Goldman slashes price target on Fortinet Inc. [FTNT] – find out why.

Fortinet Inc. [NASDAQ: FTNT] jumped around 0.11 points on Tuesday, while shares priced at $67.82 at the close of the session, up 0.16%. The company report on April 18, 2023 that Fortinet Joins the Joint Cyber Defense Collaborative (JCDC) to Continue Strengthening U.S. Cybersecurity Resiliency.

JCDC will benefit from Fortinet’s in-depth cybersecurity expertise and industry-leading threat intelligence from FortiGuard Labs.

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Fortinet Inc. stock is now 38.72% up from its year-to-date (YTD) trading value. FTNT Stock saw the intraday high of $68.6997 and lowest of $67.55 per share. The company’s 52-week high price is 71.52, which means current price is +47.82% above from all time high which was touched on 04/14/23.

Compared to the average trading volume of 4.99M shares, FTNT reached a trading volume of 3526206 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 $71.17 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 1.53, with the Price to Sales ratio for FTNT stock in the period of the last 12 months amounting to 12.09. Price to Free Cash Flow for FTNT in the course of the last twelve months was 36.86 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 1.22. With this latest performance, FTNT shares gained by 10.78% in over the last four-week period, additionally plugging by 40.91% over the last 6 months – not to mention a rise of 2.21% 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 67.62, with the RSI for the last a single of trading hit 69.26, and the three-weeks RSI is set at 65.74 for Fortinet Inc. [FTNT]. The present Moving Average for the last 50 days of trading for this stock 62.10, while it was recorded at 67.84 for the last single week of trading, and 55.05 for the last 200 days.

Fortinet Inc. [FTNT]: Deeper insight into the 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 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 $35,414 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 $3.43 billion in FTNT stocks shares; and ALLIANCEBERNSTEIN L.P., currently with $1.8 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 448 institutional holders increased their position in Fortinet Inc. [NASDAQ:FTNT] by around 54,168,693 shares. Additionally, 465 investors decreased positions by around 41,259,423 shares, while 123 investors held positions by with 427,601,440 shares. The mentioned changes placed institutional holdings at 523,029,556 shares, according to the latest SEC report filing. FTNT stock had 143 new institutional investments in for a total of 18,683,001 shares, while 80 institutional investors sold positions of 6,633,837 shares during the same period.


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