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An Update On Fortinet Inc. (FTNT)

Fortinet Inc. (NASDAQ:FTNT) price on Friday, March 17, fall -1.07% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $61.22.

A look at the stock’s price movement, the close in the last trading session was $61.88, moving within a range at $60.70 and $62.47. The beta value (5-Year monthly) was 1.13 while the PE ratio in trailing twelve months stood at 57.27. Turning to its 52-week performance, $71.52 and $42.61 were the 52-week high and 52-week low respectively. Overall, FTNT moved -2.53% over the past month.

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Fortinet Inc.’s market cap currently stands at around $48.97 billion, with investors looking forward to this quarter’s earnings report slated for May 02, 2023 – May 08, 2023. Analysts project the company’s earnings per share (EPS) to be $0.28, which has seen fiscal year 2023 EPS growth forecast to increase to $1.42 and about $1.67 for fiscal year 2024. Per the data, EPS growth is expected to be 19.30% for 2023 and 17.60% for the next financial year.

Analysts have a consensus estimate of $1.2 billion for the company’s revenue for the quarter, with a low and high estimate of $1.18 billion and $1.22 billion respectively. The average forecast suggests up to a 25.60% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue for 2023 to grow to $5.41 billion, representing a 22.40% jump on that reported in the last financial year.

Revisions could be used as tool to get short term price movement insight, and for the company that in the past seven days was 17 upward and no downward review(s). Turning to the stock’s technical picture we see that short term indicators suggest on average that FTNT is a 100% Buy. On the other hand, the stock is on average a 100% Buy as suggested by medium term indicators while long term indicators are putting the stock in 50% Buy category.

The technical evaluation for the stock shows the PEG ratio is 3.02, with FTNT’s current price about 1.70% and 10.18% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 57.40, while 7-day volatility ratio is 3.06% and 2.59% in the 30-day chart. Further, Fortinet Inc. (FTNT) has a beta value of 1.15, and an average true range (ATR) of 1.85.

In the market, a comparison of Fortinet Inc. (FTNT) and its peers suggest the former has performed considerably weaker. Data shows FTNT’s intraday price has changed -1.07% in last session and 2.88% over the past year. Comparatively, Cisco Systems Inc. (CSCO) has moved 0.14% on the day and only -10.07% in the past 12 months. Looking at another peer, we see that CrowdStrike Holdings Inc. (CRWD) price has dipped -0.30% on the day. However, the stock is -29.81% off its price a year ago. Moreover, Palo Alto Networks Inc. (PANW) is also down -0.34% in trading on the day while keeping a an uptrend of 2.43% over the past year. If we look at the PE ratio, we find that Fortinet Inc.’s ratio stands at 57.27 compared to Cisco Systems Inc.’s 18.38. Elsewhere, the overall performance for the S&P 500 and Dow Jones Industrial shows that the indexes are down -1.10% and -1.19% respectively in the last trading.

If we refocus on Fortinet Inc. (NASDAQ:FTNT), historical trading data shows that trading volumes averaged 4.21 million over the past 10 days and 5.12 million over the past 3 months. The company’s latest data on shares outstanding shows there are 780.60 million shares.

The 12.00% of Fortinet Inc.’s shares are in the hands of company insiders while institutional holders own 67.80% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 13.51 million on Jan 30, 2023, giving us a short ratio of 2.55. The data shows that as of Jan 30, 2023 short interest in Fortinet Inc. (FTNT) stood at 1.73% of shares outstanding, with shares short falling to 14.53 million registered in Dec 29, 2022. Current price change has pushed the stock 25.22% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the FTNT stock continues to rise going into the next quarter.

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