During the last session, Fortinet Inc (NASDAQ:FTNT)’s traded shares were 7.47 million, with the beta value of the company hitting 1.07. At the end of the trading day, the stock’s price was $70.91, reflecting an intraday gain of 2.43% or $1.68. The 52-week high for the FTNT share is $81.24, that puts it down -14.57 from that peak though still a striking 37.78% gain since the share price plummeted to a 52-week low of $44.12. The company’s market capitalization is $54.11B, and the average intraday trading volume over the past 10 days was 4.32 million shares, and the average trade volume was 6.23 million shares over the past three months.
Fortinet Inc (NASDAQ:FTNT) trade information
Fortinet Inc (FTNT) registered a 2.43% upside in the last session and has traded in the green over the past 5 sessions. The stock spiked 2.43% in intraday trading to $70.91, hitting a weekly high. The stock’s 5-day price performance is 3.81%, and it has moved by -0.57% in 30 days. Based on these gigs, the overall price performance for the year is 7.49%. The short interest in Fortinet Inc (NASDAQ:FTNT) is 13.3 million shares and it means that shorts have 2.4 day(s) to cover.
Fortinet Inc (FTNT) estimates and forecasts
Statistics show that Fortinet Inc has underperformed its competitors in share price, compared to the industry in which it operates. Fortinet Inc (FTNT) shares have gone up 21.71% during the last six months, with a year-to-date growth rate less than the industry average at 3.68% against 20.00. Yet analysts are ramping up their growth forecast for the fiscal year 2024. Revenue is predicted to grow 11.80% this quarter and then jump 2.60% in the quarter after that. In the rating firms’ projections, revenue will increase 9.00% compared to the previous financial year.
Revenue for the current quarter is expected to be $1.34 billion as predicted by 33 analyst(s). Meanwhile, a consensus of 33 analyst(s) estimates revenue growth to $1.39 billion by the end of Jun 2024. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $1.26 billion and $1.29 billion respectively. In this case, analysts expect current quarter sales to grow by 6.00% and then jump by 7.80% 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 30.73%. While earnings are projected to return 4.52% in 2024, the next five years will return 14.62% per annum.
FTNT Dividends
Fortinet Inc is due to release its next quarterly earnings between May 02 and May 06. 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 16.27% of total outstanding shares while institutional holders control 69.81%, with the float percentage being 83.38%. Vanguard Group Inc is the largest shareholder of the company, while 1,577 institutions own stock in it. As of Jun 29, 2023, the company held over 68.0 million shares (or 8.66% of all shares), a total value of $5.14 billion in shares.
The next largest institutional holding, with 49.71 million shares, is of Blackrock Inc.’s that is approximately 6.33% of outstanding shares. At the market price on Jun 29, 2023, these shares were valued at $3.76 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 Jun 29, 2023 indicates that Vanguard Total Stock Market Index Fund owns about 20.82 million shares. This amounts to just over 2.65 percent of the company’s overall shares, with a $1.57 billion market value. The same data shows that the other fund manager holds slightly less at 15.52 million, or about 1.98% of the stock, which is worth about $1.17 billion.
