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 68% leaning bullish and 31% bearish. Among these notable options, 7 are puts, totaling $290,508, and 9 are calls, amounting to $514,690.
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 $55.0 to $80.0 for Fortinet over the last 3 months.
Analyzing Volume & Open Interest
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Fortinet's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Fortinet's substantial trades, within a strike price spectrum from $55.0 to $80.0 over the preceding 30 days.
Fortinet Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FTNT | CALL | SWEEP | BULLISH | 05/03/24 | $1.85 | $1.82 | $1.82 | $68.00 | $123.3K | 255 | 793 |
| FTNT | PUT | TRADE | BULLISH | 06/21/24 | $0.98 | $0.94 | $0.94 | $55.00 | $65.8K | 1.2K | 700 |
| FTNT | CALL | SWEEP | BULLISH | 05/03/24 | $1.8 | $1.79 | $1.78 | $68.00 | $64.9K | 255 | 305 |
| FTNT | CALL | SWEEP | BULLISH | 05/03/24 | $1.82 | $1.66 | $1.82 | $68.00 | $63.5K | 255 | 1.5K |
| FTNT | PUT | SWEEP | BULLISH | 05/03/24 | $4.95 | $4.75 | $4.8 | $66.00 | $57.7K | 1.0K | 240 |
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.
Current Position of Fortinet
- Trading volume stands at 4,331,777, with FTNT's price up by 0.68%, positioned at $63.61.
- RSI indicators show the stock to be may be oversold.
- Earnings announcement expected in 1 days.
Professional Analyst Ratings for Fortinet
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $75.0.
- Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Neutral with a new price target of $65.
- An analyst from Susquehanna persists with their Neutral rating on Fortinet, maintaining a target price of $80.
- Consistent in their evaluation, an analyst from Jefferies keeps a Hold rating on Fortinet with a target price of $70.
- Consistent in their evaluation, an analyst from Rosenblatt keeps a Buy rating on Fortinet with a target price of $85.
- Consistent in their evaluation, an analyst from Piper Sandler keeps a Neutral rating on Fortinet with a target price of $75.
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.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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