Fortinet’s Unusual Options Activity Raises Eyebrows

By: Alex Freidmen

Bearish positioning by high-rolling investors in Fortinet (FTNT) has garnered attention, prompting a need for retail traders to take heed.

The unusual options patterns detected today through Benzinga’s publicly available data tracking unveiled 13 options trades for Fortinet, marking a departure from the norm.

The sentiments of these major traders are split, with 46% bullish and 53% bearish. These include one put trade totaling $176,000 and 12 calls amounting to $726,256.

Insights into Projected Price Targets

Based on the recent trading activity, it appears that significant investors are eyeing a price range between $55.0 and $70.0 for Fortinet over the coming three months.

Analyzing Volume & Open Interest Development

Tracking the volume and open interest while trading options can provide critical insight into liquidity and interest for Fortinet’s options. The data depicts the volume and open interest of calls and puts for Fortinet’s significant trades within a strike price range of $55.0 to $70.0 over the past 30 days.

Fortinet’s Options Activity Analysis Over the Last 30 Days

Key Options Activity Highlights:

SymbolPUT/CALLTrade TypeSentimentExp. DateStrike PriceTotal Trade PriceOpen InterestVolume
FTNTPUTTRADEBULLISH06/21/24$60.00$176.0K699401
FTNTCALLSWEEPBULLISH06/21/24$65.00$107.9K2.4K230
FTNTCALLSWEEPBEARISH01/19/24$60.00$82.2K3.3K335
FTNTCALLSWEEPBEARISH06/21/24$60.00$80.5K2.7K148
FTNTCALLTRADEBULLISH01/19/24$60.00$78.4K3.3K634

About Fortinet

Fortinet, a platform-based cybersecurity vendor, offers products encompassing network security, cloud security, zero-trust access, and security operations. The California-based firm boasts a global customer base exceeding 700,000.

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Fortinet’s Current Position

  • FTNT is currently trading with a volume of 3,437,884 and a price increase of 0.48%, reaching $62.55.
  • RSI readings indicate a potential approach towards overbought territory for the stock.
  • Earnings release is anticipated in 25 days.

Expert Perspectives on Fortinet

In the past month, two experts have offered ratings on Fortinet, averaging a target price of $63.5.

  • A UBS analyst opts to maintain a Neutral rating on Fortinet, setting a price target of $65.
  • Conveying concerns, a Citigroup analyst downgrades the rating to Neutral with a new price target of $62.

Options trading presents elevated risks but also the potential for greater returns. Astute traders mitigate these risks through continuous learning, strategic trade adaptions, leveraging diverse indicators, and staying attuned to the market’s dynamics. Stay updated on the latest Fortinet options trades with Benzinga Pro for real-time alerts.