Fortinet Inc. (FTNT): What Technical Indicators Show

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SNOW Stock

Fortinet Inc. (NASDAQ:FTNT) saw an upside of 2.52% to close Monday at $50.51 after adding $1.24 on the day. The 5-day average trading volume is 5,221,460 shares of the company’s common stock. It has gained $51.52 in the past week and touched a new high 2 times within the past 5 days. An average of 4,536,360 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 4,906,394.

FTNT’s 1-month performance is 0.08% or $1.78 on its low of $45.88 reached on 01/13/23. The company’s shares have touched a 52-week low of $42.61 and high of $71.52, with the stock’s rally to the 52-week high happening on 01/18/23. YTD, FTNT has achieved 3.31% or $1.62 and has reached a new high 3 times. However, the current price is down -29.37% from the 52-week high price.

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Insider Transactions

FTNT stock investors last saw insider trading activity on Nov 18.Jensen Keith (CFO & Chief Accounting Officer) most recently sold 200 shares at $55.60 per share on Nov 18. This transaction cost the insider $11,120. CFO & Chief Accounting Officer, Jensen Keith, sold 50 shares at a price of $53.46 on Nov 17. Then, on Nov 11, VP Corp Dev&Strat Alliance,GC Whittle John sold 3,125 shares at a price of $55.00 per share. This transaction amounted to $171,875.

Valuation Metrics

FTNT stock has a beta of 1.14. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 9.46 while the price to cash flow ratio at 33.21.

Fortinet Inc.’s quick ratio for the period ended June 29 was 1.00, with the current ratio over the same period at 1.10. In terms of profitability, the gross margin trailing 12 months is 75.20%. The firm’s gross profit as reported stood at $2.56 billion against revenue of $3.34 billion.

Earnings Surprise

For the quarterly period ending June 29 this year, Fortinet Inc.’s cash and short-term investments amounted to $739.5 million against total debt of $989.4 million. Net income and sales went up compared to those figures reported in the previous quarter. Net income grew 29.58% to $231.6 million, while revenue of $173.5 million was 25.09% off the previous quarter. Analysts expected FTNT to announce $0.22 per share in earnings in its latest quarter, but it posted $0.24, representing a 9.10% surprise. EBITDA for the quarter stood at more than $349.4 million. FTNT stock balance sheet for the quarter ending June 29 shows that total liabilities totaled 5.96 billion, with total debt at $989.4 million. Shareholders hold equity totaling $781.24 million.

Let’s look briefly at Fortinet Inc. (FTNT) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 23 January was 59.20% to suggest the stock is trending Neutral, with historical volatility in this time period at 30.50%.

The stock’s 5-day moving average is $49.34, reflecting a +3.36% or $1.64 change from its current price. FTNT is currently trading +1.00% above its 20-day SMA, +3.74% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 by -0.18% and SMA200 by-26.13%.

Stochastic %K and %D was 62.41% and 57.13% and the average true range (ATR) pointed at 1.80. The RSI (14) points at 53.71%, while the 14-day stochastic is at 82.09% with the period’s ATR at 1.84. The stock’s 9-day MACD Oscillator is pointing at 0.38 and 0.58 on the 14-day charts.

Analyst Ratings

In the most recent analyst report for Fortinet Inc. (NASDAQ: FTNT), Scotiabank launched coverage with a Sector outperform rating. Analysts offering their rating for FTNT stock have a consensus rating for the stock as Overweight. Currently, 0 brokerage advisors rate FTNT as a “sell,”, while 7 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 5 rates the stock as overweight while 20 have offered a “buy” rating.

What is FTNT’s price target for the next 12 months?

Analysts have a consensus price target ranging from a low of $53.00 and a high of $85.00, with their median price target at $64.00. Looking at these predictions, the average price target given by analysts is for Fortinet Inc. (FTNT) stock is $64.71.

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