps a Neutral rating on Fortinet with a target price of $70.
- An analyst from Baird has decided to maintain their Outperform rating on Fortinet, which currently sits at a price target of $80.
- Showing optimism, an analyst from TD Cowen upgrades its rating to Buy with a revised price target of $75.
- Consistent in their evaluation, an analyst from Scotiabank keeps a Sector Outperform rating on Fortinet with a target price of $75.
- An analyst from JP Morgan has decided to maintain their Neutral rating on Fortinet, which currently sits at a price target of $70.
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.
Comments
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.