Fortinet Inc. (NASDAQ:FTNT) has a beta value of 1.14 and has seen 4.68 million shares traded in the last trading session. The company, currently valued at $39.22B, closed the last trade at $51.09 per share which meant it gained $0.58 on the day or 1.15% during that session. The FTNT stock price is -39.99% off its 52-week high price of $71.52 and 16.6% above the 52-week low of $42.61. If we look at the company’s 10-day average daily trading volume, we find that it stood at 5.13 million shares traded. The 3-month trading volume is 5.33 million shares.
Fortinet Inc. (NASDAQ:FTNT) trade information
Sporting 1.15% in the green in last session, the stock has traded in the green over the last five days, with the highest price hit on Tuesday, 01/24/23 when the FTNT stock price touched $51.09 or saw a rise of 0.83%. Year-to-date, Fortinet Inc. shares have moved 4.50%, while the 5-day performance has seen it change 1.98%. Over the past 30 days, the shares of Fortinet Inc. (NASDAQ:FTNT) have changed 2.16%. Short interest in the company has seen 9.09 million shares shorted with days to cover at 1.87.
Fortinet Inc. (FTNT) estimates and forecasts
Figures show that Fortinet Inc. shares have outperformed across the wider relevant industry. The company’s shares have lost -16.25% over the past 6 months, with this year growth rate of 43.75%, compared to 4.60% for the industry. Other than that, the company has, however, increased its growth outlook for the 2023 fiscal year revenue. Growth estimates for the current quarter are 35.00% and 40.00% for the next quarter. Revenue growth from the last financial year stood is estimated to be 31.20%.
25 analysts offering their estimates for the company have set an average revenue estimate of $1.12 billion for the current quarter. 25 have an estimated revenue figure of $1.27 billion for the next quarter concluding in Dec 2022. Year-ago sales stood $811.5 million and $963.6 million respectively for this quarter and the next, and analysts expect sales will grow by 38.40% for the current quarter and 32.10% for the next.
If we evaluate the company’s growth over the last 5-year and for the next 5-year period, we find that annual earnings growth was 81.90% over the past 5 years. Earnings growth for 2023 is a modest 24.70% while over the next 5 years, the company’s earnings are expected to increase by 23.25%.
Fortinet Inc. is expected to release its next earnings report between February 01 and February 06 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue.
Fortinet Inc. (NASDAQ:FTNT)’s Major holders
Insiders own 18.74% of the company shares, while shares held by institutions stand at 70.32% with a share float percentage of 86.53%. Investors are also buoyed by the number of investors in a company, with Fortinet Inc. having a total of 1,365 institutions that hold shares in the company. The top two institutional holders are Vanguard Group, Inc. (The) with over 67.38 million shares worth more than $3.81 billion. As of Jun 29, 2022, Vanguard Group, Inc. (The) held 8.54% of shares outstanding.
The other major institutional holder is Price (T.Rowe) Associates Inc, with the holding of over 53.0 million shares as of Jun 29, 2022. The firm’s total holdings are worth over $3.0 billion and represent 6.72% of shares outstanding.
Also the top two Mutual Funds that are holding company’s shares are Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund. As of Jun 29, 2022, the former fund manager holds about 2.55% shares in the company for having 20.09 million shares of worth $1.14 billion while later fund manager owns 14.75 million shares of worth $834.34 million as of Jun 29, 2022, which makes it owner of about 1.87% of company’s outstanding stock.