Fortinet Option Alert: May 16 $100 Puts at the Ask: 1200 vs 2607 OI; Earnings 5/1 After Close [est] 

Fortinet Option Alert: May 16 $100 Puts at the Ask: 1200 @ $8.85 vs 2607 OI; Earnings 5/1 After Close [est] Ref=$95.69

Fortinet (NASDAQ:FTNT) Bolsa

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 800,000 customers across the world.

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FTNT

Dos acciones tecnológicas muestran señales de sobrecompra con RSI elevado. ¿Corrección inminente o seguirán subiendo? Descubre los detalles.

2 acciones de tecnología con RSI elevado: ¿Se avecina una corrección?

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Las acciones de EE.UU. suben mientras los inversores analizan los aranceles, resultados financieros y expectativas de la Fed.

Los futuros de Wall Street suben: ¿Cómo impactarán los aranceles y las ganancias empresariales?

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Tres acciones tecnológicas muestran señales de sobrecompra según el RSI. Descubre los detalles detrás de estos movimientos.

3 acciones del sector tecnológico que podrían hundirse en agosto

Fortinet Inc

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Shares of software companies are trading higher amid overall market strength due to March's strong durable goods orders economic data, and President Trump's announcement that he met with China earlier today. Also, the industry may be moving up ahead of Alphabet's earnings report scheduled for after market close.

<p>Cantor Fitzgerald  analyst Jonathan Ruykhaver   maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Neutral and lowers the price target from $115 to $100.</p>


Price Target

Cantor Fitzgerald Maintains Neutral on Fortinet, Lowers Price Target to $100

<p>Roth Capital  analyst Taz Koujalgi   initiates coverage on Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Neutral rating and announces Price Target of $103.</p>


Initiation

Roth Capital Initiates Coverage On Fortinet with Neutral Rating, Announces Price Target of $103

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Shares of software companies are trading higher amid overall market strength after President Trump said he had no intention of firing Fed Chair Powell. Also, Trump indicated the final tariff rate would be lower than the current 145% but not 0%.

<p><a href="https://www.globenewswire.com/Tracker?data=LdeVElI91rGqIT15Xy2RHqgoycbdK6c_WEThGzRPmsSFckD4VDOWpQ5dT0m89lXmjr7bqlkWHb-y85YzbPsFI2KRwZIyj_IfWdaItxXL3ARIq5u4cBbypejVxVoos0MIW5JZp4BSHTZJOpGecRBgXr_Q01yFo4RCR28r27A7AdI=">Fortinet</a>&#xAE;, the global cybersecurity leader driving the convergence of networking and security, today announced that <a href="https://www.globenewswire.com/Tracker?data=LdeVElI91rGqIT15Xy2RHpbeEjqdYAX3iTcPtVn8TGAT425C28Jz4J0vGnQDcbPEC4IZV_ftK9FE_S0Uq_8KFB6uspZ1tRBdv0EK3h0QDGoYiRXyoyK9lFg2M37iB3cqi0uV6gZd80GHaKgPEp0KXHbr5hIoN0z9Qg-anOwsD-8JsU3OiEVgS-hTmzIZ52eyW6BkNd3zt3U3-SKJGz_TnHfOk1llGllUNK02q6hGVkk=">FortiGuard AI-Powered Security Services</a> and <a href="https://www.globenewswire.com/Tracker?data=LdeVElI91rGqIT15Xy2RHr6x-yz4Rj8_xdGyUb8mu7UVcALIORFqcJaDGQ47EvVhZOiMcy8fqOyYSHtlXev8Iz4K2vMCDOgeXsos-l-IYkE=">FortiCare Services</a> have received GovRAMP, previously known as StateRAMP, authorization at a moderate impact level from the Government Risk and Authorization Management Program (GovRAMP&#xAE;).</p>


Fortinet Announces That FortiGuard AI-Powered Security Services And FortiCare Services Have Received GovRAMP

