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An Overview of Fortinet Inc. (NASDAQ: FTNT)’s Stock Performance and Outlook

In the latest trading session, 0.92 million Fortinet Inc. (NASDAQ:FTNT) shares changed hands as the company’s beta touched 1.16. With the company’s most recent per share price at $58.93 changed hands at -$1.52 or -2.51% at last look, the market valuation stands at $47.86B. FTNT’s current price is a discount, trading about -37.86% off its 52-week high of $81.24. The share price had its 52-week low at $42.61, which suggests the last value was 27.69% up since then. When we look at Fortinet Inc.’s average trading volume, we note the 10-day average is 5.33 million shares, with the 3-month average coming to 6.23 million.

Analysts gave the Fortinet Inc. (FTNT) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.00. If we narrow down to specifics, the data shows that 0 out of 36 analysts rate the stock as a Sell, with a further 5 assigning it an Overweight rating. Of the remaining, 11 recommended FTNT as a Hold, 20 felt it is a Buy and 0 rated the stock as Underweight. Fortinet Inc.’s EPS for the current quarter is expected to be $0.36.

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Fortinet Inc. (NASDAQ:FTNT) trade information

Instantly FTNT was in red as seen in intraday trades today. With action -7.20%, the performance over the past five days has been red. The drop to weekly highs of 63.88 on Monday, 09/18/23 subtracted -2.51% to the stock’s daily price. The company’s shares are showing year-to-date upside of 20.54%, with the 5-day performance at -7.20% in the red. However, in the 30-day time frame, Fortinet Inc. (NASDAQ:FTNT) is 3.10% up. Looking at the short shares, we see there were 9.86 million shares sold at short interest cover period of 1.25 days.

The consensus price target for the stock as assigned by Wall Street analysts is $75.29, meaning bulls need an upside of 21.73% from its recent market value. According to analyst projections, FTNT’s forecast low is $65.00 with $95.00 as the target high. To hit the forecast high, the stock’s price needs a -61.21% plunge from its current level, while the stock would need to soar -10.3% for it to hit the projected low.

Fortinet Inc. (FTNT) estimates and forecasts

Data shows that the Fortinet Inc. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -4.24% over the past 6 months, a 26.89% in annual growth rate that is considerably higher than the industry average of 22.20%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Fortinet Inc. will rise 9.10%, while the growth in revenue is estimated to hit -4.50% for the next quarter. Year-over-year growth is forecast to reach 22.30% up from the last financial year.

Consensus estimates given by 29 financial analysts project the company’s revenue in the current quarter to hit an average of $1.35 billion. 29 analysts are of the opinion that Fortinet Inc.’s revenue for the quarter ending Dec 2023 will be $1.5 billion. The company’s revenue for the corresponding quarters a year ago was $1.12 billion and $1.28 billion respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 20.10%. The estimates for the next quarter sales put growth at 16.70%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 58.60%. The 2023 estimates are for Fortinet Inc. earnings to increase by 46.60%, but the outlook for the next 5-year period is at 17.88% per year.

FTNT Dividends

Fortinet Inc. is expected to release its next quarterly earnings report between October 31 and November 06.

Fortinet Inc. (NASDAQ:FTNT)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 17.02% of Fortinet Inc. shares while 70.35% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 84.78%. There are 70.35% institutions holding the Fortinet Inc. stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 8.66% of the shares, roughly 68.0 million FTNT shares worth $4.04 billion.

Blackrock Inc. holds the second largest percentage of outstanding shares, with 6.33% or 49.71 million shares worth $2.96 billion as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund. With 20.82 million shares estimated at $1.24 billion under it, the former controlled 2.65% of total outstanding shares. On the other hand, Vanguard 500 Index Fund held about 1.98% of the shares, roughly 15.52 million shares worth around $922.77 million.

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