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 17 uncommon options trades for Fortinet.
This isn't normal.
The overall sentiment of these big-money traders is split between 41% bullish and 58%, bearish.
Out of all of the special options we uncovered, 9 are puts, for a total amount of $422,479, and 8 are calls, for a total amount of $660,615.
Projected Price Targets
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $70.0 to $110.0 for Fortinet over the last 3 months.
Volume & Open Interest Development
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Fortinet's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Fortinet's significant trades, within a strike price range of $70.0 to $110.0, over the past month.
Fortinet 30-Day Option Volume & Interest Snapshot
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 | BEARISH | 12/20/24 | $14.55 | $14.5 | $14.5 | $85.00 | $183.0K | 2.3K | 1.2K |
| FTNT | PUT | SWEEP | BEARISH | 03/21/25 | $5.8 | $5.7 | $5.75 | $95.00 | $126.2K | 73 | 1.6K |
| FTNT | CALL | SWEEP | BEARISH | 12/20/24 | $14.55 | $14.5 | $14.5 | $85.00 | $120.6K | 2.3K | 1.2K |
| FTNT | CALL | TRADE | BULLISH | 12/20/24 | $14.35 | $14.1 | $14.35 | $85.00 | $103.3K | 2.3K | 1.2K |
| FTNT | CALL | TRADE | BULLISH | 12/20/24 | $18.65 | $18.3 | $18.65 | $80.00 | $85.7K | 2.0K | 62 |
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.
Where Is Fortinet Standing Right Now?
- Currently trading with a volume of 3,963,470, the FTNT's price is up by 1.2%, now at $98.35.
- RSI readings suggest the stock is currently may be overbought.
- Anticipated earnings release is in 84 days.
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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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