Fortinet (NASDAQ:FTNT) Stock, Quote.Headers.trade-ideas

Fortinet

Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. The firm derives a majority of its revenue through sales of its subscriptions and support-based business. The California-based firm has more than 700,000 customers across the world.

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Investors are anticipating the first cut to the federal funds rate in over four years at the September FOMC meeting. The market is divided on the magnitude of the cut, which could trigger significant reactions. Goldman Sachs data reveals the top S&amp;P 500 stocks to watch during Fed easing cycles.

20 S&amp;P 500 Stocks That Move The Most When The Fed Starts Cutting Interest Rates

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Fortinet shares are trading lower by 2.3% Thursday afternoon after the company reportedly confirmed a data breach. Fortinet reportedly stated that only a limited number of files and customers were affected.

Why Fortinet (FTNT) Stock Is Falling

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Top performers in August: Affirm Holdings, CAVA Group, Fortinet, Nu Holdings, Kellanova, Nutanix, Aspen Technology, MercadoLibre, Shopify, Starbucks

Affirm, Shopify And Starbucks Were Among Top 10 Large Cap Best Performers For August: Are The Others In Your Portfolio?

Fortinet Inc

Deep-pocketed investors have adopted a bullish approach towards Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in FTNT usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 9 extraordinary options activities for Fortinet. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 55% leaning bullish and 33% bearish. Among these notable options, 3 are puts, totaling $361,498, and 6 are calls, amounting to $302,335.
<h3>What's The Price Target?</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $67.5 to $80.0 for Fortinet over the last 3 months. 
<h3>Analyzing Volume &amp; Open Interest</h3>
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Fortinet's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Fortinet's significant trades, within a strike price range of $67.5 to $80.0, over the past month.
<h3>Fortinet Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727116293_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$5.8</td>
<td>$5.7</td>
<td>$5.65</td>
<td>$80.00</td>
<td>$282.5K</td>
<td>19</td>
<td style="text-align: right;">511</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$5.15</td>
<td>$5.1</td>
<td>$5.1</td>
<td>$77.50</td>
<td>$81.6K</td>
<td>130</td>
<td style="text-align: right;">274</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>06/20/25</td>
<td>$16.3</td>
<td>$16.15</td>
<td>$16.15</td>
<td>$67.50</td>
<td>$72.6K</td>
<td>306</td>
<td style="text-align: right;">49</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$7.2</td>
<td>$7.15</td>
<td>$7.2</td>
<td>$75.00</td>
<td>$56.1K</td>
<td>1.2K</td>
<td style="text-align: right;">93</td>
</tr>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$6.35</td>
<td>$6.2</td>
<td>$6.2</td>
<td>$67.50</td>
<td>$48.9K</td>
<td>268</td>
<td style="text-align: right;">80</td>
</tr>
</tbody>
</table>

<h3>About Fortinet</h3>
Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. The firm derives a majority of its revenue through sales of its subscriptions and support-based business. The California-based firm has more than 700,000 customers across the world.
Following our analysis of the options activities associated with Fortinet, we pivot to a closer look at the company's own performance.
<h3>Where Is Fortinet Standing Right Now?</h3>
<ul>
<li>With a trading volume of 1,553,595, the price of FTNT is up by 0.84%, reaching $77.42.</li>
<li>Current RSI values indicate that the stock is may be approaching overbought.</li>
<li>Next earnings report is scheduled for 38 days from now.</li>
</ul>
<h3>What Analysts Are Saying About Fortinet</h3>
In the last month, 1 experts released ratings on this stock with an average target price of $76.0.
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&#x2A; An analyst from Citigroup has decided to maintain their Neutral rating on Fortinet, which currently sits at a price target of $76. 
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Fortinet options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Options

Fortinet Unusual Options Activity For September 23

Fortinet's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NYSE">FTNT</a>) short percent of float has risen 5.34% since its last report. The company recently reported that it has 13.72 million shares sold short, which is 2.17% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.67 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Fortinet Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1726752632_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Fortinet has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Fortinet's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Fortinet's peer group average for short interest as a percentage of float is 4.64%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

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Peering Into Fortinet's Recent Short Interest

