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.