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 9 extraordinary options activities for Fortinet. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 55% leaning bullish and 33% bearish. Among these notable options, 3 are puts, totaling $361,498, and 6 are calls, amounting to $302,335.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $67.5 to $80.0 for Fortinet over the last 3 months.
Analyzing Volume & Open Interest
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 $67.5 to $80.0, over the past month.
Fortinet Call and Put Volume: 30-Day Overview
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FTNT | PUT | TRADE | BULLISH | 11/15/24 | $5.8 | $5.7 | $5.65 | $80.00 | $282.5K | 19 | 511 |
| FTNT | CALL | SWEEP | BEARISH | 11/15/24 | $5.15 | $5.1 | $5.1 | $77.50 | $81.6K | 130 | 274 |
| FTNT | CALL | SWEEP | BEARISH | 06/20/25 | $16.3 | $16.15 | $16.15 | $67.50 | $72.6K | 306 | 49 |
| FTNT | CALL | SWEEP | BULLISH | 12/20/24 | $7.2 | $7.15 | $7.2 | $75.00 | $56.1K | 1.2K | 93 |
| FTNT | PUT | SWEEP | BULLISH | 01/16/26 | $6.35 | $6.2 | $6.2 | $67.50 | $48.9K | 268 | 80 |
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 trading volume of 1,553,595, the price of FTNT is up by 0.84%, reaching $77.42.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 38 days from now.
What Analysts Are Saying About Fortinet
In the last month, 1 experts released ratings on this stock with an average target price of $76.0.
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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.
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