Investors are on edge in the lead-up to the Wednesday Federal Open Market Committee interest rate decision that is expected to deliver the first cut to the federal funds rate <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40921827/fed-decision-is-here-5-things-investors-need-to-know-ahead-of-wednesdays-pivotal-in">in over four years.</a>
The market is divided on the magnitude of the anticipated rate cut. Traders are assigning a 59% probability to a 50-basis-point cut, while a 41% chance is placed on a more modest 25-basis-point reduction. The size of the rate cut is crucial as it could trigger significant market reactions.
Should the Fed opt for a 50-basis-point cut, it may be perceived as an acknowledgment that interest rates are overly restrictive. This could lead to increased expectations for further rate cuts in the coming months, potentially fueling risk sentiment and driving stock prices higher.
Conversely, a 25-basis-point cut might disappoint investors who are betting on a more aggressive measure.
Since the start of 2022, the S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), has experienced an average move of plus or minus 1.3% during FOMC events, reflecting the market&#8217;s high sensitivity to Fed policy decisions.
Goldman Sachs equity analysts, including John Marshall, analyzed stock movements during the first rate cuts in the previous three Fed easing cycles (Sept. 18, 2007, July 31, 2019 and March 3, 2020).
The data highlights the average moves of several key S&amp;P 500 stocks with liquid options during these periods.
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Rank</th>
<th>Name</th>
<th>Absolute Average Move</th>
</tr>
</thead>
<tbody>
<tr>
<td>1</td>
<td>Caesars Entertainment Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CZR#NASDAQ">CZR</a>)</td>
<td>5.9%</td>
</tr>
<tr>
<td>2</td>
<td>Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)</td>
<td>5.5%</td>
</tr>
<tr>
<td>3</td>
<td>Capital One Financial Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>)</td>
<td>4.6%</td>
</tr>
<tr>
<td>4</td>
<td>Charles Schwab Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>)</td>
<td>4.6%</td>
</tr>
<tr>
<td>5</td>
<td>Mastercard Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>)</td>
<td>4.5%</td>
</tr>
<tr>
<td>6</td>
<td>Fortinet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>)</td>
<td>4.3%</td>
</tr>
<tr>
<td>7</td>
<td>Marriott International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAR#NASDAQ">MAR</a>)</td>
<td>4.2%</td>
</tr>
<tr>
<td>8</td>
<td>American Express Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>)</td>
<td>3.8%</td>
</tr>
<tr>
<td>9</td>
<td>Newmont Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>)</td>
<td>3.7%</td>
</tr>
<tr>
<td>10</td>
<td>Deere &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>)</td>
<td>3.6%</td>
</tr>
<tr>
<td>11</td>
<td>BlackRock Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>)</td>
<td>3.6%</td>
</tr>
<tr>
<td>12</td>
<td>Texas Instruments Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>)</td>
<td>3.5%</td>
</tr>
<tr>
<td>13</td>
<td>3M Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>)</td>
<td>3.3%</td>
</tr>
<tr>
<td>14</td>
<td>Bank of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>)</td>
<td>3.2%</td>
</tr>
<tr>
<td>15</td>
<td>JPMorgan Chase &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>)</td>
<td>3.2%</td>
</tr>
<tr>
<td>16</td>
<td>Oracle Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>)</td>
<td>3.0%</td>
</tr>
<tr>
<td>17</td>
<td>Abbott Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABT#NYSE">ABT</a>)</td>
<td>3.0%</td>
</tr>
<tr>
<td>18</td>
<td>Starbucks Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>)</td>
<td>2.9%</td>
</tr>
<tr>
<td>19</td>
<td>Visa Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>)</td>
<td>2.7%</td>
</tr>
<tr>
<td>20</td>
<td>Verizon Communications Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>)</td>
<td>2.3%</td>
</tr>
</tbody>
</table>
</figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40908202/10-etfs-investors-secretly-bought-before-the-feds-make-or-break-interest-rate-cal">10 ETFs Investors Secretly Bought Before The Fed&#8217;s Make-Or-Break Interest Rate Call</a></li>
</ul>
Federal Reserve illustration created using artificial intelligence via MidJourney.

20 S&P 500 Stocks That Move The Most When The Fed Starts Cutting Interest Rates

Providing a diverse range of perspectives from bullish to bearish, 20 analysts have published ratings on Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) in the last three months.
In the table below, you'll find a summary of their recent ratings, revealing the shifting sentiments over the past 30 days and comparing them to the previous months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">12</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">10</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets, analyzed by analysts, offer insights with an average target of $71.85, a high estimate of $81.00, and a low estimate of $64.00. This upward trend is evident, with the current average reflecting a 3.58% increase from the previous average price target of $69.37.
<img src="https://www.benzinga.com/files/images/story/2024/1726261216_0.png" alt="price target chart" />
<h2>Breaking Down Analyst Ratings: A Detailed Examination</h2>
The analysis of recent analyst actions sheds light on the perception of Fortinet by financial experts. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Fatima Boolani</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Neutral</td>
<td>$76.00</td>
<td>$66.00</td>
</tr>
<tr>
<td>Shyam Patil</td>
<td>Susquehanna</td>
<td>Raises</td>
<td>Neutral</td>
<td>$70.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Fatima Boolani</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Neutral</td>
<td>$66.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Patrick Colville</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Outperform</td>
<td>$75.00</td>
<td>$61.00</td>
</tr>
<tr>
<td>Yi Fu Lee</td>
<td>Cantor Fitzgerald</td>
<td>Raises</td>
<td>Neutral</td>
<td>$65.00</td>
<td>$55.00</td>
</tr>
<tr>
<td>Brad Zelnick</td>
<td>Deutsche Bank</td>
<td>Raises</td>
<td>Hold</td>
<td>$75.00</td>
<td>$71.00</td>
</tr>
<tr>
<td>Brian Essex</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$70.00</td>
<td>$63.00</td>
</tr>
<tr>
<td>Dan Bergstrom</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$72.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>Shrenik Kothari</td>
<td>Baird</td>
<td>Raises</td>
<td>Outperform</td>
<td>$80.00</td>
<td>$75.00</td>
</tr>
<tr>
<td>Daniel Ives</td>
<td>Wedbush</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$78.00</td>
<td>$78.00</td>
</tr>
<tr>
<td>Keith Bachman</td>
<td>BMO Capital</td>
<td>Raises</td>
<td>Market Perform</td>
<td>$76.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Roger Boyd</td>
<td>UBS</td>
<td>Raises</td>
<td>Neutral</td>
<td>$70.00</td>
<td>$69.00</td>
</tr>
<tr>
<td>Andrew Nowinski</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$64.00</td>
<td>$62.00</td>
</tr>
<tr>
<td>Catharine Trebnick</td>
<td>Rosenblatt</td>
<td>Raises</td>
<td>Buy</td>
<td>$72.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>Catharine Trebnick</td>
<td>Rosenblatt</td>
<td>Lowers</td>
<td>Buy</td>
<td>$68.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Fatima Boolani</td>
<td>Citigroup</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$65.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>Shaul Eyal</td>
<td>TD Cowen</td>
<td>Announces</td>
<td>Buy</td>
<td>$75.00</td>
<td>-</td>
</tr>
<tr>
<td>Hamza Fodderwala</td>
<td>Morgan Stanley</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$69.00</td>
<td>$73.00</td>
</tr>
<tr>
<td>Saket Kalia</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$70.00</td>
<td>$75.00</td>
</tr>
<tr>
<td>Raymond McDonough</td>
<td>Guggenheim</td>
<td>Maintains</td>
<td>Buy</td>
<td>$81.00</td>
<td>$81.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Fortinet. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analysts assign qualitative assessments to stocks, ranging from 'Outperform' to 'Underperform'. These ratings convey the analysts' expectations for the relative performance of Fortinet compared to the broader market.</li>
<li>Price Targets: Understanding forecasts, analysts offer estimates for Fortinet's future value. Examining the current and prior targets provides insight into analysts' changing expectations.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of Fortinet's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/FTNT/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Fortinet analyst ratings.</a>
<h2>Get to Know Fortinet Better</h2>
Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. The firm derives a majority of its revenue through sales of its subscriptions and support-based business. The California-based firm has more than 700,000 customers across the world.
<h3>Understanding the Numbers: Fortinet's Finances</h3>
Market Capitalization Analysis: Reflecting a smaller scale, the company's market capitalization is positioned below industry averages. This could be attributed to factors such as growth expectations or operational capacity.
Revenue Growth: Fortinet's revenue growth over a period of 3 months has been noteworthy. As of 30 June, 2024, the company achieved a revenue growth rate of approximately 10.95%. This indicates a substantial increase in the company's top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Information Technology sector.
Net Margin: Fortinet's net margin excels beyond industry benchmarks, reaching 26.48%. This signifies efficient cost management and strong financial health.
Return on Equity (ROE): Fortinet's ROE surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 504.05% ROE, the company effectively utilizes shareholder equity capital.
Return on Assets (ROA): Fortinet's ROA stands out, surpassing industry averages. With an impressive ROA of 4.83%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: The company faces challenges in debt management with a debt-to-equity ratio higher than the industry average. With a ratio of 3.45, caution is advised due to increased financial risk.
<h2>The Significance of Analyst Ratings Explained</h2>
Analysts are specialists within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter. 
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Ratings

