Whales with a lot of money to spend have taken a noticeably bearish stance on Fortinet.
Looking at options history for Fortinet FTNT we detected 11 trades.
If we consider the specifics of each trade, it is accurate to state that 36% of the investors opened trades with bullish expectations and 63% with bearish.
From the overall spotted trades, 4 are puts, for a total amount of $401,922 and 7, calls, for a total amount of $641,051.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $40.0 to $80.0 for Fortinet during the past quarter.
Volume & Open Interest Development
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
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 activity within a strike price range from $40.0 to $80.0 in the last 30 days.
Fortinet Option Activity Analysis: Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FTNT | PUT | SWEEP | BEARISH | 09/20/24 | $6.25 | $6.1 | $6.2 | $65.00 | $305.0K | 1.3K | 623 |
| FTNT | CALL | SWEEP | BEARISH | 09/20/24 | $7.5 | $7.4 | $7.41 | $65.00 | $170.2K | 463 | 652 |
| FTNT | CALL | SWEEP | BEARISH | 09/20/24 | $7.55 | $7.45 | $7.45 | $65.00 | $137.8K | 463 | 407 |
| FTNT | CALL | TRADE | BULLISH | 06/21/24 | $26.0 | $25.7 | $25.93 | $40.00 | $129.6K | 388 | 0 |
| FTNT | CALL | SWEEP | BEARISH | 09/20/24 | $7.6 | $7.5 | $7.5 | $65.00 | $102.0K | 463 | 4 |
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.
Where Is Fortinet Standing Right Now?
- With a volume of 3,226,501, the price of FTNT is up 0.28% at $64.66.
- RSI indicators hint that the underlying stock may be approaching oversold.
- Next earnings are expected to be released in 15 days.
What The Experts Say On Fortinet
4 market experts have recently issued ratings for this stock, with a consensus target price of $76.25.
- An analyst from Rosenblatt persists with their Buy rating on Fortinet, maintaining 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.
- 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.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Fortinet, Benzinga Pro gives you real-time options trades 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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