Fortinet Inc’s filing revealed that its PRESIDENT & CEO Xie Ken unloaded Company’s shares for reported $1.78 million on Sep 17 ’24. In the deal valued at $75.75 per share,23,511 shares were sold. As a result of this transaction, Xie Ken now holds 48,860,677 shares worth roughly $3.78 billion.
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Then, Xie Ken sold 23,538 shares, generating $1,763,844 in total proceeds. Upon selling the shares at $74.94, the PRESIDENT & CEO now owns 48,878,806 shares.
Before that, KEN QING XIE bought 23,538 shares. Fortinet Inc shares valued at $1,779,708 were divested by the Director at a price of $75.61 per share.
DZ Bank upgraded its Fortinet Inc [FTNT] rating to a Hold from a a Sell in a research note published recently. A number of analysts have revised their coverage, including HSBC Securities’s analysts, who increased its forecast for the stock in early August from “a Reduce” to “a Hold”. Guggenheim also remained covering FTNT and has decreased its forecast on July 29, 2024 with a “Neutral” recommendation from previously “Buy” rating. TD Cowen revised its rating on July 18, 2024. It rated FTNT as “a Buy” which previously was an “a Hold”.
Price Performance Review of FTNT
On Tuesday, Fortinet Inc [NASDAQ:FTNT] saw its stock jump 0.03% to $77.46. Over the last five days, the stock has gained 2.45%. Fortinet Inc shares have risen nearly 32.34% since the year began. Nevertheless, the stocks have risen 33.00% over the past one year. While a 52-week high of $78.08 was reached on 09/24/24, a 52-week low of $44.12 was recorded on 08/05/24. SMA at 50 days reached $69.25, while 200 days put it at $64.75.
Levels Of Support And Resistance For FTNT Stock
The 24-hour chart illustrates a support level at 77.00, which if violated will result in even more drops to 76.54. On the upside, there is a resistance level at 78.05. A further resistance level may holdings at 78.64. The Relative Strength Index (RSI) on the 14-day chart is 64.90, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.35, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 14.72%. Stochastics %K at 83.25% indicates the stock is a selling.
How much short interest is there in Fortinet Inc?
A steep rise in short interest was recorded in Fortinet Inc stocks on 2024-08-30, dropping by -3.39 million shares to a total of 13.72 million shares. Yahoo Finance data shows the prior-month short interest on 2024-07-31 was 17.11 million shares. There was a decline of -24.74%, which implies that there is a negative sentiment for the stock.
