Deep-pocketed investors have adopted a bullish approach towards Fortinet (NASDAQ:FTNT), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in FTNT usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 22 extraordinary options activities for Fortinet. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 72% leaning bullish and 22% bearish. Among these notable options, 5 are puts, totaling $291,612, and 17 are calls, amounting to $6,744,189.

Predicted Price Range

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $67.5 to $115.0 for Fortinet over the last 3 months.

Insights into Volume & Open Interest

In terms of liquidity and interest, the mean open interest for Fortinet options trades today is 1575.43 with a total volume of 8,406.00.

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 $67.5 to $115.0 over the last 30 days.

Fortinet 30-Day Option Volume & Interest Snapshot

Largest Options Trades Observed:

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 800,000 customers across the world.

In light of the recent options history for Fortinet, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Current Position of Fortinet

• Currently trading with a volume of 3,369,347, the FTNT's price is down by -0.56%, now at $109.4.
• RSI readings suggest the stock is currently may be approaching overbought.
• Anticipated earnings release is in 66 days.

What The Experts Say On Fortinet

In the last month, 5 experts released ratings on this stock with an average target price of $122.4.

Unusual Options Activity Detected: Smart Money on the Move

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for Fortinet, Benzinga Pro gives you real-time options trades alerts.