Fortinet's Options Frenzy: What You Need to Know

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 8 uncommon options trades for Fortinet.

This isn't normal.

The overall sentiment of these big-money traders is split between 12% bullish and 75%, bearish.

Out of all of the special options we uncovered, 2 are puts, for a total amount of $69,400, and 6 are calls, for a total amount of $265,100.

Expected Price Movements

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 $100.0 for Fortinet over the last 3 months.

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 $70.0 to $100.0 in the last 30 days.

Fortinet Call and Put Volume: 30-Day Overview

Noteworthy Options Activity:

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

• Trading volume stands at 2,305,677, with FTNT's price down by -1.06%, positioned at $97.13.
• RSI indicators show the stock to be may be approaching oversold.
• Earnings announcement expected in 42 days.

Expert Opinions on Fortinet

In the last month, 1 experts released ratings on this stock with an average target price of $123.0.

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. * Consistent in their evaluation, an analyst from Morgan Stanley keeps a Overweight rating on Fortinet with a target price of $123.

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.