Deep Dive Into Fortinet Stock: Analyst Perspectives (20 Ratings)

Investors with significant funds have taken a bullish position in Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), a development that retail traders should be aware of.
This was brought to our attention today through our monitoring of publicly accessible options data at Benzinga. The exact nature of these investors remains a mystery, but such a major move in FTNT usually indicates foreknowledge of upcoming events.
Today, Benzinga's options scanner identified 8 options transactions for Fortinet. This is an unusual occurrence. The sentiment among these large-scale traders is mixed, with 50% being bullish and 37% bearish. Of all the options we discovered, 7 are puts, valued at $514,902, and there was a single call, worth $25,800.
<h3>Predicted Price Range</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $70.0 to $75.0 for Fortinet over the last 3 months. 
<h3>Analyzing Volume &amp; Open Interest</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Fortinet's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Fortinet's whale trades within a strike price range from $70.0 to $75.0 in the last 30 days. 
<h3>Fortinet Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1726258986_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>03/21/25</td>
<td>$7.0</td>
<td>$6.65</td>
<td>$6.85</td>
<td>$75.00</td>
<td>$274.0K</td>
<td>221</td>
<td style="text-align: right;">405</td>
</tr>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$5.3</td>
<td>$5.2</td>
<td>$5.2</td>
<td>$75.00</td>
<td>$69.1K</td>
<td>2.1K</td>
<td style="text-align: right;">145</td>
</tr>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$5.35</td>
<td>$5.3</td>
<td>$5.3</td>
<td>$75.00</td>
<td>$44.5K</td>
<td>2.1K</td>
<td style="text-align: right;">290</td>
</tr>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$3.4</td>
<td>$3.35</td>
<td>$3.35</td>
<td>$70.00</td>
<td>$37.5K</td>
<td>2.1K</td>
<td style="text-align: right;">113</td>
</tr>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$1.59</td>
<td>$1.2</td>
<td>$1.22</td>
<td>$72.50</td>
<td>$35.1K</td>
<td>2.7K</td>
<td style="text-align: right;">286</td>
</tr>
</tbody>
</table>

<h3>About Fortinet</h3>
Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. The firm derives a majority of its revenue through sales of its subscriptions and support-based business. The California-based firm has more than 700,000 customers across the world.
Having examined the options trading patterns of Fortinet, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>Current Position of Fortinet</h3>
<ul>
<li>With a trading volume of 4,572,848, the price of FTNT is up by 0.7%, reaching $75.01.</li>
<li>Current RSI values indicate that the stock is is currently neutral between overbought and oversold.</li>
<li>Next earnings report is scheduled for 48 days from now.</li>
</ul>
<h3>Professional Analyst Ratings for Fortinet</h3>
A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $76.0.
<ul>
<li>Maintaining their stance, an analyst from Citigroup continues to hold a Neutral rating for Fortinet, targeting a price of $76. </li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Fortinet options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Market Whales and Their Recent Bets on FTNT Options

Citigroup analyst Fatima Boolani maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Neutral and raises the price target from $66 to $76.

