Market Analysts see Fortinet Inc. [FTNT] gaining to $73. Time to buy?

Fortinet Inc. [NASDAQ: FTNT] traded at a low on 04/05/23, posting a -1.24 loss after which it closed the day’ session at $65.15. The company report on April 4, 2023 that Fortinet Revolutionizes Secure Networking with Unified Management and Analytics Across the Entire Hybrid Network.

New Innovations to Fortinet’s Secure Networking Portfolio and FortiOS 7.4 Span Hybrid Mesh Firewall, Secure SD-WAN, Single-Vendor SASE, Universal ZTNA, and Secure WLAN/LAN.

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The results of the trading session contributed to over 3861784 shares changing hands. Over the past one week, the price volatility of Fortinet Inc. stands at 1.62% while the volatility over the past one month is 2.45%.

The market cap for FTNT stock reached $50.58 billion, with 780.60 million shares outstanding and 633.43 million shares in the current float. Compared to the average trading volume of 5.17M shares, FTNT reached a trading volume of 3861784 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 $70.39 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 1.50, with the Price to Sales ratio for FTNT stock in the period of the last 12 months amounting to 11.45. Price to Free Cash Flow for FTNT in the course of the last twelve months was 34.90 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 0.52. With this latest performance, FTNT shares gained by 7.92% in over the last four-week period, additionally plugging by 23.67% over the last 6 months – not to mention a drop of -6.04% 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 62.09, with the RSI for the last a single of trading hit 61.37, and the three-weeks RSI is set at 61.63 for Fortinet Inc. [FTNT]. The present Moving Average for the last 50 days of trading for this stock 59.75, while it was recorded at 65.94 for the last single week of trading, and 54.65 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 Total Capital for FTNT is now 72.61, given the latest momentum, and Return on Invested Capital for the company is 66.41. Return on Equity for this stock inclined to 342.85, with Return on Assets sitting at 14.12. Additionally, FTNT Total Debt to Total Capital is recorded at 135.00, with Total Debt to Total Assets ending up at 17.44.

Reflecting on the efficiency of the workforce at the company, Fortinet Inc. [FTNT] managed to generate an average of $68,067 per employee. Receivables Turnover for the company is 4.27 with a Total Asset Turnover recorded at a value of 0.73.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 19.05%.

Insider trade positions for Fortinet Inc. [FTNT]

There are presently around $34,554 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 $3.34 billion in FTNT stocks shares; and ALLIANCEBERNSTEIN L.P., currently with $1.76 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 Thursday and at the time of the Thursday reporting period, where 449 institutional holders increased their position in Fortinet Inc. [NASDAQ:FTNT] by around 55,375,543 shares. Additionally, 455 investors decreased positions by around 40,565,094 shares, while 124 investors held positions by with 427,835,918 shares. The mentioned changes placed institutional holdings at 523,776,555 shares, according to the latest SEC report filing. FTNT stock had 145 new institutional investments in for a total of 18,505,760 shares, while 76 institutional investors sold positions of 6,611,605 shares during the same period.


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