<p>Deep-pocketed investors have adopted a bullish approach towards Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), 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.</p>
<p>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.</p>
<p>The general mood among these heavyweight investors is divided, with 33% leaning bullish and 33% bearish. Among these notable options, 5 are puts, totaling $516,094, and 4 are calls, amounting to $203,157.</p>
<h3>Expected Price Movements</h3>
<p>Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $77.5 to $105.0 for Fortinet over the recent three months. </p>
<h3>Insights into Volume &amp; Open Interest</h3>
<p>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 $77.5 to $105.0, over the past month.</p>
<h3>Fortinet Call and Put Volume: 30-Day Overview</h3>
<p><img src="https://www.benzinga.com/files/images/story/2025/1744912906_0.png" alt="Options Call Chart" /></p>
<h3>Noteworthy Options Activity:</h3>
<p>
<table>
<thead>
<tr>
<th><strong>Symbol</strong></th>
<th><strong>PUT/CALL</strong></th>
<th><strong>Trade Type</strong></th>
<th><strong>Sentiment</strong></th>
<th><strong>Exp. Date</strong></th>
<th><strong>Ask</strong></th>
<th><strong>Bid</strong></th>
<th><strong>Price</strong></th>
<th><strong>Strike Price</strong></th>
<th><strong>Total Trade Price</strong></th>
<th align="right"><strong>Open Interest</strong></th>
<th align="right"><strong>Volume</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>06/20/25</td>
<td>$6.8</td>
<td>$6.6</td>
<td>$6.72</td>
<td>$95.00</td>
<td>$317.0K</td>
<td align="right">957</td>
<td align="right">588</td>
</tr>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$15.0</td>
<td>$14.5</td>
<td>$14.5</td>
<td>$100.00</td>
<td>$81.2K</td>
<td align="right">272</td>
<td align="right">57</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/15/27</td>
<td>$20.65</td>
<td>$20.45</td>
<td>$20.45</td>
<td>$105.00</td>
<td>$69.5K</td>
<td align="right">278</td>
<td align="right">40</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>06/20/25</td>
<td>$22.7</td>
<td>$21.65</td>
<td>$21.66</td>
<td>$77.50</td>
<td>$54.1K</td>
<td align="right">32</td>
<td align="right">25</td>
</tr>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$6.8</td>
<td>$6.6</td>
<td>$6.64</td>
<td>$95.00</td>
<td>$51.1K</td>
<td align="right">957</td>
<td align="right">665</td>
</tr>
</tbody>
</table>
</p>
<h3>About Fortinet</h3>
<p>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 800,000 customers across the world.</p>
<p>Having examined the options trading patterns of Fortinet, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance</p>
<h3>Current Position of Fortinet</h3>
<ul>
<li>With a trading volume of 1,307,790, the price of FTNT is up by 0.37%, reaching $96.43.</li>
<li>Current RSI values indicate that the stock is is currently neutral between overbought and oversold.</li>
<li>Next earnings report is scheduled for 20 days from now.</li>
</ul>
<h3>What Analysts Are Saying About Fortinet</h3>
<p>A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $106.0.</p>
<p><strong>Unusual Options Activity Detected: Smart Money on the Move</strong></p>
<p>Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;adType=benzinga-insights&amp;ad=options-activity&amp;campaign=wallstreetadvantage"><strong>Click here for access</strong></a>.<br />
&#x2A; Reflecting concerns, an analyst from Stephens &amp; Co. lowers its rating to Equal-Weight with a new price target of $108.<br />
&#x2A; Consistent in their evaluation, an analyst from Jefferies keeps a Hold rating on Fortinet with a target price of $105.<br />
&#x2A; An analyst from Morgan Stanley has decided to maintain their Overweight rating on Fortinet, which currently sits at a price target of $105. </p>
<p>Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.</p>
<p>If you want to stay updated on the latest options trades for Fortinet, <a href="https://www.benzinga.com/pro/">Benzinga Pro</a> gives you real-time options trades alerts.</p>


Options

A Closer Look at Fortinet's Options Market Dynamics

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Shares of companies within the broader tech sector are trading lower after Fed Chair Powell made remarks at the Economic Club. Also, the broader tech industry may be weighed down by NVIDIA after the United States informed the company that it may require a license to export chips to China

<p>Morgan Stanley  analyst Hamza Fodderwala   maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Overweight and lowers the price target from $123 to $105.</p>


Morgan Stanley Maintains Overweight on Fortinet, Lowers Price Target to $105

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Shares of companies in the broader software sector are trading lower as stocks pull back after surging Wednesday following President Trump's tariff pause announcement.

