In a filing, Fortinet Inc revealed its VP, ENGINEERING & CTO Xie Michael unloaded Company’s shares for reported $1.95 million on Nov 04 ’24. In the deal valued at $78.86 per share,24,712 shares were sold. As a result of this transaction, Xie Michael now holds 10,827,018 shares worth roughly $843.64 million.
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Then, MICHAEL XIE bought 24,712 shares, generating $1,947,306 in total proceeds.
Before that, Xie Ken sold 23,302 shares. Fortinet Inc shares valued at $1,925,547 were divested by the PRESIDENT & CEO at a price of $82.63 per share. As a result of the transaction, Xie Ken now holds 48,897,171 shares, worth roughly $3.81 billion.
Mizuho downgraded its Fortinet Inc [FTNT] rating to an Underperform from a a Neutral in a research note published recently. A number of analysts have revised their coverage, including DZ Bank’s analysts, who increased its forecast for the stock in early August from “a Sell” to “a Hold”. HSBC Securities also remained covering FTNT and has increased its forecast on August 07, 2024 with a “Hold” recommendation from previously “Reduce” rating. Guggenheim revised its rating on July 29, 2024. It rated FTNT as “a Neutral” which previously was an “a Buy”.
Price Performance Review of FTNT
On Tuesday, Fortinet Inc [NASDAQ:FTNT] saw its stock fall -1.17% to $77.92. Over the last five days, the stock has lost -1.83%. Fortinet Inc shares have risen nearly 33.13% since the year began. Nevertheless, the stocks have risen 54.36% over the past one year. While a 52-week high of $83.77 was reached on 10/14/24, a 52-week low of $47.66 was recorded on 08/05/24. SMA at 50 days reached $78.16, while 200 days put it at $67.91.
Levels Of Support And Resistance For FTNT Stock
The 24-hour chart illustrates a support level at 77.28, which if violated will result in even more drops to 76.63. On the upside, there is a resistance level at 79.01. A further resistance level may holdings at 80.09. The Relative Strength Index (RSI) on the 14-day chart is 42.72, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -1.54, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 96.36%. Stochastics %K at 13.66% indicates the stock is a buying.
How much short interest is there in Fortinet Inc?
A steep rise in short interest was recorded in Fortinet Inc stocks on 2024-10-15, dropping by -1.57 million shares to a total of 12.95 million shares. Yahoo Finance data shows the prior-month short interest on 2024-09-13 was 14.52 million shares. There was a decline of -12.14%, which implies that there is a negative sentiment for the stock.
