Fortinet Inc. [NASDAQ: FTNT] closed the trading session at $60.37 on 03/07/23. The day’s price range saw the stock hit a low of $60.11, while the highest price level was $61.99. The company report on March 7, 2023 that Fortinet Enhances Its Single-Vendor SASE Solution with New Capabilities to Support Work-from-Anywhere.
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New updates to FortiSASE expand the industry’s most integrated single-vendor SASE solution to further converge networking and security across a unified operating system and agent.
The stocks have a year to date performance of 23.48 percent and weekly performance of 1.56 percent. The stock has been moved at 24.22 percent over the last six months. The stock has performed 13.91 percent around the most recent 30 days and changed 12.61 percent over the most recent 3-months.
If compared to the average trading volume of 5.24M shares, FTNT reached to a volume of 5184871 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to 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 $69.32 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.
Goldman have made an estimate for Fortinet Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on February 14, 2023. The new note on the price target was released on February 08, 2023, representing the official price target for Fortinet Inc. stock. Previously, the target price had yet another raise to $66, while Loop Capital analysts kept a Buy rating on FTNT stock. On February 02, 2023, analysts decreased their price target for FTNT shares from 58 to 57.
The Average True Range (ATR) for Fortinet Inc. is set at 1.74, with the Price to Sales ratio for FTNT stock in the period of the last 12 months amounting to 10.50. Price to Free Cash Flow for FTNT in the course of the last twelve months was 32.01 with Quick ratio for the last quarter at 1.20.
FTNT stock trade performance evaluation
Fortinet Inc. [FTNT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.56. With this latest performance, FTNT shares gained by 13.91% in over the last four-week period, additionally plugging by 24.22% over the last 6 months – not to mention a drop of -10.02% 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 58.77, with the RSI for the last a single of trading hit 56.99, and the three-weeks RSI is set at 58.92 for Fortinet Inc. [FTNT]. The present Moving Average for the last 50 days of trading for this stock 53.92, while it was recorded at 60.12 for the last single week of trading, and 54.09 for the last 200 days.
Fortinet Inc. [FTNT]: An insightful look at the core fundamentals
Fortinet Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.20 and a Current Ratio set at 1.20.
Earnings per share (EPS) analysis for Fortinet Inc. [FTNT] stock
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 18.97%.
Fortinet Inc. [FTNT]: Insider Ownership positions
There are presently around $31,886 million, or 67.80% of FTNT stock, in the hands of institutional investors. The top three institutional holders of FTNT stocks are: VANGUARD GROUP INC with ownership of 67,373,952, which is approximately 0.412% of the company’s market cap and around 12.00% of the total institutional ownership; BLACKROCK INC., holding 50,585,364 shares of the stock with an approximate value of $3.05 billion in FTNT stocks shares; and ALLIANCEBERNSTEIN L.P., currently with $1.61 billion in FTNT stock with ownership of nearly 14.982% of the company’s market capitalization.
Positions in Fortinet Inc. stocks held by institutional investors increased at the end of Tuesday and at the time of the Tuesday reporting period, where 454 institutional holders increased their position in Fortinet Inc. [NASDAQ:FTNT] by around 56,173,568 shares. Additionally, 467 investors decreased positions by around 40,572,347 shares, while 126 investors held positions by with 431,432,836 shares. The mentioned changes placed institutional holdings at 528,178,751 shares, according to the latest SEC report filing. FTNT stock had 151 new institutional investments in for a total of 18,866,170 shares, while 80 institutional investors sold positions of 6,682,055 shares during the same period.