Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Fortinet Inc shares valued at $1,694,050 were purchased by KEN QING XIE on Aug 14 ’24. At $71.50 per share, KEN QING XIE acquired 23,693 shares.
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Also, XIE FOUNDATION purchased 5,000 shares, netting a total of over 351,800 in proceeds.
Before that, KEN QING XIE had added 23,739 shares to its account. In a trade valued at $1,670,276, the Director bought Fortinet Inc shares for $70.36 each.
As published in a research note from DZ Bank on August 08, 2024, Fortinet Inc [FTNT] has been rated up from a Sell to a Hold and the price target has been revised to $65. Analysts at HSBC Securities upgraded the stock from ‘”a Reduce”‘ to ‘”a Hold”‘ outlook in a report released in early August. As of July 29, 2024, Guggenheim has decreased its “Buy” rating to a “Neutral” for FTNT. Earlier on July 18, 2024, TD Cowen upgraded its rating. Their new recommendation was “a Buy” for FTNT stock which previously was a “a Hold”.
Analyzing FTNT Stock Performance
During the last five days, there has been a surge of approximately 4.09%. Over the course of the year, Fortinet Inc shares have jumped approximately 24.36%. Shares of the company reached a 52-week high of $73.91 on 02/07/24 and a 52-week low of $54.57 on 08/05/24. A 50-day SMA is recorded $60.31, while a 200-day SMA reached $61.52. Nevertheless, trading volume fell to 6.09 million shares from 6.17 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 71.60, which, if violated, would cause prices to drop to 70.40. In the upper region, resistance lies at 73.83. The next price resistance is at 74.86. RSI (Relative Strength Index) is 77.67 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 8.85, which suggests the price will increase in the coming days. Percent R is at 4.61%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
