Fortinet Inc’s recently made public 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 $4.05 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 Friday, Fortinet Inc [NASDAQ:FTNT] saw its stock jump 0.48% to $82.87. Over the last five days, the stock has gained 6.23%. Fortinet Inc shares have risen nearly 41.59% since the year began. Nevertheless, the stocks have risen 40.53% over the past one year. While a 52-week high of $82.50 was reached on 10/11/24, a 52-week low of $44.12 was recorded on 08/05/24. SMA at 50 days reached $74.57, while 200 days put it at $66.19.
Levels Of Support And Resistance For FTNT Stock
The 24-hour chart illustrates a support level at 82.18, which if violated will result in even more drops to 81.49. On the upside, there is a resistance level at 83.30. A further resistance level may holdings at 83.73. The Relative Strength Index (RSI) on the 14-day chart is 74.39, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 3.59, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 2.39%. Stochastics %K at 98.80% 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 2024-09-30, dropping by -0.73 million shares to a total of 12.99 million shares. Yahoo Finance data shows the prior-month short interest on 2024-08-30 was 13.72 million shares. There was a decline of -5.64%, which implies that there is a negative sentiment for the stock.
