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 13 uncommon options trades for Fortinet.
This isn't normal.
The overall sentiment of these big-money traders is split between 23% bullish and 76%, bearish.
Out of all of the special options we uncovered, 4 are puts, for a total amount of $601,616, and 9 are calls, for a total amount of $399,005.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $59.0 and $85.0 for Fortinet, spanning the last three months.
Volume & Open Interest Trends
In terms of liquidity and interest, the mean open interest for Fortinet options trades today is 795.44 with a total volume of 3,549.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Fortinet's big money trades within a strike price range of $59.0 to $85.0 over the last 30 days.
Fortinet Option Volume And Open Interest Over 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 | BULLISH | 09/20/24 | $6.1 | $5.95 | $5.95 | $70.00 | $520.1K | 1.7K | 273 |
| FTNT | CALL | TRADE | BEARISH | 09/20/24 | $3.6 | $3.5 | $3.5 | $85.00 | $74.5K | 92 | 340 |
| FTNT | CALL | TRADE | BEARISH | 07/19/24 | $7.25 | $7.15 | $7.15 | $70.00 | $63.6K | 466 | 241 |
| FTNT | CALL | SWEEP | BEARISH | 07/19/24 | $7.2 | $7.15 | $7.15 | $70.00 | $56.4K | 466 | 126 |
| FTNT | CALL | TRADE | BEARISH | 05/17/24 | $5.55 | $4.95 | $5.0 | $70.00 | $45.5K | 1.9K | 139 |
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.
After a thorough review of the options trading surrounding Fortinet, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Present Market Standing of Fortinet
- With a volume of 4,043,280, the price of FTNT is down -0.22% at $68.7.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 29 days.
Professional Analyst Ratings for Fortinet
A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $80.0.
- An analyst from Piper Sandler persists with their Neutral rating on Fortinet, maintaining a target price of $75.
- 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 Susquehanna keeps a Neutral rating on Fortinet with a target price of $80.
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.
© 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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