Home Analyst Ratings Fortinet Downgraded to Neutral at Piper Sandler

Fortinet [FTNT] Downgraded to Neutral at Piper Sandler

Piper Sandler took its Fortinet [FTNT] rating to the equivalent of Neutral from Overweight, in a ‎research note dated 2021-01-05. Some new analysts also started their coverage, with KeyBanc Capital ‎Markets’s analysts assigning the shares to “a Sector weight” rating in a research note to investors ‎issued in late November. Meanwhile, Goldman had raised its rating on FTNT to “Buy” from the earlier ‎‎”Neutral”, in a research note produced for clients October 20, 2020.

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Is Fortinet Inc. [NASDAQ:FTNT] a Good Buy Right ‎Now?

It should be noted that FTNT technical indicators for short, intermediate as well as long ‎term progress have placed an overall average of 72% as Buy. The average signal changed from 88% Buy ‎in the last week and compares with 40% Sell in the past month. Data from Fortinet Inc.’s Trend Spotter ‎indicated that the signals were Weakest. The stock current average is 1.04 million shares in the past 20 ‎days and the short term average signal indicates a 100% Buy. In the last 50 days, the average trading ‎volume was 1.16 million shares while the medium term average advocated for 50% Buy. The average ‎long-term signal stands at 50% Buy and the 100-day average volume stands at 1.19 million ‎shares.


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FTNT Price Performance

On Wall Street, Fortinet Inc. [NASDAQ:FTNT] finished ‎Monday’s session down -2.00% at $145.56. The stock went up to $149.655 at the same session while its ‎lowest single day price was $142.86. In the last five days, it saw a fall of about -2.82%, Fortinet Inc. ‎shares dropped by almost -2.00% since the beginning of the year. However, the share price has ‎dropped to as low as -5.07% below its one year high. On 01/04/21, the company shares recorded ‎‎$149.65, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on ‎‎01/04/21, the same year at $142.86. The company’s shares have inclined by 30.89% in the past year. ‎The 50-day SMA achieved is $126.94 while the 200-day SMA is $125.86. Volume gained to 1.08 million ‎from 0.49 million in the previous session.

Fortinet Inc. [FTNT] Valuation Measures

Notably, ‎Fortinet Inc. [FTNT] stock cannot be classified as a good candidate in the listing of underestimated low-‎priced Software – Infrastructure companies to purchase soonest possible with the prevailing 12-month ‎PE ratio of 54.62. The measure means the stock is exchanging at a premium as compared to the 32.69x ‎trailing earnings of the industry. It can be helpful for investors to consider historical price-sales ratio, ‎more specifically, a 9.58 PS value ratio is reported for the last one year of reported earnings. That is ‎higher than the industry average of 2.94 which means FTNT serve an unattractive investment ‎opportunity compared to its competitors.

FTNT Stock Support And Resistance Levels

On the ‎‎24-hour scale, the immediate backing is perceived around 142.40 level, and in case of violation of this ‎particular level, it will cause more drop to 139.23 level. On the upper level, 152.82 is still the key ‎resistance. The stock may increase to the subsequent resistance at 149.19. The Relative Strength Index ‎‎(RSI) pinned on the 14-day chart is 64.70, implying a neutral technical stance while the MACD stands at ‎‎3.43, meaning price will increase in the next trading period. Percent R indicator moved to 30.47%, ‎implying low price movement. Stochastic %K at 78.08% suggest selling the stock.

What is the short ‎interest in Fortinet Inc.?

Short interest in the Fortinet Inc. stock has surged, increasing by 0.14 ‎million shares to total 3.29 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 ‎stand at 3.43 million, data from Yahoo Finance shows. The decrease of -4.26% suggests the stock saw ‎some decreased bullish sentiment. The stock’s days to cover (short ratio) moved to while the shorted ‎shares account for just 2.83% of the overall float for the stock.

Fortinet Inc.’s Biggest ‎Shareholders: Who Owns Fortinet Inc. [FTNT]?

Filings by The Vanguard Group, Inc. showed that ‎the firm now holds a total of 15,494,290 shares or roughly 9.55% of the outstanding FTNT shares. This ‎means their shares have reduced by -364,533 from the 15,494,290 the investor reportedly held in its ‎prior 13-F filing. With the conclusion of the sale, BlackRock Fund Advisors updated stake is worth ‎‎$947,355,148. Details in the latest 13F filings reveal that SSgA Funds Management, Inc. disposed off ‎their -2.90% stake valued at $674,122,691 while Columbia Management Investment Ad cut theirs at ‎‎$583,288,009. During the last quarter, SSgA Funds Management, Inc. liquidated -163,361 of its shares in ‎Fortinet Inc. while Columbia Management Investment Ad sold -28,123 shares. The Renaissance ‎Technologies LLC’s holdings currently number 4,642,687 shares at $675789519.72. According to the ‎firm’s last 13F report, AllianceBernstein LP shares in the company at filing stood at 3,898,863 shares, ‎roughly $480,456,887.

FTNT Earnings Forecast For The Current Quarter

Fortinet Inc. [FTNT] is ‎expected to report strong earnings results for the quarter ending on Dec 2020. Consensus estimates ‎give the company expected revenues of $722.23M and an earnings per share of $0.96 for Dec 2020. ‎Looking further ahead, the company is expected to report revenue of $670.82M at an EPS of $0.73 for ‎Mar 2021. The estimates represent upside of 15.60% and 11.58% in the company’s revenue and ‎earnings per share, respectively, on a year-on-year basis.

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FTNT Earnings Estimates For The Current Year

For the ‎financial year, Fortinet Inc. [NASDAQ:FTNT] is expected to bring in revenue of $2.57B. The returns are ‎nearly $410.0 million higher than the company’s actual revenue recorded in the fiscal year 2019. In ‎terms of EPS for the 2020, estimate put it at 3.25, higher than that of FY19 by $0.78. Estimates put this ‎year’s earnings growth at 31.60%, 11.70% for the next, and at an annual 19.24% over the next 5-year ‎period. As for sales, forecasts are for an increase of 19.10% in the current fiscal year and a further ‎‎15.60% over the following year.‎

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