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Are we looking at the next big move in Fortinet Inc (FTNT)?

Fortinet Inc (NASDAQ: FTNT) is 15.87% higher on its value in year-to-date trading and has touched a low of $44.12 and a high of $81.24 in the current 52-week trading range. The question becomes, what are the chances the stock will continue to grow shareholders’ wealth in the market. Here’s what analysts think will happen to its price in the coming time. The FTNT stock was last observed hovering at around $68.31 in the last trading session, with the day’s loss setting it -0.49%.

Currently trading at $67.82, the stock is -2.09% and -0.24% below its SMA20 and SMA50 respectively. However, with a daily trading volume of 3.0 million and changing -0.72% at the moment leaves the stock 7.16% off its SMA200. FTNT registered 4.64% gain for a year compared to 6-month gain of 15.73%. The firm has a 50-day simple moving average (SMA 50) of $9.55 and a 200-day simple moving average (SMA200) of $34.52.

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The stock witnessed a -1.87% loss in the last 1 month and extending the period to 3 months gives it a 14.18%, and is -0.70% down over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 2.29% over the week and 2.52% over the month.

Fortinet Inc (FTNT) has around 13568 employees, a market worth around $51.75B and $5.30B in sales. Current P/E ratio is 46.53 and Fwd P/E is 35.26. Profit margin for the company is 21.64%. Distance from 52-week low is 53.72% and -16.52% from its 52-week high. The company has generated returns on investments over the last 12 months (199.76%).

Fortinet Inc quarterly earnings per share for the current quarter are estimated at $0.38 with sales reaching $1.34B over the same period.The EPS is expected to grow by 4.53% this year, but quarterly earnings will post 9.00% year-over-year. Quarterly sales are estimated to grow 6.00% in year-over-year returns.

Fortinet Inc (FTNT) Top Institutional Holders

1,577 institutions hold shares in Fortinet Inc (FTNT), with institutional investors hold 83.38% of the company’s shares. The shares outstanding are 761.00M, and float is at 629.20M with Short Float at 2.11%. Institutions hold 69.81% of the Float.

The top institutional shareholder in the company is Vanguard Group Inc with over 68.0 million shares valued at $5.14 billion. The investor’s holdings represent 8.66% of the FTNT Shares outstanding. As of Jun 29, 2023, the second largest holder is Blackrock Inc. with 49.71 million shares valued at $3.76 billion to account for 6.33% of the shares outstanding. The other top investors are Alliancebernstein L.P. which holds 28.86 million shares representing 3.67% and valued at over $2.18 billion, while State Street Corporation holds 3.32% of the shares totaling 26.04 million with a market value of $1.97 billion.

Fortinet Inc (FTNT) Insider Activity

The most recent transaction is an insider sale by Xie Ken,the company’sPRESIDENT & CEO. SEC filings show that Xie Ken sold 23,699 shares of the company’s common stock on Mar 13 ’24 at a price of $70.75 per share for a total of $1.68 million. Following the sale, the insider now owns 48.64 million shares.

Fortinet Inc disclosed in a document filed with the SEC on Mar 12 ’24 that Xie Ken (PRESIDENT & CEO) sold a total of 23,694 shares of the company’s common stock. The trade occurred on Mar 12 ’24 and was made at $71.40 per share for $1.69 million. Following the transaction, the insider now directly holds 48.63 million shares of the FTNT stock.

Still, SEC filings show that on Mar 06 ’24, NEUKOM WILLIAM H. (Director) acquired 497 shares at an average price of $70.30 for $34939.0. The insider now directly holds 294,365 shares of Fortinet Inc (FTNT).

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