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Fortinet Inc (FTNT) Analysis & Forecast for 2024

Fortinet Inc (NASDAQ: FTNT) is 1.88% 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 $58.16 in the last trading session, with the day’s gains setting it 1.47%.

Currently trading at $59.63, the stock is -4.80% and -10.35% below its SMA20 and SMA50 respectively. However, with a daily trading volume of 5.49 million and changing 2.53% at the moment leaves the stock -3.33% off its SMA200. FTNT registered -11.66% loss for a year compared to 6-month gain of 20.05%.

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The stock witnessed a -10.26% loss in the last 1 month and extending the period to 3 months gives it a -15.13%, and is 1.39% up 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 2.93% over the week and 2.78% over the month.

Fortinet Inc (FTNT) has around 13568 employees, a market worth around $45.55B and $5.40B in sales. Current P/E ratio is 38.88 and Fwd P/E is 30.36. Profit margin for the company is 22.23%. Distance from 52-week low is 35.15% and -26.60% from its 52-week high. The company has generated returns on investments over the last 12 months (140.23%).

The EPS is expected to grow by 8.36% this year.

Fortinet Inc (FTNT) Top Institutional Holders

The shares outstanding are 761.00M, and float is at 629.90M with Short Float at 2.56%.

Fortinet Inc (FTNT) Insider Activity

The most recent transaction is an insider sale by Xie Michael,the company’sVP, ENGINEERING & CTO. SEC filings show that Xie Michael sold 24,710 shares of the company’s common stock on May 02 ’24 at a price of $64.48 per share for a total of $1.59 million. Following the sale, the insider now owns 10.87 million shares.

Fortinet Inc disclosed in a document filed with the SEC on Apr 17 ’24 that Xie Ken (PRESIDENT & CEO) sold a total of 24,004 shares of the company’s common stock. The trade occurred on Apr 17 ’24 and was made at $64.88 per share for $1.56 million. Following the transaction, the insider now directly holds 48.68 million shares of the FTNT stock.

Still, SEC filings show that on Apr 16 ’24, Xie Ken (PRESIDENT & CEO) disposed off 23,992 shares at an average price of $64.75 for $1.55 million. The insider now directly holds 48,660,648 shares of Fortinet Inc (FTNT).

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