Smart Money Is Betting Big In FTNT Options

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 11 uncommon options trades for Fortinet.

This isn't normal.

The overall sentiment of these big-money traders is split between 18% bullish and 54%, bearish.

Out of all of the special options we uncovered, 9 are puts, for a total amount of $663,001, and 2 are calls, for a total amount of $72,354.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $80.0 to $100.0 for Fortinet over the last 3 months.

Insights into Volume & Open Interest

In today's trading context, the average open interest for options of Fortinet stands at 585.75, with a total volume reaching 16,657.00. 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 $80.0 to $100.0, throughout 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.

Present Market Standing of Fortinet

• With a volume of 2,383,472, the price of FTNT is up 0.23% at $106.72.
• RSI indicators hint that the underlying stock may be approaching overbought.
• Next earnings are expected to be released in 57 days.

Professional Analyst Ratings for Fortinet

In the last month, 5 experts released ratings on this stock with an average target price of $116.0.

Turn $1000 into $1270 in just 20 days?

20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * An analyst from Susquehanna persists with their Neutral rating on Fortinet, maintaining a target price of $110. * Maintaining their stance, an analyst from Wells Fargo continues to hold a Equal-Weight rating for Fortinet, targeting a price of $105. * An analyst from Cantor Fitzgerald has decided to maintain their Neutral rating on Fortinet, which currently sits at a price target of $115. * Maintaining their stance, an analyst from Stifel continues to hold a Hold rating for Fortinet, targeting a price of $115. * An analyst from Piper Sandler has revised its rating downward to Overweight, adjusting the price target to $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.