Fortinet Inc (NASDAQ:FTNT) shares, rose in value on Thursday, April 04, with the stock price up by 1.08% to the previous day’s close as strong demand from buyers drove the stock to $72.09.
Actively observing the price movement in the recent trading, the stock is buoying the session at $71.32. The value of beta (5-year monthly) is 1.08 whereas the PE ratio is 49.46 over 12-month period. Referring to stock’s 52-week performance, its high was $81.24, and the low was $44.12. On the whole, FTNT has fluctuated by 4.42% over the past month.
With the market capitalization of Fortinet Inc currently standing at about $55.01 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 02, 2024.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that FTNT’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 50% Buy.
The stock’s technical analysis shows that the PEG ratio is about 3.38, with the price of FTNT currently trading nearly 4.29% and 5.33% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 63.15, while the 7-day volatility ratio is showing 3.42% which for the 30-day chart, stands at 2.72%. Furthermore, Fortinet Inc (FTNT)’s beta value is 1.07, and its average true range (ATR) is 1.93.
A comparison of Fortinet Inc (FTNT) with its peers suggests the former has fared considerably weaker in the market. FTNT showed an intraday change of 1.08% in today’s session so far, and over the past year, it grew by 8.72%%.
Data on historical trading for Fortinet Inc (NASDAQ:FTNT) indicates that the trading volumes over the past 10 days have averaged 4.04 million and over the past 3 months, they’ve averaged 6.20 million. According to company’s latest data on outstanding shares, there are 761.00 million shares outstanding.
Nearly 17.54% of Fortinet Inc’s shares belong to company insiders and institutional investors own 66.95% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 13.3 million shares as on Mar 15, 2024, resulting in a short ratio of 2.4. According to the data, the short interest in Fortinet Inc (FTNT) stood at 1.74% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 11.02 million. The stock has risen by 23.17% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the FTNT stock heading into the next quarter.
