Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. 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 $3.94 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 Mizuho on October 17, 2024, Fortinet Inc [FTNT] has been rated down from a Neutral to an Underperform and the price target has been revised to $68. Analysts at DZ Bank upgraded the stock from ‘”a Sell”‘ to ‘”a Hold”‘ outlook in a report released in early August. As of August 07, 2024, HSBC Securities has increased its “Reduce” rating to a “Hold” for FTNT. Earlier on July 29, 2024, Guggenheim downgraded its rating. Their new recommendation was “a Neutral” for FTNT stock which previously was a “a Buy”.
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 37.74%. 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 $77.46, while a 200-day SMA reached $67.21. Nevertheless, trading volume fell to 2.81 million shares from 3.05 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 80.21, which, if violated, would cause prices to drop to 79.79. In the upper region, resistance lies at 81.19. The next price resistance is at 81.75. RSI (Relative Strength Index) is 56.42 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.01, which suggests the price will decrease in the coming days. Percent R is at 45.32%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