Price Target

Citigroup Maintains Neutral on Fortinet, Raises Price Target to $76

Fortinet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) shares are trading lower by 2.91% to $74.42 Thursday afternoon after the company reportedly confirmed a data breach.
What Happened: According to <a href="https://www.bleepingcomputer.com/news/security/fortinet-confirms-data-breach-after-hacker-claims-to-steal-440gb-of-files/">BleepingComputer</a>, Fortinet confirmed a data breach after a threat actor claimed to have stolen 440GB of files from the company's Microsoft SharePoint server. The attacker, Fortib&#8212;-, posted on a hacking forum and shared credentials to a S3 bucket allegedly containing the stolen data.
The company refused to pay the hacker&#8217;s ransom. Fortinet told BleepingComputer that the breach affected a &#8220;limited number&#8221; of files on a third-party cloud drive and notified the small group of customers affected.
Read Also: <a href="https://www.benzinga.com/news/large-cap/24/09/40839929/stocks-edge-up-as-producer-inflation-supports-rate-cut-bets-small-caps-miners-rally-whats-driving-">Stocks Edge Up As Producer Inflation Supports Rate Cut Bets, Small Caps, Miners Rally: What&#8217;s Driving Markets Thursday?</a>
Why This Matters: The hack may have customers concerned about the safety and reliability of Fortinet&#8217;s services, even though the breach impacted a small group.
Data breaches may lead to regulatory scrutiny, potential fines and costly legal battles. 
EXCLUSIVE: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40840625/exclusive-ai-to-turbocharge-alibabas-cloud-in-bid-to-rival-microsoft-amazon-says-st">AI To &#8216;Turbocharge&#8217; Alibaba&#8217;s Cloud In Bid To Rival Microsoft, Amazon, Says Strategist</a>
<h2 class="wp-block-heading">How To Buy FTNT Stock</h2>
Besides going to a brokerage platform to purchase a share &#8211; or fractional share &#8211; of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument. 
For example, in Fortinet&#8217;s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

Fortinet Confirms Unauthorized Access To Limited Files On Third-Party Cloud-Based Drive; No Evidence Of Malicious Activity Affecting Customers; Operations, Products, And Services Unaffected

Fortinet Reports Data Breach Has Not Affected Operations Or Services

WIIM

Fortinet shares are trading lower after the company reportedly confirmed a data breach.

<a href="https://www.bleepingcomputer.com/news/security/fortinet-confirms-data-breach-after-hacker-claims-to-steal-440gb-of-files/" title="https://www.bleepingcomputer.com/news/security/fortinet-confirms-data-breach-after-hacker-claims-to-steal-440gb-of-files/">https://www.bleepingcomputer.com/news/security/fortinet-confirms-data-breach-after-hacker-claims-to-steal-440gb-of-files/</a>

'Fortinet confirms data breach after hacker claims to steal 440GB of files' - BleepingComputer

These ten large-cap stocks were the best performers in August. Are they in your portfolio?
<ol>
<li>Affirm Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) shares escalated 66.58% in August. It reported&nbsp;strong&nbsp;fourth-quarter&nbsp;earnings and <a href="https://www.benzinga.com//node/40630056" target="_blank" rel="noreferrer noopener">upbeat&nbsp;first-quarter&nbsp;guidance</a>.</li>
<li>CAVA Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAVA#NYSE">CAVA</a>) stock jumped 34.99%. The company reported better-than-expected&nbsp;second-quarter&nbsp;results, and analysts boosted <a href="https://www.benzinga.com//node/40528470" target="_blank" rel="noreferrer noopener">stock price forecasts</a>.</li>
<li>Fortinet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) shares rose 34.11%. It reported strong second-quarter results and <a href="https://www.benzinga.com//node/40599688" target="_blank" rel="noreferrer noopener">issued&nbsp;above-estimate guidance</a>.</li>
<li>Nu Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NU#NYSE">NU</a>) stock upped 29.95%. The company reported strong&nbsp;<a href="https://www.benzinga.com//node/40368174" target="_blank" rel="noreferrer noopener">results for the&nbsp;second quarter</a>.</li>
<li>Kellanova (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/K#NYSE">K</a>) stock upped 29.91%. The company inked a deal to be bought by privately held <a href="https://www.benzinga.com//node/40364761" target="_blank" rel="noreferrer noopener">Mars</a><a href="https://www.benzinga.com//node/40364761" target="_blank" rel="noreferrer noopener"> for&nbsp;$83.50&nbsp;per share</a>.</li>
<li>Nutanix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTNX#NASDAQ">NTNX</a>) stock escalated 28.96%. It reported&nbsp;fourth-quarter results, and many analysts&nbsp;<a href="https://www.benzinga.com//node/40626089" target="_blank" rel="noreferrer noopener">boosted the stock's price target</a>.</li>
<li>Aspen Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZPN#NASDAQ">AZPN</a>) shares rose 28.64%. The company reported better-than-<a href="https://www.benzinga.com//node/40226872" target="_blank" rel="noreferrer noopener">expected&nbsp;fourth-quarter results</a>.</li>
<li>MercadoLibre, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MELI#NASDAQ">MELI</a>) stock rocketed 28.37%.</li>
<li>Shopify Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) shares were up 27.33%. It posted a strong earnings report and several analysts&nbsp;<a href="https://www.benzinga.com//node/40268815" target="_blank" rel="noreferrer noopener">revised the price target</a>.</li>
<li>Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) stock was up 25.91%. Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) CEO and Chairman Brian Niccol was named Starbucks' new Chairman and <a href="https://www.benzinga.com//node/40338228" target="_blank" rel="noreferrer noopener">Chief Executive Officer, effective September 9</a>.</li>
</ol>
Also Read:
<ul>
<li><a href="https://www.benzinga.com/news/large-cap/24/09/40764325/intel-moderna-and-dollar-general-were-among-top-10-large-cap-losers-in-august-are-the-others-in-yo">Intel, Moderna And Dollar General Were Among Top 10 Large Cap Losers In August: Are The Others In Your Portfolio?</a></li>
</ul>
Photo via Shutterstock.

