Amidst the tumult of the stock market, signals continue to emerge of bearish investor sentiment circling around Fortinet (FTNT), causing waves of unease among retail traders.
Thirteen options trades for Fortinet were observed today, a rare sight that beckons attention from seasoned investors. The distribution of sentiment among these trades is starkly divided, with 46% bullish and 53% bearish. Notably, one substantial put, amounting to $176,000, and a dozen calls totaling $726,256, were uncovered.
Noteworthy Price Targets
Analysis of market activity and options trading suggests that significant investors have set their sights on a price range spanning from $55.0 to $70.0 for Fortinet over the past three months, marking a strategic and steadfast goal in their bearish endeavors.
Volume & Open Interest Analysis
The explication of volume and open interest is a crucial step in understanding the labyrinthine world of options trading. It provides a glimpse into the ebbs and flows of liquidity and interest within the options market for Fortinet within a strike price range from $55.0 to $70.0 over the last 30 days.
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, a platform-based cybersecurity vendor, boasts an extensive product portfolio encompassing network security, cloud security, zero-trust access, and security operations. The California-based firm garners a large portion of its revenue from subscriptions and support-based business and serves a customer base of over 700,000 globally.
Current Position of Fortinet
- FTNT’s trading volume stands at 3,437,884, with its price up by 0.48% at $62.55.
- RSI readings hint at the stock possibly approaching overbought territory.
- The anticipated earnings release is due in 25 days.
Expert Opinions on Fortinet
Over the past month, two experts have weighed in on Fortinet, offering an average target price of $63.5. UBS opted to maintain its Neutral rating with a price target of $65, while Citigroup, echoing concerns, revised its rating to Neutral with a fresh price target of $62.
Options trading is a high-stakes game, replete with both risks and rewards. Seasoned traders adeptly navigate these waters through continuous learning, strategic adjustments, leveraging various indicators, and remaining vigilant to market dynamics. Stay informed about the latest options trades for Fortinet with Benzinga Pro for real-time alerts.
