During the recent session, Fortinet Inc. (NASDAQ:FTNT)’s traded shares were 8.54 million, with the beta value of the company hitting 1.15. At the last check today, the stock’s price was $52.63, reflecting an intraday loss of -16.30% or -$10.25. The 52-week high for the FTNT share is $74.35, that puts it down -41.27 from that peak though still a striking 7.41% gain since the share price plummeted to a 52-week low of $48.73. The company’s market capitalization is $49.01B, and the average intraday trading volume over the past 10 days was 4.34 million shares, and the average trade volume was 6.33 million shares over the past three months.
Fortinet Inc. (FTNT) received a consensus recommendation of an Overweight from analysts. That translates to a mean rating of 2.20. FTNT has a Sell rating from 0 analyst(s) out of 27 analysts who have looked at this stock. 8 analyst(s) recommend to Hold the stock while 3 suggest Overweight, and 16 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $0.22.
Fortinet Inc. (NASDAQ:FTNT) trade information
Fortinet Inc. (FTNT) registered a -16.30% downside in the last session and has traded in the green over the past 5 sessions. The stock plummet -16.30% in intraday trading to $52.63 this Wednesday, 08/03/22, hitting a weekly high. The stock’s 5-day price performance is 8.54%, and it has moved by 6.58% in 30 days. Based on these gigs, the overall price performance for the year is 5.59%. The short interest in Fortinet Inc. (NASDAQ:FTNT) is 11.51 million shares and it means that shorts have 2.36 day(s) to cover.
The consensus price target of analysts on Wall Street is $71.97, which implies an increase of 26.87% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $60.00 and $85.00 respectively. As a result, FTNT is trading at a discount of -61.5% off the target high and -14.0% off the low.
Fortinet Inc. (FTNT) estimates and forecasts
Statistics show that Fortinet Inc. has outperformed its competitors in share price, compared to the industry in which it operates. Fortinet Inc. (FTNT) shares have gone up 4.04% during the last six months, with a year-to-date growth rate more than the industry average at 27.50% against 21.60. Yet analysts are ramping up their growth forecast for the fiscal year 2022. Revenue is predicted to grow 15.80% this quarter and then jump 35.00% in the quarter after that. In the rating firms’ projections, revenue will increase 31.10% compared to the previous financial year.
Revenue for the current quarter is expected to be $1.03 billion as predicted by 18 analyst(s). Meanwhile, a consensus of 18 analyst(s) estimates revenue growth to $1.12 billion by the end of Sep 2022. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $744.3 million and $811.5 million respectively. In this case, analysts expect current quarter sales to grow by 38.40% and then jump by 38.50% in the coming quarter.
An analysis of the company’s performance over the past 5 years shows that the company’s earnings grew an estimated 81.90%. While earnings are projected to return 24.70% in 2022, the next five years will return 20.70% per annum.
Fortinet Inc. is due to release its next quarterly earnings between November 02 and November 07. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.
Fortinet Inc. (NASDAQ:FTNT)’s Major holders
Fortinet Inc. insiders own 18.36% of total outstanding shares while institutional holders control 70.78%, with the float percentage being 86.70%. Vanguard Group, Inc. (The) is the largest shareholder of the company, while 1,360 institutions own stock in it. As of Mar 30, 2022, the company held over 68.0 million shares (or 42.36% of all shares), a total value of $3.55 billion in shares.
The next largest institutional holding, with 57.81 million shares, is of Blackrock Inc.’s that is approximately 36.01% of outstanding shares. At the market price on Mar 30, 2022, these shares were valued at $3.02 billion.
Also, the Mutual Funds coming in first place with the largest holdings of Fortinet Inc. (FTNT) shares are Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund. Data provided on Mar 30, 2022 indicates that Vanguard Total Stock Market Index Fund owns about 20.04 million shares. This amounts to just over 12.48 percent of the company’s overall shares, with a $1.05 billion market value. The same data shows that the other fund manager holds slightly less at 14.85 million, or about 9.25% of the stock, which is worth about $775.55 million.