August saw the <a href="https://www.benzinga.com/news/earnings/24/08/40648231/wall-street-poised-for-strong-start-as-inflation-data-looms-strategist-says-brace-for-volatile-fall">equity market make good the losses</a> it experienced post its mid-July peak, with earnings and benign data helping the fightback. With August in the rearview mirror, here&#8217;s a look at the leaders and laggards among the S&amp;P 500 Index, a broader gauge of market performance.
3-Part Trend: The month&#8217;s trading could be characterized as a tale of three trends. Stocks extended the weakness into August, with the S&amp;P 500 bottoming on Aug. 5, coinciding with the collapse of the global equity markets. The unwinding of the yen carry trades due to the yen&#8217;s strength perked up risk aversion, sending Japanese stocks into a tailspin, and the reverberations became evident elsewhere.
The S&amp;P 500 Index fell 4.3% intraday on Aug. 5, which happened to be a Monday. The collapse was promptly dubbed Black Monday 2.0 to differentiate it from the Black Monday crash of Oct. 1987. The CBOE Volatility Index, commonly called VIX, more than doubled to 65.73 intraday before pulling back. 
On a positive note, the S&amp;P 500 closed off the lows of the day and was down a more modest 3% by the close.
The market saw a steady recovery from the low through Aug. 22, thanks to a slew of catalysts that reinforced expectations that the Federal Open Market Committee would begin cutting rates at its September meeting.
The strong and rapid recovery pushed traders on the defensive, and the market has been moving sideways since then. 
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="819" height="630" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/31133559/image-325.png" alt="" class="wp-image-524474" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/31133559/image-325.png 819w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/31133559/image-325-300x231.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/31133559/image-325-768x591.png 768w" sizes="(max-width: 819px) 100vw, 819px" /></figure>
Source: Yahoo Finance
For August, the S&amp;P 500 Index gained 2.28%, ending the month at 5,648.40, off its record closing high of 5,667.20 hit on July 16.
See Also: <a href="https://www.benzinga.com/money/best-growth-stocks">Best Growth Stocks Right Now</a>
The Leaders: None of the Magnificent seven stocks, which have been spearheading the broader market uptrend since the start of the 2023, made it to the list of the top 10 gainers. The list featured two cybersecurity companies, namely CrowdStrike Holdings, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) and Fortinet, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>). CrowdStrike was rebounding from its global-outage-induced slump seen since July 19. 
Fortinet was helped by a strong post-earnings rally.
Two household and personal care products companies also made the cut, while a management change did the truck for coffee chain Starbucks Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>).
The top 10 gainers for the month are:
<ul>
<li>Packaged food company Kellanova&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/K#NYSE">K</a>) (+38.62%) (upside primarily due to the rumors of a buyout by privately-held Mars and the subsequent confirmation of the deal)</li>
<li>Fortinet (+32.17%)</li>
<li>Starbucks (+26.52%)</li>
<li>Axon Enterprise, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AXON#NASDAQ">AXON</a>) (+21.65%); Much of the gains stemmed from a post-earnings bump seen on Aug.7)</li>
<li>Clorox Company&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLX#NYSE">CLX</a>) (+21.02%)</li>
<li>CrowdStrike (+19.54%)</li>
<li>Kenvue Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KVUE#NYSE">KVUE</a>) (+19.88%)</li>
<li>Best Buy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>) (+16.04%)</li>
<li>Arch Capital Group Ltd.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACGL#NYSE">ACGL</a>) (+18.07%)</li>
<li>Progressive Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) (+17.78%)</li>
</ul>
The Laggards: Artificial intelligence server manufacturer Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>), which had a dream run after its inclusion in the S&amp;P 500 Index, plummeted following a short report and the delay flagged by the company in filing its 10-K report. Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), which is fraught with fundamental risk, was also one of the worst performers for the month.
A few retailers ended up in the list of the top 10 S&amp;P 500 decliners for August.
The top 10 losers for the month are:
<ul>
<li>Super Micro (-37.62%)</li>
<li>Moderna, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) (-35.08%)</li>
<li>Dollar General Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DG#NYSE">DG</a>) (-31.08%)</li>
<li>Intel (-27.86%)</li>
<li>Walgreens Boots Alliance, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>) (-20.19%)</li>
<li>Dollar Tree, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) (-19.02%)</li>
<li>Charles River Laboratories International, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRL#NYSE">CRL</a>) (-18.99%)</li>
<li>Airbnb, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>) (-15.94)</li>
<li>Bath &amp; Body Works, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBWI#NYSE">BBWI</a>) (-15.80%)</li>
<li>Etsy, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETSY#NASDAQ">ETSY</a>) (-15.43%)</li>
</ul>
Earnings reactions triggered the weakness seen in some of these stocks, including Intel, and <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40139012/moderna-stock-trading-lower-on-dismal-guidance-analysts-cuts-price-targets-noting-c">Moderna, which reduced its full-year forecast.</a>
With the Fed all but decided on a September rate cut, some of these beaten-down stocks, especially those in the retail space, could stage a turnaround. 
The SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that tracks the S&amp;P 500 Index, ended Friday&#8217;s session up 0.95% at $563.68, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40594093/economist-peter-schiff-warns-fed-may-be-committing-mistake-by-lowering-rates-in-sep">Economist Peter Schiff Warns Fed May Be Committing Mistake By Lowering Rates In September As Dollar Index Falls To Lowest In Over A Year</a></li>
</ul>

ABNB

ACGL

AXON

BBWI

CRWD

DLTR

ETSY

GDDY

INTC

KVUE

MPWR

MRNA

SMCI

UBER

Magnificent 7 Miss Out, 2 Cybersecurity Stocks Stand Firm, Retailers Lag In Volatile August: Here Are The Top S&P 500 Gainers And Losers

