Fortinet Unusual Options Activity

Investors with a lot of money to spend have taken a bullish 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 8 uncommon options trades for Fortinet.

This isn't normal.

The overall sentiment of these big-money traders is split between 75% bullish and 25%, bearish.

Out of all of the special options we uncovered, 5 are puts, for a total amount of $263,253, and 3 are calls, for a total amount of $94,963.

Predicted Price Range

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $60.0 to $71.0 for Fortinet during the past quarter.

Volume & Open Interest Development

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Fortinet's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Fortinet's significant trades, within a strike price range of $60.0 to $71.0, over the past month.

Fortinet Call and Put Volume: 30-Day Overview

Noteworthy Options Activity:

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.

Having examined the options trading patterns of Fortinet, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Current Position of Fortinet

• With a volume of 1,970,592, the price of FTNT is down -2.84% at $66.28.
• RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
• Next earnings are expected to be released in 20 days.

What The Experts Say On 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.

• Maintaining their stance, an analyst from Susquehanna continues to hold a Neutral rating for Fortinet, targeting a price of $80.
• An analyst from Rosenblatt has decided to maintain their Buy rating on Fortinet, which currently sits at a price target 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.