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 $1,925,547 were sold by Xie Ken on Oct 15 ’24. At $82.63 per share, Xie Ken sold 23,302 shares. The insider’s holdings dropped to 48,897,171 shares worth approximately $4.02 billion following the completion of this transaction.
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Also, Xie Ken sold 23,307 shares, netting a total of over 1,908,676 in proceeds. Following the sale of shares at $81.89 each, the insider now holds 48,915,530 shares.
Before that, KEN QING XIE had added 23,307 shares to its account. In a trade valued at $1,926,090, the Director bought Fortinet Inc shares for $82.64 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 2.23%. Over the course of the year, Fortinet Inc shares have jumped approximately 40.30%. Shares of the company reached a 52-week high of $83.77 on 10/14/24 and a 52-week low of $54.57 on 08/05/24. A 50-day SMA is recorded $76.17, while a 200-day SMA reached $66.54. Nevertheless, trading volume fell to 2.66 million shares from 5.38 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 81.48, which, if violated, would cause prices to drop to 80.83. In the upper region, resistance lies at 82.69. The next price resistance is at 83.25. RSI (Relative Strength Index) is 69.41 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 3.06, which suggests the price will increase in the coming days. Percent R is at 21.23%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
