Fortinet stock: buy or sell
Apr 22nd, 2021
Fortinet stock brief
- After making new all-time highs last Friday, Fortinet closed at $201.92 slightly changing a -0.43%
- Price is drawing a scaled uptrend since October 2020 with higher tops and higher bottoms. This rally marked a 89.15% gain
- Monness Crespi & Hardt published a strong buy rating for Fortinet on Wednesday, forecasting $225.00
- Fortinet, Inc. provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.
Should I buy Fortinet stock?
All successful traders recommend adhering to a trading strategy and not make decisions based on subjective opinions, rumors or feelings. Trading strategies are meant for helping you in the decision process of what stocks to pick and when is the best moment to buy them. At Stocks2.com, we like to use very simple but trusted and powerful trend following trading strategies. Simple things usually work the best
Is $FTNT stock a buy?
In the current situation of Fortinet there is not any eligible buy setup. This doesn't mean $FTNT will slide in coming sessions, or it will not rise higher. Simply, it doesn't match our recommended trading systems
Should I sell Fortinet stock?
When you are a novel trader and you own a stock with some profit, it's really difficult to decide the good moment to sell and get your benefits. Just as when we have to buy shares, determining when is the best time to sell is not a capricious decision, and we must follow our own trading style. When selling, as well as buying, our setups are very easy to use and are only applicable for selling shares you already own, not for selling short Fortinet stock
As a golden rule, you should never mantain a trade that shows a losses greater than those expected by the time of the buy. The timing to sell shares must always be determined by the stop-loss (automatic or manual)
Is it time to sell Fortinet stock?
Currently, Fortinet stock doesn't match any of our preferred sell setups, so if you hold Fortinet stock and your operation is in profit probably is not time to sell now
In the last month, 2 analyst ratings were published for Fortinet
|Apr 16th, 2021|
|Apr 21st, 2021|
|Monness Crespi & Hardt|| |
Fortinet stock analysis
Since in October 2020, Fortinet has been drawing an uptrend that by now marked an amazing 89.15%. The price shows higher highs and higher lows, and along the way provided some entry points for those who wanted to enter. Latest pullback was in late March, when price bounced at $167.08. Like in all uptrends, price needs to rest and now price is consolidating the gains in a range between $209.39 and $167.08
$FTNT at Highs
Last Friday, Fortinet marked new all-time highs (ATH) again at $209.39. It's the fifth time in the last 10 sessions, marking an important rally
Supports and resistances
The current resistances are:
The current support levels are:
Since the price surpassed the upper band on April 15, the price dropped by 2.05%
Relative strength index
The RSI dropped below the overbought level of 70 on Tuesday after just crossing to the overbough zone for a single day (weak signal). The RSI reading on Wednesday was 65.18
Fortinet stock price history
Fortinet IPO was on Nov 18th, 2009 priced at $8.50 per share1. Since then, FTNT stock surged by 2,275.53%, with an average of 206.87% per year. An investment of thousand dollars on the IPO would worth $23,755.29 nowadays.
1: Adjusted price after possible price splits or reverse-splits
Price target for Fortinet stock
How much a stock will be priced tomorrow or next week is quite unpredictable. Banks and financial organisations issue their analysis predicting how a stock will performance in the future.
Along with buy or sell recommendations, brokerage institutions post their price target based on the stock price action and the company fundamental data. Most of these predictions follow the publication of new fundamental data by the company, and many times. If you are a small investor you should not buy or sell based on these price targets.
Averaging all price targets exposed below, the estimated price for Fortinet stock is $217.50. Fortinet closed at $201.92 on Wednesday, so the target price is expecting an increase by 7.72%.
|Brokerage firm||Price target|
|Apr 16th, 2021|
|Barclays||$202.00 → $210.00|
|Apr 21st, 2021|
|Monness Crespi & Hardt||$195.00 → $225.00|
Earnings and financials
Last February, Fortinet, Inc. ($FTNT) posted EPS for that slightly improved Market expectations. Quarterly EPS was $1.06 per share compared to the forecasted $0.97. This quarterly report means an earnings surprise of 9.28%. Estimated revenue for Q4 was $722.4 million but Fortinet slightly beat by 3.55%, reporting $748.0 million.For comparison, the EPS for the same quarter last year was $0.76, so current EPS means a improvement of 39.47%. Looking at sales, figures exploded a 21.74% compared to $6.1B same quarter last year.
Fortinet ($FTNT) is hosting the quarterly earnings call next Wednesday. Wall Street predicts of $0.74, compared to Q4 that made $1.06.
Important:The viewpoints given in this post are personal and should not be followed as recommendations for you to buy or sell shares. The author of this report does not know the particular positions of the reader, his or her own finances or what is in his or her best interest at any given time. All users should speak with their financial advisor before buying or selling any securities Comments are published for informational reasons only
|Wednesday, April 21st, 2021|
|Day range||$200.76 - $204.11|
|Average true range||$5.96|
|50d mov avg||$180.20|
|100d mov avg||$160.93|
|200d mov avg||$143.17|
|Earnings date||May 5th, 2021|