Fortinet's Options Frenzy: What You Need to Know

High-rolling investors have positioned themselves bearish on Fortinet FTNT, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in FTNT often signals that someone has privileged information.

Today, Benzinga's options scanner spotted 18 options trades for Fortinet. This is not a typical pattern.

The sentiment among these major traders is split, with 38% bullish and 55% bearish. Among all the options we identified, there was one put, amounting to $61,200, and 17 calls, totaling $959,708.

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 $55.0 to $80.0 for Fortinet during the past quarter.

Analyzing Volume & Open Interest

Looking at the volume and open interest is a powerful move while trading options. 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 trades within a strike price range from $55.0 to $80.0 in the last 30 days.

Fortinet 30-Day Option Volume & Interest Snapshot

Largest Options Trades Observed:

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.

Following our analysis of the options activities associated with Fortinet, we pivot to a closer look at the company's own performance.

Where Is Fortinet Standing Right Now?

• With a volume of 2,143,964, the price of FTNT is up 1.18% at $70.75.
• RSI indicators hint that the underlying stock may be overbought.
• Next earnings are expected to be released in 84 days.

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.