Fortinet Inc (NASDAQ: FTNT)’s stock price has increased by 1.48 compared to its previous closing price of 75.66. However, the company has seen a 2.36% increase in its stock price over the last five trading sessions. zacks.com reported 2024-09-20 that As the stock market reaches new record highs, investors are searching for the next set of winners to ride the wave of momentum into the next bull run. With a combination of strong fundamentals, top Zacks Ranks, and solid growth potential, a few stocks stand out from the crowd.
Is It Worth Investing in Fortinet Inc (NASDAQ: FTNT) Right Now?
Fortinet Inc (NASDAQ: FTNT) has a price-to-earnings ratio of 45.37x that is above its average ratio. Additionally, the 36-month beta value for FTNT is 1.00. There are mixed opinions on the stock, with 15 analysts rating it as a “buy,” 6 rating it as “overweight,” 7 rating it as “hold,” and 2 rating it as “sell.”
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The public float for FTNT is 630.93M and currently, short sellers hold a 2.17% ratio of that float. The average trading volume of FTNT on September 23, 2024 was 5.50M shares.
FTNT’s Market Performance
FTNT’s stock has seen a 2.36% increase for the week, with a 1.80% rise in the past month and a 31.11% gain in the past quarter. The volatility ratio for the week is 1.85%, and the volatility levels for the past 30 days are at 1.99% for Fortinet Inc The simple moving average for the last 20 days is 1.46% for FTNT stock, with a simple moving average of 19.27% for the last 200 days.
Analysts’ Opinion of FTNT
Many brokerage firms have already submitted their reports for FTNT stocks, with DZ Bank repeating the rating for FTNT by listing it as a “Hold.” The predicted price for FTNT in the upcoming period, according to DZ Bank is $65 based on the research report published on August 08, 2024 of the current year 2024.
HSBC Securities, on the other hand, stated in their research note that they expect to see FTNT reach a price target of $59. The rating they have provided for FTNT stocks is “Hold” according to the report published on August 07th, 2024.
FTNT Trading at 12.61% from the 50-Day Moving Average
After a stumble in the market that brought FTNT to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -1.66% of loss for the given period.
Volatility was left at 1.99%, however, over the last 30 days, the volatility rate increased by 1.85%, as shares surge +3.07% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading +30.60% upper at present.
During the last 5 trading sessions, FTNT rose by +2.36%, which changed the moving average for the period of 200-days by +46.95% in comparison to the 20-day moving average, which settled at $75.79. In addition, Fortinet Inc saw 31.18% in overturn over a single year, with a tendency to cut further gains.
Insider Trading
Reports are indicating that there were more than several insider trading activities at FTNT starting from Xie Ken, who sale 23,511 shares at the price of $75.75 back on Sep 17 ’24. After this action, Xie Ken now owns 48,860,677 shares of Fortinet Inc, valued at $1,780,963 using the latest closing price.
Xie Ken, the PRESIDENT & CEO of Fortinet Inc, sale 23,538 shares at $74.94 during a trade that took place back on Sep 18 ’24, which means that Xie Ken is holding 48,878,806 shares at $1,763,844 based on the most recent closing price.
Stock Fundamentals for FTNT
Current profitability levels for the company are sitting at:
- 0.26 for the present operating margin
- 0.78 for the gross margin
The net margin for Fortinet Inc stands at 0.24. The total capital return value is set at 0.33. Equity return is now at value 430.88, with 16.90 for asset returns.
Based on Fortinet Inc (FTNT), the company’s capital structure generated 0.78 points at debt to capital in total, while cash flow to debt ratio is standing at 1.93. The debt to equity ratio resting at 3.45. The interest coverage ratio of the stock is 143.04.
Currently, EBITDA for the company is 1.35 billion with net debt to EBITDA at -0.78. When we switch over and look at the enterprise to sales, we see a ratio of 10.39. The receivables turnover for the company is 5.11for trailing twelve months and the total asset turnover is 0.69. The liquidity ratio also appears to be rather interesting for investors as it stands at 1.32.
Conclusion
In conclusion, Fortinet Inc (FTNT) has seen better performance in recent times. Analysts have a mixed opinion on the stock, with some rating it as a “buy” and others rating it as a “hold”. It is worth mentioning that the stock is currently trading in close proximity to its 50-day moving average and its 52-week high.