Cybersecurity stock Fortinet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) has been on a bullish tear, with the stock up 31.48% year-to-date, 29.42% over the past year, and an impressive 32.37% in the last month alone. The cybersecurity powerhouse continues to flex its muscles, outperforming market expectations and delivering <a href="https://www.benzinga.com//node/40203474">robust financial results</a>.
The company&#8217;s second-quarter earnings report, released in early August, showcased a stellar performance. Fortinet reported a revenue surge of 11% year-over-year to $1.43 billion, surpassing the consensus estimate of $1.403 billion. The adjusted earnings per share also beat expectations, coming in at 57 cents versus the analyst estimate of 41 cents per share.
This earnings beat has given the stock a nice boost, reflecting the market&#8217;s confidence in Fortinet&#8217;s growth trajectory.
<h2 class="wp-block-heading">Betting Big On SASE And GenAI</h2>
Fortinet isn&#8217;t just resting on its laurels. On Tuesday, the company announced a significant expansion of its Unified SASE solution, integrating sovereign SASE and generative AI (GenAI) capabilities. Fortinet's Unified SASE is now even more robust, combining Secure SD-WAN with cloud-delivered security service edge (SSE) under a single console for seamless management and enhanced security.
CEO Ken Xie emphasized the strategic importance of these developments, stating, &#8220;We expect to emerge as a SASE leader, as we are the only vendor in the Gartner Magic Quadrant for Single-Vendor SASE that is also recognized in five different network security Magic Quadrant reports.&#8221; 
Clearly, Fortinet is positioning itself to dominate the rapidly growing Unified SASE and Security Operations markets.
<h2 class="wp-block-heading">Golden Cross: Bullish Times Ahead?</h2>
Now, let&#8217;s talk technicals—Fortinet has just flashed a Golden Cross, a key bullish indicator that signals potential upward momentum. This occurs when the 50-day moving average crosses above the 200-day moving average, suggesting the stock might be poised for a stronger uptrend.
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082824&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="631" height="461" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28075218/Screenshot-2024-08-28-at-4.20.30-PM.png" alt="" class="wp-image-518106" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28075218/Screenshot-2024-08-28-at-4.20.30-PM.png 631w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28075218/Screenshot-2024-08-28-at-4.20.30-PM-300x219.png 300w" sizes="(max-width: 631px) 100vw, 631px" /></a></figure>
<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082824&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
The stock is trading above its five, 20 and 50-day exponential moving averages, reinforcing the bullish sentiment. 
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082824&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="631" height="461" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28075851/Screenshot-2024-08-28-at-5.25.46-PM.png" alt="" class="wp-image-518120" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28075851/Screenshot-2024-08-28-at-5.25.46-PM.png 631w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28075851/Screenshot-2024-08-28-at-5.25.46-PM-300x219.png 300w" sizes="(max-width: 631px) 100vw, 631px" /></a></figure>
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Currently priced at $75.97, Fortinet stock&#8217;s eight-day simple moving average is at $75.11, while its 20-day and 50-day SMAs sit at $69.01 and $63.01, respectively—all indicating a bullish trend.
Read Also: <a href="https://www.benzinga.com//node/40317469">Here&#8217;s How Much You Would Have Made Owning Fortinet Stock In The Last 10 Years</a>
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082824&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="631" height="461" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28075927/Screenshot-2024-08-28-at-5.26.34-PM.png" alt="" class="wp-image-518123" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28075927/Screenshot-2024-08-28-at-5.26.34-PM.png 631w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28075927/Screenshot-2024-08-28-at-5.26.34-PM-300x219.png 300w" sizes="(max-width: 631px) 100vw, 631px" /></a></figure>
<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082824&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
Even the Moving Average Convergence Divergence (MACD) indicator shows a value of 4.19, which points to continued bullish momentum. 
The Bollinger Bands also suggest a bullish trend, with the stock trading in the upper band. However, with a Relative Strength Index (RSI) of 77.9, caution is advised as the stock is in overbought territory.
<h2 class="wp-block-heading">Fortinet Stock Is Riding The Bull</h2>
With a golden cross lighting the way and strong fundamentals backing its play, Fortinet seems to be in a prime position for further gains. 
However, investors should keep an eye on overbought signals and potential consolidation before deciding their next move. 
For now, though, Fortinet remains firmly in the bullish camp.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40585687/crowdstrike-stock-chart-signals-caution-ahead-of-q2-earnings-will-bulls-make-a-come">CrowdStrike Stock Chart Signals Caution Ahead Of Q2 Earnings: Will Bulls Make A Comeback?</a></li>
</ul>
Photo: JHVEPhoto/Shutterstock.com

Technicals

Tech

Fortinet Flashes Golden Cross: Is This Cybersecurity Stock Ready For More Gains?

