Fortinet Inc [NASDAQ: FTNT] gained 0.70% or 0.41 points to close at $58.69 with a heavy trading volume of 5203874 shares.
The daily chart for FTNT points out that the company has recorded 0.31% gains over the past six months.
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If we look at the average trading volume of 5.44M shares, FTNT reached to a volume of 5203874 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying 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 $71.39 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 2.38. 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 1.44, with the Price to Sales ratio for FTNT stock in the period of the last 12 months amounting to 8.31. Price to Free Cash Flow for FTNT in the course of the last twelve months was 26.49 with Quick ratio for the last quarter at 1.08.
Trading performance analysis for FTNT stock
Fortinet Inc [FTNT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -3.63. With this latest performance, FTNT shares dropped by -3.68% in over the last four-week period, additionally plugging by 0.31% over the last 6 months – not to mention a drop of -18.02% 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 42.81, with the RSI for the last a single of trading hit 42.44, and the three-weeks RSI is set at 42.96 for Fortinet Inc [FTNT]. The present Moving Average for the last 50 days of trading for this stock 61.03, while it was recorded at 58.52 for the last single week of trading, and 61.25 for the last 200 days.
Fortinet Inc [FTNT]: A deeper dive into fundamental analysis
Fortinet Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.08 and a Current Ratio set at 1.20.
Fortinet Inc [FTNT]: An earnings per share (EPS) analysis
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 10.71%.
An analysis of Institutional ownership at 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%.
