What the Options Market Tells Us About Fortinet
Portfolio Pulse from Benzinga Insights
Investors have shown a bearish stance on Fortinet (NASDAQ:FTNT), with options market activity indicating a split sentiment of 36% bullish and 63% bearish. Benzinga's options scanner revealed 11 unusual trades, with a notable volume targeting a price range of $60.0 to $80.0 for FTNT. The company, a major cybersecurity vendor, is currently trading at $69.75, with an anticipated earnings release in 27 days. Analyst ratings in the last 30 days have set an average price target of $80.0 for Fortinet.
April 05, 2024 | 6:45 pm
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Fortinet's options market activity shows a bearish sentiment despite the stock trading at $69.75. Analysts have set an average price target of $80.0, with an upcoming earnings release in 27 days.
The bearish sentiment in the options market, combined with the stock's current performance and upcoming earnings release, suggests a cautious outlook. However, the average price target set by analysts indicates potential upside, making the short-term impact neutral as the market awaits further cues.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100