Deep-pocketed investors have adopted a bullish approach towards Fortinet 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 16 extraordinary options activities for Fortinet. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 50% leaning bullish and 50% bearish. Among these notable options, 7 are puts, totaling $814,456, and 9 are calls, amounting to $534,197.
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 $52.0 to $75.0 for Fortinet over the last 3 months.
Volume & Open Interest Development
In today's trading context, the average open interest for options of Fortinet stands at 1639.78, with a total volume reaching 4,073.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Fortinet, situated within the strike price corridor from $52.0 to $75.0, throughout the last 30 days.
Fortinet Option Activity Analysis: Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| FTNT | PUT | SWEEP | BULLISH | 01/17/25 | $75.00 | $374.1K | 1.4K | 783 |
| FTNT | PUT | SWEEP | NEUTRAL | 01/17/25 | $75.00 | $122.3K | 1.4K | 142 |
| FTNT | CALL | SWEEP | BULLISH | 12/29/23 | $52.00 | $108.0K | 250 | 201 |
| FTNT | CALL | TRADE | NEUTRAL | 02/16/24 | $65.00 | $101.1K | 678 | 3 |
| FTNT | PUT | SWEEP | BULLISH | 01/17/25 | $75.00 | $96.0K | 1.4K | 475 |
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.
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.
Present Market Standing of Fortinet
- With a trading volume of 4,164,195, the price of FTNT is up by 0.76%, reaching $55.77.
- Current RSI values indicate that the stock is may be overbought.
- Next earnings report is scheduled for 54 days from now.
Professional Analyst Ratings for Fortinet
2 market experts have recently issued ratings for this stock, with a consensus target price of $53.0.
- An analyst from JP Morgan persists with their Neutral rating on Fortinet, maintaining a target price of $56.
- An analyst from Cantor Fitzgerald has revised its rating downward to Neutral, adjusting the price target to $50.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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