why Fortinet Inc. [FTNT] is a Good Choice for Investors After New Price Target of $71.50

Fortinet Inc. [NASDAQ: FTNT] price plunged by -2.11 percent to reach at -$1.14. The company report on August 15, 2022 that Fortinet is the Fastest Growing ZTNA Vendor, Customers Highlight the Benefits of Fortinet Universal ZTNA.


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According to the Gartner® Market Share report, Fortinet is ranked amongst the first five ZTNA vendors with the fastest growing revenue quarter-over-quarter and year-over-year.

A sum of 4880722 shares traded at recent session while its average daily volume was at 5.86M shares. Fortinet Inc. shares reached a high of $54.27 and dropped to a low of $52.32 until finishing in the latest session at $52.94.

The one-year FTNT stock forecast points to a potential upside of 25.96. The average equity rating for FTNT stock is currently 2.00, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on 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 $71.50 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 2.00. 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.

BMO Capital Markets have made an estimate for Fortinet Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on June 28, 2022. The new note on the price target was released on May 11, 2022, representing the official price target for Fortinet Inc. stock. Previously, the target price had yet another raise from $340 to $350, while Mizuho kept a Buy rating on FTNT stock. On March 29, 2022, analysts increased their price target for FTNT shares from 364 to 395.

The Average True Range (ATR) for Fortinet Inc. is set at 2.52, with the Price to Sales ratio for FTNT stock in the period of the last 12 months amounting to 10.58. Price to Free Cash Flow for FTNT in the course of the last twelve months was 36.64 with Quick ratio for the last quarter at 1.00.

FTNT Stock Performance Analysis:

Fortinet Inc. [FTNT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.44. With this latest performance, FTNT shares dropped by -8.72% in over the last four-week period, additionally sinking by -14.71% over the last 6 months – not to mention a drop of -12.48% 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 41.45, with the RSI for the last a single of trading hit 39.44, and the three-weeks RSI is set at 43.16 for Fortinet Inc. [FTNT]. The present Moving Average for the last 50 days of trading for this stock 57.64, while it was recorded at 53.54 for the last single week of trading, and 61.70 for the last 200 days.

Insight into Fortinet Inc. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Fortinet Inc. [FTNT] shares currently have an operating margin of +19.32 and a Gross Margin at +76.02. Fortinet Inc.’s Net Margin is presently recorded at +18.16.

Return on Equity for this stock inclined to 74.10, with Return on Assets sitting at 12.18.

Fortinet Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.00 and a Current Ratio set at 1.10.

FTNT Stock EPS

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 23.48%.

Fortinet Inc. [FTNT] Insider Position Details

There are presently around $28,459 million, or 71.80% of FTNT stock, in the hands of institutional investors. The top three institutional holders of FTNT stocks are: VANGUARD GROUP INC with ownership of 67,375,293, which is approximately -0.921% of the company’s market cap and around 11.80% of the total institutional ownership; PRICE T ROWE ASSOCIATES INC /MD/, holding 52,995,764 shares of the stock with an approximate value of $2.81 billion in FTNT stocks shares; and BLACKROCK INC., currently with $2.8 billion in FTNT stock with ownership of nearly -8.541% 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 418 institutional holders increased their position in Fortinet Inc. [NASDAQ:FTNT] by around 44,436,407 shares. Additionally, 510 investors decreased positions by around 44,436,070 shares, while 113 investors held positions by with 448,697,945 shares. The mentioned changes placed institutional holdings at 537,570,422 shares, according to the latest SEC report filing. FTNT stock had 101 new institutional investments in for a total of 8,304,676 shares, while 104 institutional investors sold positions of 3,676,370 shares during the same period.

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