Fortinet Unusual Options Activity

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:

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.