Fortinet Inc. [FTNT] Stock trading around $61.88 per share: What’s Next?

Fortinet Inc. [NASDAQ: FTNT] jumped around 1.49 points on Thursday, while shares priced at $61.88 at the close of the session, up 2.47%. The company report on March 15, 2023 that Emirates National Oil Company Transforms Customer Experience and Increases Operational Efficiency with Fortinet Secure SD-WAN.

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55% cost savings resulting from lower multiprotocol label switching (MPLS) usage and simpler administration.

Increased revenue and enhanced customer experience through 18x reduction in point of sale (POS) transaction time.

Fortinet Inc. stock is now 26.57% up from its year-to-date (YTD) trading value. FTNT Stock saw the intraday high of $61.97 and lowest of $59.90 per share. The company’s 52-week high price is 71.52, which means current price is +34.87% above from all time high which was touched on 02/15/23.

Compared to the average trading volume of 5.30M shares, FTNT reached a trading volume of 3993069 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 $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 1.85, with the Price to Sales ratio for FTNT stock in the period of the last 12 months amounting to 11.21. Price to Free Cash Flow for FTNT in the course of the last twelve months was 34.15 with Quick ratio for the last quarter at 1.20.

How has FTNT stock performed recently?

Fortinet Inc. [FTNT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 3.22. With this latest performance, FTNT shares gained by 1.13% in over the last four-week period, additionally plugging by 19.14% over the last 6 months – not to mention a rise of 9.21% 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 60.02, with the RSI for the last a single of trading hit 60.88, and the three-weeks RSI is set at 59.51 for Fortinet Inc. [FTNT]. The present Moving Average for the last 50 days of trading for this stock 55.56, while it was recorded at 60.24 for the last single week of trading, and 54.20 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 +21.85 and a Gross Margin at +74.91. Fortinet Inc.’s Net Margin is presently recorded at +19.41.

Return on Equity for this stock inclined to 342.85, with Return on Assets sitting at 14.12.

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 analysis for Fortinet Inc. [FTNT]

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%.

Insider trade positions for Fortinet Inc. [FTNT]

There are presently around $32,684 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 $3.13 billion in FTNT stocks shares; and ALLIANCEBERNSTEIN L.P., currently with $1.65 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 56,172,818 shares. Additionally, 466 investors decreased positions by around 40,572,097 shares, while 126 investors held positions by with 431,433,086 shares. The mentioned changes placed institutional holdings at 528,178,001 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 79 institutional investors sold positions of 6,681,805 shares during the same period.


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