The trading price of Fortinet Inc (NASDAQ:FTNT) closed lower on Tuesday, February 11, and closed at $108.33, -1.11% lower than its previous close.
Traders who pay close attention to intraday price movement should know that it fluctuated between $107.81 and $110.33. The company’s P/E ratio in the trailing 12-month period was 47.91, while its 5Y monthly beta was 0.995. In examining the 52-week price action we see that the stock hit a 52-week high of $110.99 and a 52-week low of $54.57. Over the past month, the stock has gained 14.56% in value.
Fortinet Inc, whose market valuation is $83.03 billion at the time of this writing, is expected to release its quarterly earnings report in March. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by 0.53 per share this quarter, however they have predicted annual earnings per share of 2.48 for current year and 2.82 for next year.
Analysts have forecast the company to bring in revenue of 1.54B for the current quarter, with the likely lows of 1.53B and highs of 1.59B. From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue is 6.77B.
On the technical side, indicators suggest FTNT has a 100% Buy on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 100% Buy, while an average of long term indicators suggests that the stock is currently 100% Buy.
Here is the average analyst rating on the stock as represented by 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock should be considered as either strong buy or strong sell respectively. The number of analysts that have assigned FTNT a recommendation rating is 24. Out of them, 9 rate it a Hold, while 14 recommend Buy, whereas 0 assign an Overweight rating. 0 analyst(s) have tagged Fortinet Inc (FTNT) as Underweight, while 1 advise Sell. Analysts have rated the stock Buy, likely urging investors to take advantage of the opportunity to add to their holdings of the company’s shares.
If we dig deeper into the stock’s outlook, we see that the stock’s PEG is 4.90, which symbolizes a positive outlook. A quick review shows that FTNT’s price is currently 8.31% off the SMA20 and 10.68% off the SMA50. The RSI metric on the 14-day chart is currently showing 73.45, and weekly volatility stands at 3.72%. When measured over the past 30 days, the indicator reaches 2.78%. Fortinet Inc (NASDAQ:FTNT)’s beta value is currently sitting at 0.98, while the Average True Range indicator is currently displaying 3.03. With analysts defining $68-$115 as the low and high price targets, we arrive at a consensus price target of $86.5 for the trailing 12-month period. The current price is about 37.23% off the estimated low and -6.16% off the forecast high, based on this estimate. Investors will be thrilled if FTNT’s share price rises to $86.5, which is the median consensus price. At that level, FTNT’s share price would be 20.15% above current price.
To see how Fortinet Inc stock has been performing in comparison to its peers in the industry, here are the numbers: FTNT stock’s performance was -1.11% in the latest trading, and 59.66% in the past year. Fortinet Inc has a P/E ratio of 47.91.
An evaluation of the daily trading volume of Fortinet Inc (NASDAQ:FTNT) indicates that the 3-month average is 4.65 million. However, this figure has increased over the past 10 days to an average of 5.2.
Currently, records show that 766.45 million of the company’s shares remain outstanding. The insiders hold 17.62% of outstanding shares, whereas institutions hold 66.96%. The stats also highlight that short interest as of 2025-01-15, stood at 14.99 million shares, resulting in a short ratio of 3.59 at that time. From this, we can conclude that short interest is 237.00 of the company’s total outstanding shares. It is noteworthy that short shares in January were down slightly from the previous month’s figure, which was 15.28 million. However, since the stock’s price has seen 14.66% year-to-date, investors’ interest is likely to be reignited due to its potential to move even higher.
