On May 1, 2023 at 13:39:26 ET an unusually large $586.22K block of Call contracts in Fortinet (FTNT) was sold, with a strike price of $68.00 / share, expiring in 263 day(s) (on January 19, 2024). Fintel tracks all large options trades, and the premium spent on this trade was 1.00 sigmas above the mean, placing it in the 100.00th 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 1823 funds or institutions reporting positions in Fortinet. This is an increase of 19 owner(s) or 1.05% in the last quarter. Average portfolio weight of all funds dedicated to FTNT is 0.37%, an increase of 6.78%. Total shares owned by institutions increased in the last three months by 2.73% to 578,243K shares. The put/call ratio of FTNT is 0.67, indicating a bullish outlook.

Analyst Price Forecast Suggests 16.13% Upside

As of April 24, 2023, the average one-year price target for Fortinet is $73.22. The forecasts range from a low of $62.62 to a high of $89.25. The average price target represents an increase of 16.13% from its latest reported closing price of $63.05.

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

The projected annual revenue for Fortinet is $5,501MM, an increase of 24.53%. The projected annual non-GAAP EPS is $1.43.

What are Other Shareholders Doing?

CHGX – AXS Change Finance ESG ETF holds 21K shares representing 0.00% ownership of the company. In it’s prior filing, the firm reported owning 19K shares, representing an increase of 11.26%. The firm decreased its portfolio allocation in FTNT by 11.72% over the last quarter.

XDAT – Franklin Exponential Data ETF holds 1K shares representing 0.00% ownership of the company. No change in the last quarter.

SWP1Z – Schwab S&P 500 Index Portfolio holds 49K shares representing 0.01% ownership of the company. In it’s prior filing, the firm reported owning 30K shares, representing an increase of 37.91%. The firm decreased its portfolio allocation in FTNT by 7.61% over the last quarter.

RPBAX – T. Rowe Price Balanced Fund holds 35K shares representing 0.00% ownership of the company. In it’s prior filing, the firm reported owning 53K shares, representing a decrease of 49.93%. The firm decreased its portfolio allocation in FTNT by 35.54% over the last quarter.

HRCPX – Carillon ClariVest Capital Appreciation Fund holds 54K shares representing 0.01% ownership of the company. In it’s prior filing, the firm reported owning 61K shares, representing a decrease of 12.43%. The firm decreased its portfolio allocation in FTNT by 10.05% 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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