On May 15, 2023 at 10:22:04 ET an unusually large $725.00K block of Put contracts in Fortinet (FTNT) was sold, with a strike price of $70.00 / share, expiring in 123 day(s) (on September 15, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 1.40 sigmas above the mean, placing it in the 98.57th percentile of all recent large trades made in FTNT options.

This trade was first picked up on Fintel’s real time Options Flow tool, where unusual option trades are highlighted.

What is the Fund Sentiment?

There are 1850 funds or institutions reporting positions in Fortinet. This is an increase of 46 owner(s) or 2.55% in the last quarter. Average portfolio weight of all funds dedicated to FTNT is 0.40%, an increase of 21.77%. Total shares owned by institutions decreased in the last three months by 0.10% to 575,074K shares. The put/call ratio of FTNT is 0.65, indicating a bullish outlook.

Analyst Price Forecast Suggests 11.23% Upside

As of May 11, 2023, the average one-year price target for Fortinet is 75.38. The forecasts range from a low of 63.63 to a high of $94.50. The average price target represents an increase of 11.23% from its latest reported closing price of 67.77.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Fortinet is 5,501MM, an increase of 16.43%. The projected annual non-GAAP EPS is 1.43.

What are Other Shareholders Doing?

Alliancebernstein holds 26,608K shares representing 3.39% ownership of the company. In it’s prior filing, the firm reported owning 23,141K shares, representing an increase of 13.03%. The firm increased its portfolio allocation in FTNT by 6.36% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 20,174K shares representing 2.57% ownership of the company. In it’s prior filing, the firm reported owning 20,010K shares, representing an increase of 0.81%. The firm decreased its portfolio allocation in FTNT by 7.35% over the last quarter.

Bank of New York Mellon holds 19,864K shares representing 2.53% ownership of the company. In it’s prior filing, the firm reported owning 19,993K shares, representing a decrease of 0.65%. The firm decreased its portfolio allocation in FTNT by 85.11% over the last quarter.

T. Rowe Price Investment Management holds 16,165K shares representing 2.06% ownership of the company. In it’s prior filing, the firm reported owning 16,139K shares, representing an increase of 0.16%. The firm decreased its portfolio allocation in FTNT by 4.27% over the last quarter.

Geode Capital Management holds 15,179K shares representing 1.94% ownership of the company. In it’s prior filing, the firm reported owning 15,032K shares, representing an increase of 0.97%. The firm increased its portfolio allocation in FTNT by 26.97% over the last quarter.

Fortinet Background Information
(This description is provided by the company.)

Fortinet secures the largest enterprise, service provider, and government organizations around the world. Fortinet empowers its customers with complete visibility and control across the expanding attack surface and the power to take on ever-increasing performance requirements today and into the future. Only the Fortinet Security Fabric platform can address the most critical security challenges and protect data across the entire digital infrastructure, whether in networked, application, multi-cloud or edge environments. Fortinet ranks #1 in the most security appliances shipped worldwide and more than 500,000 customers trust Fortinet to protect their businesses. Both a technology company and a learning organization, the Fortinet Network Security Expert (NSE) Training Institute has one of the largest and broadest cybersecurity training programs in the industry.

See all Fortinet regulatory filings.

This article originally appeared on Fintel

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