Fortinet Inc. [FTNT] Stock trading around $55.52 per share: What’s Next?

Fortinet Inc. [NASDAQ: FTNT] price plunged by -1.09 percent to reach at -$0.61. The company report on November 10, 2022 that Media Advisory: Fortinet Joins Global Leaders and Experts at World Economic Forum Annual Meeting on Cybersecurity 2022.


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Ken Xie, Founder, Chairman of the Board, and CEO at Fortinet“Fortinet has always had a belief that cybersecurity is a force for good and that making the internet a safe place for everyone is important. As the digital attack surface extends across borders and industries, cyber adversaries continue to threaten the digital economy. We remain committed to working with the World Economic Forum and with global experts across business sectors, governments, and international organizations in an effort to mobilize the collective ideas and influence to make the online world more trustworthy and secure.”.

A sum of 5686659 shares traded at recent session while its average daily volume was at 5.56M shares. Fortinet Inc. shares reached a high of $56.905 and dropped to a low of $54.80 until finishing in the latest session at $55.52.

The one-year FTNT stock forecast points to a potential upside of 14.62. The average equity rating for FTNT stock is currently 1.80, 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 $65.03 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 1.80. 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.

Robert W. Baird have made an estimate for Fortinet Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on October 19, 2022. While these analysts kept the previous recommendation, Morgan Stanley raised their target price from $66 to $69. The new note on the price target was released on October 10, 2022, representing the official price target for Fortinet Inc. stock. Previously, the target price had yet another raise to $70, while SMBC Nikko analysts kept a Outperform rating on FTNT stock.

The Average True Range (ATR) for Fortinet Inc. is set at 2.78, with the Price to Sales ratio for FTNT stock in the period of the last 12 months amounting to 10.26. Price to Free Cash Flow for FTNT in the course of the last twelve months was 35.99 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 16.01. With this latest performance, FTNT shares gained by 15.35% in over the last four-week period, additionally plugging by 0.74% over the last 6 months – not to mention a drop of -18.87% 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 57.39, with the RSI for the last a single of trading hit 60.02, and the three-weeks RSI is set at 55.65 for Fortinet Inc. [FTNT]. The present Moving Average for the last 50 days of trading for this stock 51.62, while it was recorded at 53.30 for the last single week of trading, and 57.35 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 23.38%.

Fortinet Inc. [FTNT] Insider Position Details

There are presently around $28,274 million, or 70.90% of FTNT stock, in the hands of institutional investors. The top three institutional holders of FTNT stocks are: VANGUARD GROUP INC with ownership of 67,097,669, which is approximately -0.412% of the company’s market cap and around 12.00% of the total institutional ownership; BLACKROCK INC., holding 51,735,388 shares of the stock with an approximate value of $2.87 billion in FTNT stocks shares; and STATE STREET CORP, currently with $1.44 billion in FTNT stock with ownership of nearly -3.901% of the company’s market capitalization.

Positions in Fortinet Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 403 institutional holders increased their position in Fortinet Inc. [NASDAQ:FTNT] by around 61,287,545 shares. Additionally, 489 investors decreased positions by around 84,815,181 shares, while 123 investors held positions by with 363,156,288 shares. The mentioned changes placed institutional holdings at 509,259,014 shares, according to the latest SEC report filing. FTNT stock had 88 new institutional investments in for a total of 24,015,791 shares, while 109 institutional investors sold positions of 17,468,999 shares during the same period.

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