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Shares of software companies are trading higher following President Trump's decision to implement a 90-day pause on reciprocal tariffs for all countries except China.

Shares of software companies are trading lower as global markets continue to decline following President Trump's announcement of sweeping tariffs

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Shares of software companies are trading lower as markets react to President Trump's announcement of sweeping tariffs.

<p>Investors with a lot of money to spend have taken a bullish stance on <strong>Fortinet</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>).</p>
<p>And retail traders should know.</p>
<p>We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.</p>
<p>Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with FTNT, it often means somebody knows something is about to happen.</p>
<p>Today, Benzinga's options scanner spotted 17 options trades for Fortinet.</p>
<p>This isn't normal.</p>
<p>The overall sentiment of these big-money traders is split between 64% bullish and 29%, bearish.</p>
<p>Out of all of the options we uncovered, 16 are puts, for a total amount of $1,146,741, and there was 1 call, for a total amount of $46,125.</p>
<h3>Projected Price Targets</h3>
<p>After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $80.0 and $92.5 for Fortinet, spanning the last three months.</p>
<h3>Insights into Volume &amp; Open Interest</h3>
<p>Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Fortinet's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Fortinet's substantial trades, within a strike price spectrum from $80.0 to $92.5 over the preceding 30 days.</p>
<h3>Fortinet Option Activity Analysis: Last 30 Days</h3>
<p><img src="https://www.benzinga.com/files/images/story/2025/1743694484_0.png" alt="Options Call Chart" /></p>
<h3>Biggest Options Spotted:</h3>
<p>
<table>
<thead>
<tr>
<th><strong>Symbol</strong></th>
<th><strong>PUT/CALL</strong></th>
<th><strong>Trade Type</strong></th>
<th><strong>Sentiment</strong></th>
<th><strong>Exp. Date</strong></th>
<th><strong>Ask</strong></th>
<th><strong>Bid</strong></th>
<th><strong>Price</strong></th>
<th><strong>Strike Price</strong></th>
<th><strong>Total Trade Price</strong></th>
<th><strong>Open Interest</strong></th>
<th><strong>Volume</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/19/25</td>
<td>$8.8</td>
<td>$8.75</td>
<td>$8.75</td>
<td>$90.00</td>
<td>$182.8K</td>
<td>2.4K</td>
<td>1.1K</td>
</tr>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/19/25</td>
<td>$8.85</td>
<td>$8.8</td>
<td>$8.8</td>
<td>$90.00</td>
<td>$116.1K</td>
<td>2.4K</td>
<td>944</td>
</tr>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/19/25</td>
<td>$9.2</td>
<td>$8.9</td>
<td>$8.9</td>
<td>$90.00</td>
<td>$110.3K</td>
<td>2.4K</td>
<td>66</td>
</tr>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/19/25</td>
<td>$9.2</td>
<td>$8.85</td>
<td>$8.9</td>
<td>$90.00</td>
<td>$103.7K</td>
<td>2.4K</td>
<td>307</td>
</tr>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/19/25</td>
<td>$9.9</td>
<td>$8.85</td>
<td>$8.85</td>
<td>$90.00</td>
<td>$87.6K</td>
<td>2.4K</td>
<td>553</td>
</tr>
</tbody>
</table>
</p>
<h3>About Fortinet</h3>
<p>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 800,000 customers across the world.</p>
<p>Having examined the options trading patterns of Fortinet, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance</p>
<h3>Fortinet's Current Market Status</h3>
<ul>
<li>With a volume of 2,673,296, the price of FTNT is down -7.78% at $90.44. </li>
<li>RSI indicators hint that the underlying stock may be approaching oversold.</li>
<li>Next earnings are expected to be released in 34 days.</li>
</ul>
<h3>What The Experts Say On Fortinet</h3>
<p>In the last month, 3 experts released ratings on this stock with an average target price of $112.0.</p>
<p><strong>Turn $1000 into $1270 in just 20 days?</strong></p>
<p>20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;adType=benzinga-insights&amp;ad=options-activity&amp;campaign=wallstreetadvantage"><strong>Click here for access</strong></a>.<br />
&#x2A; Maintaining their stance, an analyst from Jefferies continues to hold a Hold rating for Fortinet, targeting a price of $105.<br />
&#x2A; Consistent in their evaluation, an analyst from Morgan Stanley keeps a Overweight rating on Fortinet with a target price of $123.<br />
&#x2A; In a cautious move, an analyst from Stephens &amp; Co. downgraded its rating to Equal-Weight, setting a price target of $108. </p>
<p>Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Fortinet with <a href="https://www.benzinga.com/pro/">Benzinga Pro</a> for real-time alerts.</p>


Decoding Fortinet's Options Activity: What's the Big Picture?

