The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Fortinet Inc shares valued at $34,967 were purchased by NEUKOM WILLIAM H. on Sep 06 ’24. At $76.18 per share, NEUKOM WILLIAM H. acquired 459 shares. The insider’s holdings grew to 148,761 shares worth approximately $11.4 million following the completion of this transaction.
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Also, Jensen Keith sold 11,985 shares, netting a total of over 905,465 in proceeds. Following the sale of shares at $75.55 each, the insider now holds 4,676 shares.
Before that, Jensen Keith had sold 4,250 shares from its account. In a trade valued at $321,636, the Chief Financial Officer traded Fortinet Inc shares for $75.68 each. Upon closing the transaction, the insider’s holdings decreased to 4,250 shares, worth approximately $0.36 million.
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 drop of approximately -0.30%. Over the course of the year, Fortinet Inc shares have jumped approximately 30.94%. Shares of the company reached a 52-week high of $78.08 on 09/03/24 and a 52-week low of $54.57 on 08/05/24. A 50-day SMA is recorded $66.40, while a 200-day SMA reached $63.71. Nevertheless, trading volume fell to 4.06 million shares from 3.85 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 75.29, which, if violated, would cause prices to drop to 73.93. In the upper region, resistance lies at 77.42. The next price resistance is at 78.19. RSI (Relative Strength Index) is 70.35 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.10, which suggests the price will decrease in the coming days. Percent R is at 33.22%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