CrowdStrike Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/crwd#NASDAQ">CRWD</a>) is scheduled to release second-quarter fiscal 2025 results on Jun 4.
For the second quarter, CrowdStrike projects total revenues between $958.3 million and $961.2 million. The Zacks Consensus Estimate for revenues is pegged at $958.7 million, which indicates growth of 31% from the year-ago quarter&#39;s level.
CrowdStrike anticipates non-GAAP earnings between 98 cents and 99 cents per share. The consensus mark for the bottom line has been revised a penny downward to 98 cents per share over the past 30 days and indicates 32.4% year-over-year growth.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/b9/75218.jpg?v=839382956" style="height:305px; width:600px" />
Image Source: Zacks Investment Research
The company has consistently demonstrated impressive financial performance, underpinned by its subscription-based revenue model. Its earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 15.8%.
<div class="chart_embed">
<h3>CrowdStrike Price and EPS Surprise</h3>
<img alt="CrowdStrike Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/60/1724420872.png" style="height:305px; width:600px" title="" />
CrowdStrike price-eps-surprise | CrowdStrike Quote
As CrowdStrike approaches its second-quarter earnings announcement, let&#39;s see if it is the right time to invest in this stock.
</div>
<h2>Factors Shaping Upcoming Results</h2>
CrowdStrike&#39;s second-quarter results are likely to reflect the benefits of the continued solid demand for its products, given the healthy environment of the global security market. The increasing number of people logging into employers&#39; networks has triggered a greater need for security and might have spurred the demand for CRWD&#39;s products in the fiscal second quarter. A strong pipeline of deals indicates the same.
Stellar revenue growth in subscriptions might have contributed significantly to the second-quarter top line. Further, the increasing number of net new subscription customers may have acted as a tailwind.
The Zacks Consensus Estimate for Subscription revenues is pegged at $910 million, indicating a year-over-year improvement of 31.9%. Revenues from the Professional Services segment are likely to increase 18.7% year over year to $49.5 million in the fourth quarter.
Moreover, CrowdStrike&#39;s collaboration with Amazon Web Services (&quot;AWS&quot;) is an upside, benefiting the company from its products&#39; availability on the AWS platform. The expansion in the volume of transactions through Amazon&#39;s AWS Marketplace, growth in co-selling opportunities with AWS salesforce and the uptake of AWS service integrations are likely to have contributed to CRWD&#39;s earnings in the to-be-reported quarter.
However, elevated expenses for enhancing sales and marketing capabilities and increased investments in research and development are likely to have weighed on the company&#39;s fiscal second-quarter bottom line.
<h2>Price Performance &amp; Valuation</h2>
Year to date, shares of CrowdStrike have risen 4.8%, underperforming the Zacks Internet &ndash; Software industry&#39;s growth of 14.6%. The CRWD stock has also underperformed its peers, including Palo Alto Networks (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/panw#NASDAQ">PANW</a>) and Fortinet (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ftnt#NASDAQ">FTNT</a>), which have registered a rise of 18.5% and 27.2%, respectively, YTD.
<h3>YTD Price Return Performance</h3>
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/9e/75219.jpg?v=1021083623" style="height:305px; width:600px" />
Image Source: Zacks Investment Research
Now, let&#39;s look at the value CrowdStrike offers investors at the current levels. CRWD stock is trading at a premium with a forward 12-month P/S of 14.47X compared with the industry&#39;s 2.57X, reflecting a stretched valuation.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/ea/75220.jpg?v=1563281137" style="height:305px; width:600px" />
Image Source: Zacks Investment Research
<h2>Investment Thesis</h2>
Although CrowdStrike has experienced impressive growth since its IPO, recent quarterly reports have shown a deceleration in its growth rate. The company&#39;s revenue growth, while still robust, is not as explosive as in previous years.
CrowdStrike had enjoyed more than 50% year-over-year top-line growth till fiscal 2023. However, the growth rate decelerated in fiscal 2024 to 36%. The current Zacks Consensus Estimate for fiscal 2025 and 2026 suggests that the top-line growth will further decelerate to 30% and 24%, respectively.
This slowdown is partly due to the law of large numbers &mdash; as companies grow larger, maintaining high percentage growth rates becomes increasingly difficult. Additionally, heightened competition from established players and new entrants in the cybersecurity space could put further pressure on CrowdStrike&#39;s growth.
Also, CrowdStrike&#39;s near-term prospects might be hurt by softening IT spending as enterprises are postponing their large tech investment plans due to macroeconomic uncertainties and geopolitical issues.
Additionally, the global IT outage incident in July 2024 has highlighted significant vulnerabilities within CrowdStrike&#39;s operational processes, casting a shadow over its reputation. A faulty content update for its Falcon platform had impacted around 8.5 million Microsoft&nbsp;Windows devices and led to widespread system malfunctions across various industries, including banks, airports, hospitals and government agencies. While CRWD&#39;s swift acknowledgment and rectification efforts were commendable, the scale of the impact has left a lasting impression on clients and investors alike.
<h2>Conclusion</h2>
Given the challenges CrowdStrike is facing, it might be time for investors to reconsider their position. The company&#39;s slowing sales growth is a serious concern that cannot be ignored. The faulty Falcon update has exposed critical vulnerabilities in the company&#39;s operations, raising questions about its ability to maintain client trust and market dominance. Moreover, this Zacks Rank #5 (Strong Sell) company&#39;s high valuation multiples add another layer of risk.
In light of the reputation damage from the global IT outage and slowing sales growth concerns, it is prudent for investors to stay away from CrowdStrike stock for now. The combination of operational risks and high valuation makes CRWD stock a risky proposition.
<a href="https://www.zacks.com/stock/news/2326397/should-you-buy-sell-or-hold-crowdstrike-crwd-ahead-of-q2-earnings?cid=CS-BENZ-FT-analyst_blog|most_popular_stocks-2326397">To read this article on Zacks.com click here.</a>

Earnings

Earnings Beats

PANW

Should You Buy, Sell or Hold CrowdStrike Ahead of Q2 Earnings?

