Fortinet Inc (NASDAQ:FTNT) close to 52-week high on thin volume

Fortinet Inc (NASDAQ:FTNT) (TREND ANALYSIS) shares were traded with thin volume. The stock closed last trading session at $39.29, with a volume of 1,135,697 shares against an average volume for the last 3 months of 1,623,180.

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Fortinet Inc (NASDAQ:FTNT) is currently trading 1.7% below its 52-week-high, 79.9% above its 52-week-low. The 1-year range for the stock is $21.84 – $39.97. Fortinet Inc (FTNT) has a price to earnings ratio of 357.18 versus Technology sector average of 17.8. FTNT stock price has outperformed the Nasdaq by 21.2%. The Networking Products company is currently valued at $6.66 billion and its share price closed the last trading session at $39.29. The stock has a 50-day moving average of $37.32 and a 200-day moving average of $32.54.

Fortinet Inc (FTNT) current short interest stands at 5.36 million shares. It has increased by 2% from the same period of last month. Around 4% of the company’s shares, which are float, are short sold. With a 10-days average volume of 1.5 million shares, the number of days required to cover the short positions stand at 3.6 days.

FTNT reported last quarter earnings on April 20. The Networking Products company announced earnings per share of $0.01 against a consensus Street estimate of $0, beating the average estimate by $0.01. This corresponds to a decrease of $0.09 compared to the same quarter of the previous fiscal year.

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There are currently thirty analysts that cover FTNT stock. Of those thirty, twenty have a Buy rating, ten have a Hold rating. On a consensus basis this yields to an Overweight rating. The consensus target price stands at $41.25.

A recent analyst activity consisted of Needham upgrading their Hold rating to Buy on May 26. Needham set their price target at $48. This corresponds to a 22.17% upside from the last closing price. On the date of report, the stock closed at $39.29.

Citigroup reiterated their Buy stance on April 21, and increased their price target on FTNT stock from $37 to $41. This corresponds to a 4.35% upside from the last closing price. On the date of report, the stock closed at $38.08.

Another research firm was Macquarie who reiterated their Neutral stance on April 21. Macquarie increased their price target on Fortinet Inc from $34 to $39. This translates to a 0.74% downside from the last closing price. On the date of report, the stock closed at $38.08.

Company profile

Fortinet Inc. provides network security solutions. The Company offers network security appliances and related software, and subscription services. Fortinet systems integrate the industry’s broadest suite of security technologies, including firewall, VPN, antivirus, intrusion prevention (IPS), Web filtering, antispam, and traffic shaping.

Fortinet Inc (NASDAQ:FTNT) close to 52-week high on thin volume was last modified: May 27th, 2015 by Jason Ford