Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Fortinet Inc shares valued at $1,676,724 were sold by Xie Ken on Mar 13 ’24. At $70.75 per share, Xie Ken sold 23,699 shares. The insider’s holdings dropped to 48,642,973 shares worth approximately $3.31 billion following the completion of this transaction.
Also, Xie Ken sold 23,694 shares, netting a total of over 1,691,692 in proceeds. Following the sale of shares at $71.40 each, the insider now holds 48,625,005 shares.
Before that, NEUKOM WILLIAM H. had added 497 shares to its account. In a trade valued at $34,939, the Director bought Fortinet Inc shares for $70.30 each. Upon closing the transaction, the insider’s holdings increased to 497 shares, worth approximately $20.06 million.
As published in a research note from Daiwa Securities on February 13, 2024, Fortinet Inc [FTNT] has been rated up from a Neutral to an Outperform and the price target has been revised to $75. Analysts at DZ Bank downgraded the stock from ‘”a Hold”‘ to ‘”a Sell”‘ outlook in a report released in early February. As of February 07, 2024, HSBC Securities has decreased its “Hold” rating to a “Reduce” for FTNT. Earlier on January 18, 2024, Bernstein initiated its rating. Their recommendation was “a Mkt perform” for FTNT stock.
Analyzing FTNT Stock Performance
During the last five days, there has been a drop of approximately -4.47%. Over the course of the year, Fortinet Inc shares have jumped approximately 16.40%. Shares of the company reached a 52-week high of $73.91 on 02/07/24 and a 52-week low of $56.94 on 01/03/24. A 50-day SMA is recorded $68.77, while a 200-day SMA reached $63.18. Nevertheless, trading volume fell to 3.64 million shares from 5.1 million shares the previous day.
Support And Resistance Levels for Fortinet Inc (FTNT)
According to the 24-hour chart, there is a support level at 67.31, which, if violated, would cause prices to drop to 66.48. In the upper region, resistance lies at 68.73. The next price resistance is at 69.32. RSI (Relative Strength Index) is 48.04 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.37, which suggests the price will decrease in the coming days. Percent R is at 73.92%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Fortinet Inc subject to short interest?
Stocks of Fortinet Inc saw a sharp rise in short interest on Mar 15, 2024 jumping by 2.28 million shares to 13.3 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 11.02 million shares. A jump of 17.14% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.4 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.4.
