Fortinet Inc’s recent filing unveils that its VP, ENGINEERING & CTO Xie Michael unloaded Company’s shares for reported $1.59 million on May 02 ’24. In the deal valued at $64.48 per share,24,710 shares were sold. As a result of this transaction, Xie Michael now holds 10,867,018 shares worth roughly $645.83 million.
Then, Xie Ken sold 24,004 shares, generating $1,557,362 in total proceeds. Upon selling the shares at $64.88, the PRESIDENT & CEO now owns 48,678,310 shares.
Before that, Xie Ken sold 23,992 shares. Fortinet Inc shares valued at $1,553,378 were divested by the PRESIDENT & CEO at a price of $64.75 per share. As a result of the transaction, Xie Ken now holds 48,660,648 shares, worth roughly $2.89 billion.
Daiwa Securities upgraded its Fortinet Inc [FTNT] rating to an Outperform from a a Neutral in a research note published recently. A number of analysts have revised their coverage, including DZ Bank’s analysts, who decreased its forecast for the stock in early February from “a Hold” to “a Sell”. HSBC Securities also remained covering FTNT and has decreased its forecast on February 07, 2024 with a “Reduce” recommendation from previously “Hold” rating. Bernstein started covering the stock on January 18, 2024. It rated FTNT as “a Mkt perform”.
Price Performance Review of FTNT
On Tuesday, Fortinet Inc [NASDAQ:FTNT] saw its stock jump 1.05% to $59.43. Over the last five days, the stock has lost -5.94%. Fortinet Inc shares have risen nearly 1.54% since the year began. Nevertheless, the stocks have fallen -7.99% over the past one year. While a 52-week high of $81.24 was reached on 02/07/24, a 52-week low of $44.12 was recorded on 01/03/24. SMA at 50 days reached $67.16, while 200 days put it at $61.97. A total of 18.42 million shares were traded, compared to the trading of 15.9 million shares in the previous session.
Levels Of Support And Resistance For FTNT Stock
The 24-hour chart illustrates a support level at 58.43, which if violated will result in even more drops to 57.43. On the upside, there is a resistance level at 60.41. A further resistance level may holdings at 61.40. The Relative Strength Index (RSI) on the 14-day chart is 32.98, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -4.02, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 86.20%. Stochastics %K at 6.73% indicates the stock is a buying.
