Market Analysts see Fortinet Inc [FTNT] gaining to $75. Time to buy?

Fortinet Inc [NASDAQ: FTNT] traded at a high on Tuesday, posting a 1.52 gain after which it closed the day’ session at $68.85. The company report on April 2, 2024 at 9:00 AM that Fortinet Introduces Expansive Upgrades to its Real-Time Network Security Operating System to Empower Enterprises to Fortify Their Networks.

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The results of the trading session contributed to over 4708181 shares changing hands. Over the past one week, the price volatility of Fortinet Inc stands at 2.76% while the volatility over the past one month is 2.56%.

The market cap for FTNT stock reached $52.53 billion, with 761.00 million shares outstanding and 629.20 million shares in the current float. Compared to the average trading volume of 6.18M shares, FTNT reached a trading volume of 4708181 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 $77.03 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 2.48. 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.

Daiwa Securities have made an estimate for Fortinet Inc shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on February 13, 2024. The new note on the price target was released on February 08, 2024, representing the official price target for Fortinet Inc stock. Previously, the target price had yet another raise to $57, while HSBC Securities analysts kept a Reduce rating on FTNT stock.

The Average True Range (ATR) for Fortinet Inc is set at 1.79, with the Price to Sales ratio for FTNT stock in the period of the last 12 months amounting to 9.90. Price to Free Cash Flow for FTNT in the course of the last twelve months was 30.34 with Quick ratio for the last quarter at 1.06.

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 1.41. With this latest performance, FTNT shares dropped by -2.26% in over the last four-week period, additionally plugging by 17.33% over the last 6 months – not to mention a rise of 4.62% 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 52.25, with the RSI for the last a single of trading hit 53.48, and the three-weeks RSI is set at 53.00 for Fortinet Inc [FTNT]. The present Moving Average for the last 50 days of trading for this stock 68.27, while it was recorded at 67.94 for the last single week of trading, and 63.26 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 1.06 and a Current Ratio set at 1.19.

Earnings analysis for Fortinet Inc [FTNT]

With the latest financial reports released by the company, Fortinet Inc posted 0.34/share EPS, while the average EPS was predicted by analysts to be reported at 0.29/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 17.20%. 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 14.62%.

Insider trade positions for Fortinet Inc [FTNT]

The top three institutional holders of FTNT stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in FTNT stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in FTNT stock with ownership which is approximately 5.8386%.