Large-scale investors have taken a bearish stance on Fortinet (FTNT), sending a clear warning to everyday traders.
This striking activity emerged from Benzinga’s in-depth scrutiny of publicly accessible options data. The identities of these investors remain shrouded in mystery, yet a significant move of this nature in FTNT typically signals access to privileged information.
Today, Benzinga’s options scanner unearthed 13 options trades for Fortinet, an atypical pattern indeed.
The sentiment among these major traders is divided, with 46% bullish and 53% bearish. Among these options, there was one put trade amounting to $176,000, alongside 12 calls totaling $726,256.
Projected Price Targets
Based on the trading activity, significant investors are aiming for a price range of $55.0 to $70.0 for Fortinet over the last three months.
Volume & Open Interest Development
Examining volume and open interest is crucial when trading options. This data can aid in tracking liquidity and interest in Fortinet’s options for a given strike price. Below, we observe the evolution of volume and open interest of calls and puts for all Fortinet’s significant trades within a strike price range from $55.0 to $70.0 in the last 30 days.
Fortinet Option Activity Analysis: Last 30 Days
| 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 company derives a majority of its revenue from subscription and support-based business. The California-based company has more than 700,000 customers globally.
Current Position of Fortinet
- Currently trading with a volume of 3,437,884, FTNT’s price is up by 0.48%, now at $62.55.
- RSI readings suggest the stock may be approaching overbought territory.
- 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.