Fortinet Inc (NASDAQ:FTNT) saw a downside of -0.22% to close Monday at $58.11 after subtracting -$0.13 on the day. The 5-day average trading volume is 3,866,400 shares of the company’s common stock. It has gained $61.38 in the past week and touched a new high 2 times within the past 5 days. An average of 4,977,315 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 6,308,154.
FTNT’s 1-month performance is -0.07% or -$0.70 on its low of $57.63 reached on 09/25/23. The company’s shares have touched a 52-week low of $42.61 and high of $81.24, with the stock’s rally to the 52-week high happening on 07/19/23. YTD, FTNT has achieved 18.86% or $9.22 and has reached a new high 34 times. However, the current price is down -28.47% from the 52-week high price.
Insider Transactions
FTNT stock investors last saw insider trading activity on Sep 21.Perche Patrice (Chief Revenue Off./EVP Supp.) most recently sold 7,530 shares at $59.10 per share on Sep 21. This transaction cost the insider $445,045. CFO & Chief Accounting Officer, Jensen Keith, sold 24,715 shares at a price of $58.99 on Aug 23. Then, on Aug 21, Chief Revenue Off./EVP Supp. Perche Patrice sold 7,535 shares at a price of $58.29 per share. This transaction amounted to $439,179.
Valuation Metrics
FTNT stock has a beta of 1.16. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 9.15 while the price-to-book (PB) in the most recent quarter is 142.13, with the price to cash flow ratio at 23.07.
Fortinet Inc’s quick ratio for the period ended June 29 was 1.29, with the current ratio over the same period at 1.39. As well, the company’s long term debt to equity for the quarter ending June 29 was 3.09, while the total debt to equity was 3.09. In terms of profitability, the gross margin trailing 12 months is 75.86%. The trailing 12-month EBITDA margin is 24.21% while for the period ending June 29, Fortinet Inc’s operating margin was 23.48%. The firm’s gross profit as reported stood at $3.33 billion against revenue of $4.42 billion.
Earnings Surprise
For the quarterly period ending June 29 this year, Net income and sales went up compared to those figures reported in the previous quarter. Net income grew 34.85% to $266.3 million, while revenue of $247.7 million was 6.98% off the previous quarter. Analysts expected FTNT to announce $0.34 per share in earnings in its latest quarter, but it posted $0.38, representing a 11.80% surprise. EBITDA for the quarter stood at more than $366.2 million. FTNT stock balance sheet for the quarter ending June 29 shows that total liabilities totaled 7.16 billion, with total debt at $1.06 billion. Shareholders hold equity totaling $785.34 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 25 September was 29.31% to suggest the stock is trending oversold, with historical volatility in this time period at 16.75%.
The stock’s 5-day moving average is $59.14, reflecting a -3.87% or -$2.34 change from its current price. FTNT is currently trading -1.19% above its 20-day SMA, -5.42% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 by -26.37% and SMA200 by+14.28%.
Stochastic %K and %D was 4.06% and 10.81% and the average true range (ATR) pointed at 1.36. The RSI (14) points at 34.94%, while the 14-day stochastic is at 5.96% with the period’s ATR at 1.49. The stock’s 9-day MACD Oscillator is pointing at -1.95 and -3.12 on the 14-day charts.
Analyst Ratings
In the most recent analyst report for Fortinet Inc (NASDAQ: FTNT), CapitalOne launched coverage with an Overweight 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 11 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 $65.00 and a high of $95.00, with their median price target at $74.00. Looking at these predictions, the average price target given by analysts is for Fortinet Inc (FTNT) stock is $75.29.
