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 $2,244,142 were sold by Xie Ken on Dec 17 ’24. At $97.93 per share, Xie Ken sold 22,916 shares. The insider’s holdings dropped to 48,983,683 shares worth approximately $4.77 billion following the completion of this transaction.
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Also, Xie Ken sold 22,928 shares, netting a total of over 2,188,848 in proceeds. Following the sale of shares at $95.47 each, the insider now holds 49,002,422 shares.
Before that, KEN QING XIE had added 22,928 shares to its account. In a trade valued at $2,238,231, the Director bought Fortinet Inc shares for $97.62 each.
As published in a research note from KeyBanc Capital Markets on December 19, 2024, Fortinet Inc [FTNT] has been rated up from a Sector weight to an Overweight and the price target has been revised to $115. Analysts at BMO Capital Markets resumed the stock at ‘”a Market perform”‘ outlook in a report released in mid November. As of November 11, 2024, HSBC Securities has increased its “Hold” rating to a “Buy” for FTNT. Earlier on October 17, 2024, Mizuho downgraded its rating. Their new recommendation was “an Underperform” for FTNT stock which previously was a “a Neutral”.
Analyzing FTNT Stock Performance
During the last five days, there has been a surge of approximately 4.21%. Over the course of the year, Fortinet Inc shares have jumped approximately 66.22%. Shares of the company reached a 52-week high of $100.59 on 11/13/24 and a 52-week low of $54.57 on 08/05/24. A 50-day SMA is recorded $90.62, while a 200-day SMA reached $72.56. Nevertheless, trading volume fell to 1.66 million shares from 3.11 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 96.81, which, if violated, would cause prices to drop to 96.34. In the upper region, resistance lies at 97.68. The next price resistance is at 98.08. RSI (Relative Strength Index) is 56.55 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.02, which suggests the price will decrease in the coming days. Percent R is at 41.08%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