<p><strong>Fortinet Inc </strong>(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) could be the most exposed <a href="https://www.benzinga.com/topic/cybersecurity">security hardware vendor</a> to newly announced <a href="https://www.benzinga.com/news/global/25/04/44620889/trumps-liberation-day-tariffs-roil-markets-as-china-slams-typical-unilateral-bullying-asian-markets-plunge">U.S. tariffs</a>, with a potential 60-basis-point margin headwind due to its reliance on Taiwan-based manufacturing.</p>
<p>JPMorgan analyst <strong>Brian Essex</strong> warns that this exposure could significantly impact the company's margins.</p>
<h2 class="wp-block-heading">Fortinet's Taiwan Exposure Creates Headwinds</h2>
<p>According to Essex, Fortinet manufactures approximately 95% of its hardware in Taiwan, making it highly susceptible to tariffs imposed on the region. His calculations suggest that the company could face incremental tariff costs of roughly $40 million, translating to a 60bps impact on margins.</p>
<p>While Fortinet could mitigate some of this impact by raising prices or shifting manufacturing to other locations, the competitive landscape may shift in favor of domestic peers like <strong>Cisco Systems Inc</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>).</p>
<p><strong>Read Also: <a href="https://www.benzinga.com/insights/short-sellers/25/04/44614453/is-fortinet-gaining-or-losing-market-support">Is Fortinet Gaining or Losing Market Support?</a></strong></p>
<h2 class="wp-block-heading">Check Point, Palo Alto Networks Appear More Insulated</h2>
<p>Essex notes that <strong>Check Point Software Technologies Ltd </strong>(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) faces relatively negligible tariff exposure, as only 10% of its Bill of Materials (BOM) comes from China, and its U.S. revenue exposure is around 35%.</p>
<p><span style="box-sizing: border-box; margin: 0px; padding: 0px;">Meanwhile,<strong> Palo Alto Networks </strong></span><strong><span style="box-sizing: border-box; margin: 0px; padding: 0px;">In</span>c</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>) has proactively addressed tariff risks by shifting contract manufacturing to Texas and reducing its reliance on Chinese components.</p>
<p>As a result, Essex sees the tariff impact on Palo Alto's margins as minimal.</p>
<h2 class="wp-block-heading">Investor Concerns, Competitive Implications</h2>
<p>Essex highlights that investors have been closely watching Fortinet's exposure to Taiwan and other regions, such as Canada and Mexico.</p>
<p>However, these countries are not currently subject to the latest tariffs, which provides some relief. Still, the competitive implications remain, as companies with less exposure to affected regions may gain an advantage.</p>
<h2 class="wp-block-heading">Uncertain Path Forward</h2>
<p>While the full impact of the tariffs is yet to be determined, Essex stresses that Fortinet's exposure is notably higher than that of its peers. He cautions that further supply chain adjustments or price increases may be necessary to offset these pressures, making the coming quarters critical for investors tracking the stock.</p>
<p><strong>Read Next: </strong></p>
<ul>
<li><strong><a href="https://www.benzinga.com/trading-ideas/long-ideas/25/03/44501515/cybersecurity-stocks-to-outperform-its-the-one-line-item-that-no-company-in-the-world-is-cutting-josh-brown">Cybersecurity Stocks To Outperform, It&#8217;s The &#8216;One Line Item That No Company In The World Is Cutting&#8217;: Josh Brown</a></strong></li>
</ul>
<p><em>Photo: Shutterstock</em></p>


