Wednesday, December 2, 2020

Market Analysts see Fortinet Inc. [FTNT] gaining to $150. Time to buy?

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Fortinet Inc. [NASDAQ: FTNT] traded at a high on 10/27/20, posting a 0.85 gain after which it closed the day’ session at $124.23. The company report on September 30, 2020 that Fortinet Expands Network Security Expert Training Institute Offerings to Further Advance Security Skillsets.

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The results of the trading session contributed to over 1321059 shares changing hands. Over the past one week, the price volatility of Fortinet Inc. stands at 3.28% while the volatility over the past one month is 2.82%.

The market cap for FTNT stock reached $19.76 billion, with 161.60 million shares outstanding and 135.09 million shares in the current float. Compared to the average trading volume of 1.26M shares, FTNT reached a trading volume of 1321059 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Fortinet Inc. [FTNT]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for FTNT shares is $140.05 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on FTNT stock is a recommendation set at 2.40. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Goldman have made an estimate for Fortinet Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on October 20, 2020. While these analysts kept the previous recommendation, Raymond James raised their target price to Outperform. The new note on the price target was released on October 05, 2020, representing the official price target for Fortinet Inc. stock. Previously, the target price had yet another raise to $131, while Deutsche Bank analysts kept a Hold rating on FTNT stock. On July 15, 2020, analysts increased their price target for FTNT shares from 129 to 140.

The Average True Range (ATR) for Fortinet Inc. is set at 3.86, with the Price to Sales ratio for FTNT stock in the period of the last 12 months amounting to 8.39. The Price to Book ratio for the last quarter was 36.86, with the Price to Cash per share for the same quarter was set at 9.60. Price to Free Cash Flow for FTNT in the course of the last twelve months was 23.12 with Quick ratio for the last quarter at 1.30.

How has FTNT stock performed recently?

Fortinet Inc. [FTNT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -6.26. With this latest performance, FTNT shares gained by 5.90% in over the last four-week period, additionally plugging by 14.48% over the last 6 months – not to mention a rise of 54.69% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for FTNT stock in for the last two-week period is set at 46.64, with the RSI for the last a single of trading hit 44.58, and the three-weeks RSI is set at 48.73 for Fortinet Inc. [FTNT]. The present Moving Average for the last 50 days of trading for this stock 124.08, while it was recorded at 127.19 for the last single week of trading, and 121.53 for the last 200 days.

Fortinet Inc. [FTNT]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Fortinet Inc. [FTNT] shares currently have an operating margin of +15.96 and a Gross Margin at +76.38. Fortinet Inc.’s Net Margin is presently recorded at +15.14.

Return on Total Capital for FTNT is now 28.95, given the latest momentum, and Return on Invested Capital for the company is 27.64. Return on Equity for this stock inclined to 28.00, with Return on Assets sitting at 9.38. When it comes to the capital structure of this company, Fortinet Inc. [FTNT] has a Total Debt to Total Equity ratio set at 3.49. Additionally, FTNT Total Debt to Total Capital is recorded at 3.37, with Total Debt to Total Assets ending up at 1.19. Long-Term Debt to Equity for the company is recorded at 2.31, with the Long-Term Debt to Total Capital now at 2.24.

Reflecting on the efficiency of the workforce at the company, Fortinet Inc. [FTNT] managed to generate an average of $46,103 per employee. Receivables Turnover for the company is 4.36 with a Total Asset Turnover recorded at a value of 0.62.Fortinet Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.30 and a Current Ratio set at 1.40.

Earnings analysis for Fortinet Inc. [FTNT]

With the latest financial reports released by the company, Fortinet Inc. posted 0.67/share EPS, while the average EPS was predicted by analysts to be reported at 0.56/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 19.60%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for FTNT. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Fortinet Inc. go to 18.13%.

Insider trade positions for Fortinet Inc. [FTNT]

There are presently around $14,182 million, or 72.80% of FTNT stock, in the hands of institutional investors. The top three institutional holders of FTNT stocks are: VANGUARD GROUP INC with ownership of 16,536,004, which is approximately -6.534% of the company’s market cap and around 11.70% of the total institutional ownership; BLACKROCK INC., holding 10,980,991 shares of the stock with an approximate value of $1.36 billion in FTNT stocks shares; and RENAISSANCE TECHNOLOGIES LLC, currently with $742.11 million in FTNT stock with ownership of nearly -1.496% of the company’s market capitalization.

Positions in Fortinet Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 352 institutional holders increased their position in Fortinet Inc. [NASDAQ:FTNT] by around 10,213,212 shares. Additionally, 309 investors decreased positions by around 14,476,045 shares, while 81 investors held positions by with 89,471,103 shares. The mentioned changes placed institutional holdings at 114,160,360 shares, according to the latest SEC report filing. FTNT stock had 138 new institutional investments in for a total of 2,269,375 shares, while 50 institutional investors sold positions of 1,391,034 shares during the same period.

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