Fortinet Options Trading: A Deep Dive into Market Sentiment

Investors with a lot of money to spend have taken a bullish 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 8 uncommon options trades for Fortinet.

This isn't normal.

The overall sentiment of these big-money traders is split between 62% bullish and 25%, bearish.

Out of all of the special options we uncovered, 3 are puts, for a total amount of $79,740, and 5 are calls, for a total amount of $213,120.

Expected Price Movements

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $55.0 to $125.0 for Fortinet during the past quarter.

Volume & Open Interest Development

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 $55.0 to $125.0 in the last 30 days.

Fortinet Option Volume And Open Interest Over Last 30 Days

Significant Options Trades Detected:

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.

Following our analysis of the options activities associated with Fortinet, we pivot to a closer look at the company's own performance.

Where Is Fortinet Standing Right Now?

• With a volume of 1,352,414, the price of FTNT is up 0.81% at $108.89.
• RSI indicators hint that the underlying stock may be approaching overbought.
• Next earnings are expected to be released in 59 days.

Professional Analyst Ratings for Fortinet

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $121.4.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * An analyst from Piper Sandler has revised its rating downward to Overweight, adjusting the price target to $135. * An analyst from Baird has revised its rating downward to Neutral, adjusting the price target to $112. * An analyst from Stifel persists with their Hold rating on Fortinet, maintaining a target price of $115. * An analyst from Cantor Fitzgerald persists with their Neutral rating on Fortinet, maintaining a target price of $110. * Maintaining their stance, an analyst from Scotiabank continues to hold a Sector Outperform rating for Fortinet, targeting a price of $135.

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.