Tech

CSCO

Fortinet Faces Tariff Turbulence - Analyst Flags Margin Risk

<p><strong>Fortinet's</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NYSE">FTNT</a>) short percent of float has risen 6.36% since its last report. The company recently reported that it has <strong>19.14 million shares sold short</strong>, which is 3.01% of all regular shares that are available for trading. Based on its trading volume, <strong>it would take traders 3.85 days to cover their short positions on average.</strong></p>
<h3>Why Short Interest Matters</h3>
<p>Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.</p>
<p>Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.</p>
<p><strong>See Also:</strong> <a href="https://www.benzinga.com/short-interest?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage"><strong>List of the most shorted stocks</strong></a></p>
<h3>Fortinet Short Interest Graph (3 Months)</h3>
<p><img src="https://www.benzinga.com/files/images/story/2025/1743623121_0.png" alt="short_fig" /></p>
<p>As you can see from the chart above the percentage of shares that are sold short for Fortinet has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.</p>
<h3>Comparing Fortinet's Short Interest Against Its Peers</h3>
<p>Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.</p>
<p>According to <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>, Fortinet's peer group average for short interest as a percentage of float is 5.63%, which means the company has <strong>less</strong> short interest than most of its peers.</p>
<p>Did you know that increasing short interest can actually be <strong>bullish</strong> for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage"><strong>This post by Benzinga Money explains how you can profit from it.</strong></a></p>
<p><em>This article was generated by Benzinga's automated content engine and was reviewed by an editor.</em></p>


Short Sellers

Is Fortinet Gaining or Losing Market Support?

<p>Stephens &amp; Co.  analyst Todd Weller    initiates coverage on Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Equal-Weight rating and announces Price Target of $108.</p>


Stephens & Co. Initiates Coverage On Fortinet with Equal-Weight Rating, Announces Price Target of $108

<p>Jefferies  analyst Joseph Gallo   maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Hold and lowers the price target from $115 to $105.</p>


Jefferies Maintains Hold on Fortinet, Lowers Price Target to $105

<p>High-rolling investors have positioned themselves bearish on Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), and it's important for retail traders to take note.<br />
\This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in FTNT often signals that someone has privileged information.</p>
<p>Today, Benzinga's options scanner spotted 8 options trades for Fortinet. This is not a typical pattern.</p>
<p>The sentiment among these major traders is split, with 25% bullish and 62% bearish. Among all the options we identified, there was one put, amounting to $39,000, and 7 calls, totaling $274,282.</p>
<h3>What's The Price Target?</h3>
<p>Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $50.0 to $110.0 for Fortinet during the past quarter. </p>
<h3>Volume &amp; Open Interest Trends</h3>
<p>Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.</p>
<p>This data can help you track the liquidity and interest for Fortinet's options for a given strike price.</p>
<p>Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Fortinet's whale activity within a strike price range from $50.0 to $110.0 in the last 30 days. </p>
<h3>Fortinet Option Activity Analysis: Last 30 Days</h3>
<p><img src="https://www.benzinga.com/files/images/story/2025/1743021948_0.png" alt="Options Call Chart" /></p>
<h3>Noteworthy Options Activity:</h3>
<p>
<table>
<thead>
<tr>
<th><strong>Symbol</strong></th>
<th><strong>PUT/CALL</strong></th>
<th><strong>Trade Type</strong></th>
<th><strong>Sentiment</strong></th>
<th><strong>Exp. Date</strong></th>
<th><strong>Ask</strong></th>
<th><strong>Bid</strong></th>
<th><strong>Price</strong></th>
<th><strong>Strike Price</strong></th>
<th><strong>Total Trade Price</strong></th>
<th><strong>Open Interest</strong></th>
<th align="right"><strong>Volume</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>05/16/25</td>
<td>$5.5</td>
<td>$5.3</td>
<td>$5.42</td>
<td>$105.00</td>
<td>$66.9K</td>
<td>533</td>
<td align="right">151</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>04/17/25</td>
<td>$1.5</td>
<td>$1.49</td>
<td>$1.5</td>
<td>$105.00</td>
<td>$44.7K</td>
<td>1.7K</td>
<td align="right">199</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>04/17/25</td>
<td>$4.2</td>
<td>$4.05</td>
<td>$4.05</td>
<td>$100.00</td>
<td>$40.5K</td>
<td>1.4K</td>
<td align="right">5</td>
</tr>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/19/25</td>
<td>$15.1</td>
<td>$15.0</td>
<td>$15.0</td>
<td>$110.00</td>
<td>$39.0K</td>
<td>963</td>
<td align="right">26</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>04/11/25</td>
<td>$16.95</td>
<td>$16.85</td>
<td>$16.9</td>
<td>$85.00</td>
<td>$33.8K</td>
<td>0</td>
<td align="right">20</td>
</tr>
</tbody>
</table>
</p>
<h3>About Fortinet</h3>
<p>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 800,000 customers across the world.</p>
<p>Having examined the options trading patterns of Fortinet, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance</p>
<h3>Fortinet's Current Market Status</h3>
<ul>
<li>With a volume of 2,996,808, the price of FTNT is down -1.06% at $101.01. </li>
<li>RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.</li>
<li>Next earnings are expected to be released in 36 days.</li>
</ul>
<h3>What Analysts Are Saying About Fortinet</h3>
<p>A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $123.0.</p>
<p><strong>Unusual Options Activity Detected: Smart Money on the Move</strong></p>
<p>Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;adType=benzinga-insights&amp;ad=options-activity&amp;campaign=wallstreetadvantage"><strong>Click here for access</strong></a>.<br />
&#x2A; Maintaining their stance, an analyst from Morgan Stanley continues to hold a Overweight rating for Fortinet, targeting a price of $123. </p>
<p>Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Fortinet with <a href="https://www.benzinga.com/pro/">Benzinga Pro</a> for real-time alerts.</p>


