High-rolling investors have positioned themselves bearish on Fortinet FTNT, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in FTNT often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 13 options trades for Fortinet. This is not a typical pattern.
The sentiment among these major traders is split, with 46% bullish and 53% bearish. Among all the options we identified, there was one put, amounting to $176,000, and 12 calls, totaling $726,256.
Projected Price Targets
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $55.0 to $70.0 for Fortinet over the recent three 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 $55.0 to $70.0 in the last 30 days.
Fortinet Option Activity Analysis: Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| FTNT | PUT | TRADE | BULLISH | 06/21/24 | $60.00 | $176.0K | 699 | 401 |
| FTNT | CALL | SWEEP | BULLISH | 06/21/24 | $65.00 | $107.9K | 2.4K | 230 |
| FTNT | CALL | SWEEP | BEARISH | 01/19/24 | $60.00 | $82.2K | 3.3K | 335 |
| FTNT | CALL | SWEEP | BEARISH | 06/21/24 | $60.00 | $80.5K | 2.7K | 148 |
| FTNT | CALL | TRADE | BULLISH | 01/19/24 | $60.00 | $78.4K | 3.3K | 634 |
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.
Current Position of Fortinet
- Currently trading with a volume of 3,437,884, the FTNT's price is up by 0.48%, now at $62.55.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 25 days.
Expert Opinions on Fortinet
In the last month, 2 experts released ratings on this stock with an average target price of $63.5.
- An analyst from UBS has decided to maintain their Neutral rating on Fortinet, which currently sits at a price target of $65.
- Reflecting concerns, an analyst from Citigroup lowers its rating to Neutral with a new price target of $62.
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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