With the current price of $137.22, the stock of Fortinet, Inc. (NASDAQ:FTNT) concluded the trading session seeing its price rise by 3.94 points or at a gain of 2.96% compared to its previous day’s closing price of $133.28. About 1.333 million shares of the stock changed hands on the day. The trading volume of FTNT’s shares during the past session compares with the stock’s average daily trading volume of 1.551 million shares. On the other hand, a float of 135 million shares and a weekly performance of 5.95% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $139.16 for FTNT’s share which suggests that the stock, price of which is currently buoying between $133.815 and $138.67, has a potential to gain 1.41%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $102 to the stock.
The latest data released on August 14, 2020 shows that the short float in the Fortinet, Inc.’s stock is trending upward as short interest in FTNT shares climbed up leaving more number of shares available to public for trading. Number of shares shorted in the FTNT is currently comprised of 2.96% of the float as the volume of shorted shares inclined by 740267 shares. Over the past two weeks, stock’s short interests weakened as number of shorted shares increased to 4.736 million shares from the previous figure of 3.996 million shares. Stock’s average intraday volume is now standing at 1.558 million shares which indicate that the days to cover the shorts are nearly 3.040367.
After concluding the day’s trading, price of Fortinet, Inc. (NASDAQ:FTNT) is up $7.71 over the week and it is $0.38 above 20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $151.95 that was attained on 07/09/20.
The stock has traded as low as $70.2 in past 52-week, and its current price is 95.47% above from that 52-week low price mark recorded on 03/16/20, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 0.89. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 58.33 as 14-days RSI of Fortinet, Inc. This means that the FTNT is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly, the stochastic oscillator is indicating a momentum of 68.25%, implying stock’s share price is buoying in a neutral state.
Technical chart is showing 1st resistance point of $139.32 for the FTNT’s share while placing it at a 2nd resistance point of $141.42 to be settled at. But if the stock takes a plunge lower than the 1st support price of $134.47 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $131.71.
MACD oscillator is showing a reading of 2.85 for the stock which means that it is currently in the green zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
Deutsche Bank started covering the FTNT stock on August 20, recommending Hold rating for it while assigning the price target of $131. The stock gets its recommendation downgraded from Buy to Neutral from the analysts at Goldman who assigned a target price of $129 to $140 in their July 15 note to investors.JP Morgananalysts downgraded their recommendation from Overweight to Neutral on July 07, while assigning a price target of $135.
The average rating of 2.41 for FTNT is placing the stock in bullish category at the moment. In a poll by Reuters including 30 analysts in it who kept tracking the Fortinet, Inc., 18 rated the stock as hold. Others were in different opinions for the FTNT. Out of remaining 12 analysts, 11 rated the stock as a buy or strong buy. 1 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that FTNT stock is ahead of earnings per share estimates with a forward price-to-earnings ratio of 39.95. Stock’s current price-to-sales (P/S) ratio of 55.8 is in front of industry’s average P/S ratio of 38.8. A comparison of Fortinet, Inc.’s trailing 12-months P/E ratio of 39.7 implies that it is trading above the industry’s average P/E ratio, which currently is 13.1.
Projection by Zacks Consensus Estimates suggests that Fortinet, Inc. (NASDAQ:FTNT) will see its current-quarter revenues drop by nearly -99.9% to be decreased to about $639 million. Full-year revenue of the company is however forecasted to be increased by nearly 17.59% to bring $2540 million in revenues against last year revenue of $2160 million. Earnings, after adjustments, are likely to surge by 16.42% to post an EPS of $0.78, while estimate for company’s full year earnings is $3.05 per share with a growth rate of 23.48%.