<p>Investors with a lot of money to spend have taken a bearish stance on <strong>Fortinet</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>).</p>
<p>And retail traders should know.</p>
<p>We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.</p>
<p>Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with FTNT, it often means somebody knows something is about to happen.</p>
<p>So how do we know what these investors just did? </p>
<p>Today, <a href="https://www.benzinga.com/pro/">Benzinga</a>'s options scanner spotted 8 uncommon options trades for Fortinet.</p>
<p>This isn't normal.</p>
<p>The overall sentiment of these big-money traders is split between 12% bullish and 75%, bearish.</p>
<p>Out of all of the special options we uncovered, 2 are puts, for a total amount of $69,400, and 6 are calls, for a total amount of $265,100.</p>
<h3>Expected Price Movements</h3>
<p>Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $70.0 to $100.0 for Fortinet over the last 3 months. </p>
<h3>Volume &amp; Open Interest Development</h3>
<p>Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Fortinet's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Fortinet's whale trades within a strike price range from $70.0 to $100.0 in the last 30 days. </p>
<h3>Fortinet Call and Put Volume: 30-Day Overview</h3>
<p><img src="https://www.benzinga.com/files/images/story/2025/1742499102_0.png" alt="Options Call Chart" /></p>
<h3>Noteworthy Options Activity:</h3>
<p>
<table>
<thead>
<tr>
<th><strong>Symbol</strong></th>
<th><strong>PUT/CALL</strong></th>
<th><strong>Trade Type</strong></th>
<th><strong>Sentiment</strong></th>
<th><strong>Exp. Date</strong></th>
<th><strong>Ask</strong></th>
<th><strong>Bid</strong></th>
<th><strong>Price</strong></th>
<th><strong>Strike Price</strong></th>
<th><strong>Total Trade Price</strong></th>
<th><strong>Open Interest</strong></th>
<th align="right"><strong>Volume</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>04/17/25</td>
<td>$5.85</td>
<td>$5.4</td>
<td>$5.4</td>
<td>$95.00</td>
<td>$86.4K</td>
<td>366</td>
<td align="right">160</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>06/20/25</td>
<td>$8.2</td>
<td>$8.1</td>
<td>$8.2</td>
<td>$100.00</td>
<td>$54.9K</td>
<td>1.9K</td>
<td align="right">38</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$16.5</td>
<td>$15.7</td>
<td>$15.7</td>
<td>$100.00</td>
<td>$39.2K</td>
<td>804</td>
<td align="right">50</td>
</tr>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>04/17/25</td>
<td>$3.0</td>
<td>$2.99</td>
<td>$3.0</td>
<td>$97.50</td>
<td>$36.9K</td>
<td>458</td>
<td align="right">123</td>
</tr>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>12/18/26</td>
<td>$8.15</td>
<td>$4.95</td>
<td>$6.5</td>
<td>$70.00</td>
<td>$32.5K</td>
<td>108</td>
<td align="right">50</td>
</tr>
</tbody>
</table>
</p>
<h3>About Fortinet</h3>
<p>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 800,000 customers across the world.</p>
<p>In light of the recent options history for Fortinet, it's now appropriate to focus on the company itself. We aim to explore its current performance.</p>
<h3>Current Position of Fortinet</h3>
<ul>
<li>Trading volume stands at 2,305,677, with FTNT's price down by -1.06%, positioned at $97.13.</li>
<li>RSI indicators show the stock to be may be approaching oversold.</li>
<li>Earnings announcement expected in 42 days.</li>
</ul>
<h3>Expert Opinions on Fortinet</h3>
<p>In the last month, 1 experts released ratings on this stock with an average target price of $123.0.</p>
<p><strong>Unusual Options Activity Detected: Smart Money on the Move</strong></p>
<p>Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;adType=benzinga-insights&amp;ad=options-activity&amp;campaign=wallstreetadvantage"><strong>Click here for access</strong></a>.<br />
&#x2A; Consistent in their evaluation, an analyst from Morgan Stanley keeps a Overweight rating on Fortinet with a target price of $123. </p>
<p>Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.</p>
<p>If you want to stay updated on the latest options trades for Fortinet, <a href="https://www.benzinga.com/pro/">Benzinga Pro</a> gives you real-time options trades alerts.</p>


