Fortinet (NASDAQ:FTNT) finds itself under the piercing gaze of high-rolling investors who have taken a bearish stance, and this revelation should jolt any retail trader into rapt attention. The unusual options activity in Fortinet on January 12, noted by Benzinga’s options scanner, signals a potential powerhouse of bearish sentiment, hinting at undisclosed information.
Today, Benzinga tracked 13 options trades for Fortinet, a far cry from the standard pattern. This aberrant behavior cannot escape notice.
The sentiment among these major traders is split, with 46% bullish and 53% bearish. Among all the options identified, there was one put, amounting to $176,000, and 12 calls, totaling $726,256.
Speculative Price Targets Emerge
Delving into the trading activity, it appears that significant investors are hedging their bets for Fortinet within the expansive price range of $55.0 to $70.0 over the recent three months. The tides of speculation are surging.
Digging Deeper: Volume & Open Interest Dynamics
Unraveling the volume and open interest holds potential for unmasking the undercurrents of Fortinet’s options. The evolution of the volume and open interest of calls and puts, respectively, illuminates the intrigue behind Fortinet’s whale trades within a strike price range from $55.0 to $70.0 over the last 30 days.
Insightful Analysis of Fortinet Option Activity in the Last 30 Days
Emphasizing Notable Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| FTNT | PUT | TRADE | BULLISH | 06/21/24 | $60.00 | $176.0K | 699 | 401 |
| FTNT | CALL | SWEEP | BULLISH | 06/21/24 | $65.00 | $107.9K | 2.4K | 230 |
| FTNT | CALL | SWEEP | BEARISH | 01/19/24 | $60.00 | $82.2K | 3.3K | 335 |
| FTNT | CALL | SWEEP | BEARISH | 06/21/24 | $60.00 | $80.5K | 2.7K | 148 |
| FTNT | CALL | TRADE | BULLISH | 01/19/24 | $60.00 | $78.4K | 3.3K | 634 |
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.
Fortinet’s Current Trading Position
- Trading with a volume of 3,437,884, FTNT’s price is up by 0.48%, now at $62.55.
- RSI readings suggest the stock may be approaching overbought conditions.
- Earnings release anticipated in 25 days.
Insights from Expert Opinions
In the last month, 2 experts released ratings on this stock with an average target price of $63.5.
- Analysts from UBS have maintained a Neutral rating on Fortinet, setting a price target of $65.
- Reflecting concerns, analysts from Citigroup downgraded their rating to Neutral with a new price target of $62.
Options trading carries significant risks alongside the promise of higher returns. Astute traders mitigate these risks through continuous education, strategic trade adjustments, the shrewd use of various indicators, and a keen awareness of market dynamics. Stay abreast of Fortinet’s latest options trades with Benzinga Pro for real-time alerts.