Fortinet's Options Frenzy: What You Need to Know

<p>19 analysts have expressed a variety of opinions on Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) over the past quarter, offering a diverse set of opinions from bullish to bearish.</p>
<p>Summarizing their recent assessments, the table below illustrates the evolving sentiments in the past 30 days and compares them to the preceding months.</p>
<table>
<thead>
<tr>
<th></th>
<th align="right"><strong>Bullish</strong></th>
<th align="right"><strong>Somewhat Bullish</strong></th>
<th align="right"><strong>Indifferent</strong></th>
<th align="right"><strong>Somewhat Bearish</strong></th>
<th align="right"><strong>Bearish</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Total Ratings</strong></td>
<td align="right">4</td>
<td align="right">6</td>
<td align="right">9</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td><strong>Last 30D</strong></td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td><strong>1M Ago</strong></td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td><strong>2M Ago</strong></td>
<td align="right">3</td>
<td align="right">3</td>
<td align="right">8</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td><strong>3M Ago</strong></td>
<td align="right">1</td>
<td align="right">2</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
<p>The 12-month price targets assessed by analysts reveal further insights, featuring an average target of $116.58, a high estimate of $135.00, and a low estimate of $101.00. Witnessing a positive shift, the current average has risen by 12.4% from the previous average price target of $103.72.</p>
<p><img src="https://www.benzinga.com/files/images/story/2025/1742328033_0.png" alt="price target chart" /></p>
<h2>Analyzing Analyst Ratings: A Detailed Breakdown</h2>
<p>A comprehensive examination of how financial experts perceive Fortinet is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets.</p>
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Hamza Fodderwala</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Overweight</td>
<td>$123.00</td>
<td>$113.00</td>
</tr>
<tr>
<td>Shyam Patil</td>
<td>Susquehanna</td>
<td>Raises</td>
<td>Neutral</td>
<td>$110.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Dan Bergstrom</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$115.00</td>
<td>$97.00</td>
</tr>
<tr>
<td>Jonathan Ruykhaver</td>
<td>Cantor Fitzgerald</td>
<td>Raises</td>
<td>Neutral</td>
<td>$115.00</td>
<td>$110.00</td>
</tr>
<tr>
<td>Gabriela Borges</td>
<td>Goldman Sachs</td>
<td>Raises</td>
<td>Buy</td>
<td>$130.00</td>
<td>$114.00</td>
</tr>
<tr>
<td>Patrick Colville</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Outperform</td>
<td>$135.00</td>
<td>$115.00</td>
</tr>
<tr>
<td>Adam Borg</td>
<td>Stifel</td>
<td>Raises</td>
<td>Hold</td>
<td>$115.00</td>
<td>$103.00</td>
</tr>
<tr>
<td>Andrew Nowinski</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$105.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Rob Owens</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$135.00</td>
<td>$120.00</td>
</tr>
<tr>
<td>Catharine Trebnick</td>
<td>Rosenblatt</td>
<td>Raises</td>
<td>Buy</td>
<td>$125.00</td>
<td>$115.00</td>
</tr>
<tr>
<td>Jonathan Ruykhaver</td>
<td>Cantor Fitzgerald</td>
<td>Raises</td>
<td>Neutral</td>
<td>$110.00</td>
<td>$95.00</td>
</tr>
<tr>
<td>Shrenik Kothari</td>
<td>Baird</td>
<td>Raises</td>
<td>Neutral</td>
<td>$112.00</td>
<td>$105.00</td>
</tr>
<tr>
<td>Catharine Trebnick</td>
<td>Rosenblatt</td>
<td>Raises</td>
<td>Buy</td>
<td>$115.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Patrick Colville</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Outperform</td>
<td>$115.00</td>
<td>$110.00</td>
</tr>
<tr>
<td>Fatima Boolani</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Neutral</td>
<td>$101.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Rob Owens</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$120.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Gabriela Borges</td>
<td>Goldman Sachs</td>
<td>Raises</td>
<td>Buy</td>
<td>$114.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Joseph Gallo</td>
<td>Jefferies</td>
<td>Raises</td>
<td>Hold</td>
<td>$105.00</td>
<td>$95.00</td>
</tr>
<tr>
<td>Eric Heath</td>
<td>Keybanc</td>
<td>Announces</td>
<td>Overweight</td>
<td>$115.00</td>
<td>-</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li><strong>Action Taken:</strong> Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Fortinet. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li><strong>Rating:</strong> Gaining insights, analysts provide qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of Fortinet compared to the broader market.</li>
<li><strong>Price Targets:</strong> Analysts provide insights into price targets, offering estimates for the future value of Fortinet's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
<p>Understanding these analyst evaluations alongside key financial indicators can offer valuable insights into Fortinet's market standing. Stay informed and make well-considered decisions with our Ratings Table.</p>
<p><a href="https://www.benzinga.com/quote/FTNT/analyst-ratings?adType=benzinga-insights&amp;ad=analyst-ratings&amp;campaign=wallstreetadvantage"><strong>Stay up to date on Fortinet analyst ratings.</strong></a></p>
<h2>Unveiling the Story Behind Fortinet</h2>
<p>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 800,000 customers across the world.</p>
<h3>Fortinet: A Financial Overview</h3>
<p><strong>Market Capitalization Analysis:</strong> Reflecting a smaller scale, the company's market capitalization is positioned below industry averages. This could be attributed to factors such as growth expectations or operational capacity.</p>
<p><strong>Revenue Growth:</strong> Over the 3 months period, Fortinet showcased positive performance, achieving a revenue growth rate of <strong>17.31%</strong> as of 31 December, 2024. This reflects a substantial increase in the company's top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Information Technology sector.</p>
<p><strong>Net Margin:</strong> Fortinet's net margin excels beyond industry benchmarks, reaching <strong>31.7%</strong>. This signifies efficient cost management and strong financial health.</p>
<p><strong>Return on Equity (ROE):</strong> Fortinet's financial strength is reflected in its exceptional ROE, which exceeds industry averages. With a remarkable ROE of <strong>43.82%,</strong> the company showcases efficient use of equity capital and strong financial health.</p>
<p><strong>Return on Assets (ROA):</strong> Fortinet's ROA excels beyond industry benchmarks, reaching <strong>5.65%</strong>. This signifies efficient management of assets and strong financial health.</p>
<p><strong>Debt Management:</strong> With a below-average debt-to-equity ratio of <strong>0.67</strong>, Fortinet adopts a prudent financial strategy, indicating a balanced approach to debt management.</p>
<h2>How Are Analyst Ratings Determined?</h2>
<p>Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.</p>
<p>Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.</p>
<p><strong>Which Stocks Are Analysts Recommending Now?</strong></p>
<p>Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;adType=benzinga-insights&amp;ad=analyst-ratings&amp;campaign=wallstreetadvantage"><strong>Click here to stay ahead of the market</strong></a>.</p>
<p>This article was generated by Benzinga's automated content engine and reviewed by an editor.</p>


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