Market strategist Jay Woods has identified two sectors and several investment opportunities that could thrive regardless of whether Donald Trump or Kamala Harris wins <a href="https://www.benzinga.com/topic/2024-election">the 2024 election.</a>
Defense Stocks: Woods, who is the <a href="https://www.benzinga.com/topic/jay-woods">Chief Global Strategist</a> for Freedom Capital Markets, sees the defense sector as one that could benefit no matter who wins the upcoming election.
Woods said that Boeing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) is one defense stock that has held back the sector and hurt ETFs like the iShares US Aerospace &amp; Defense ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITA#BATS">ITA</a>).
The market strategist named stocks like Northrop Grumman (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOC#NYSE">NOC</a>), General Dynamics (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>), Lockheed Martin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), RTX Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>) and GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) as companies to watch in the defense sector.
"These stocks are our best in class and they're making new highs," Woods said.
On GE Aerospace, Woods said this is a good example of what splitting up companies can do, noting it could be a potential precursor to what could be in store for Alphabet Inc.
"GE had done nothing. It was dead money for years."
Woods said the sum of the parts was greater than the whole for GE.
The defense sector could continue to benefit from geopolitical concerns and a lot of bad things happening in the world, Woods said.
"I think you&#8217;ve got to watch this sector closely."
Read Also: <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/07/40025773/bad-news-ahead-for-investors-august-september-are-worst-two-months-over-past-20-years-">Bad News Ahead For Investors? August, September Are Worst Two Months Over Past 20 Years — But 2024 Could Be Different</a>
Cybersecurity Stocks: Woods said the cybersecurity sector could also benefit no matter who wins the 2024 election.
"We know how important that is," Woods said of cybersecurity.
Woods named CrowdStrike Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) as the cybersecurity stock that has weighed down the sector and ETFs like the Amplify Cybersecurity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HACK#NYSE">HACK</a>).
The market strategist said it is going to take time for CrowdStrike to come back, and investors might not want to jump back in.
Other names in the cybersecurity sector Woods likes are Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), Check Point Software Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>), Palo Alto Networks Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>), Cloudflare Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NET#NYSE">NET</a>) and Cisco Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>).
Palo Alto Networks was highlighted as a stock with a strong long-term trend. Woods noted that while the stock has been hit hard on earnings in the past, it&#8217;s poised for a comeback in the near future.
Woods mentioned that naming Cisco often catches people off guard, given the stock has done nothing over the last 20 years. However, in the short term, Woods said that the stock appears to have broken out of a downtrend.
An acquisition of Splunk is still being digested by Cisco, but could help in its cybersecurity efforts, Woods said.
"I think they're starting to reap the benefits of that. Cisco to me looks like something's changed. It's worth taking a flyer."
Woods said Cisco isn't a popular recommendation, but there could be something there.
"If you like boring, I give you Cisco."
The market strategist said picking individual stocks could outperform the overall cybersecurity sector, but the CrowdStrike drop also shows the impact one bad stock can have on a portfolio.
"I think the safest way to play cyber is the ETFs."
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Investing In Defense Stocks: ETFs or Individual Names?" width="500" height="281" src="https://www.youtube.com/embed/NTM2J1dfM6M?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
Watch the full PreMarketPrep episode <a href="https://www.youtube.com/watch?v=vGXosi2hWTQ">here</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/exclusives/24/07/39886192/exclusive-tesla-an-elon-musk-and-a-technology-story-first-ev-story-last-market-strategist-explains-w">EXCLUSIVE: Tesla &#8216;An Elon Musk And A Technology Story First, EV Story Last&#8217; — Market Strategist Explains Why To Buy The Stock</a></li>
</ul>
Photo created with images from Benzinga and artificial intelligence using Midjourney.

Sector ETFs

Exclusives

CHKP

CSCO

HACK

iShares Dow Jones US Aerospace & Defense Index Fund

EXCLUSIVE: Trump Or Harris? 12 Stocks, 2 ETFs Could Win No Matter Who's President, Says Market Strategist

Whales with a lot of money to spend have taken a noticeably bearish stance on Fortinet.
Looking at options history for Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) we detected 10 trades.
If we consider the specifics of each trade, it is accurate to state that 20% of the investors opened trades with bullish expectations and 60% with bearish.
From the overall spotted trades, 2 are puts, for a total amount of $60,800 and 8, calls, for a total amount of $470,725.
<h3>Expected Price Movements</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $65.0 to $80.0 for Fortinet during the past quarter. 
<h3>Volume &amp; Open Interest Development</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Fortinet's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Fortinet's whale trades within a strike price range from $65.0 to $80.0 in the last 30 days. 
<h3>Fortinet Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724259761_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>01/16/26</td>
<td>$20.2</td>
<td>$19.8</td>
<td>$19.8</td>
<td>$65.00</td>
<td>$99.0K</td>
<td>229</td>
<td>50</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$2.19</td>
<td>$2.12</td>
<td>$2.12</td>
<td>$75.00</td>
<td>$74.9K</td>
<td>4.9K</td>
<td>1.5K</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$6.1</td>
<td>$5.95</td>
<td>$5.95</td>
<td>$70.00</td>
<td>$66.0K</td>
<td>5.9K</td>
<td>114</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$2.24</td>
<td>$2.18</td>
<td>$2.2</td>
<td>$75.00</td>
<td>$66.0K</td>
<td>4.9K</td>
<td>846</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$7.1</td>
<td>$7.0</td>
<td>$7.0</td>
<td>$75.00</td>
<td>$55.3K</td>
<td>3.3K</td>
<td>93</td>
</tr>
</tbody>
</table>

<h3>About Fortinet</h3>
Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. The firm derives a majority of its revenue through sales of its subscriptions and support-based business. The California-based firm has more than 700,000 customers across the world.
Having examined the options trading patterns of Fortinet, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>Fortinet's Current Market Status</h3>
<ul>
<li>With a volume of 1,211,765, the price of FTNT is down 0.0% at $75.57. </li>
<li>RSI indicators hint that the underlying stock may be overbought.</li>
<li>Next earnings are expected to be released in 71 days.</li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Fortinet, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Fortinet Unusual Options Activity For August 21

Whales with a lot of money to spend have taken a noticeably bullish stance on Fortinet.
Looking at options history for Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) we detected 8 trades.
If we consider the specifics of each trade, it is accurate to state that 75% of the investors opened trades with bullish expectations and 25% with bearish.
From the overall spotted trades, 4 are puts, for a total amount of $160,710 and 4, calls, for a total amount of $253,260.
<h3>Projected Price Targets</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $50.0 to $75.0 for Fortinet during the past quarter. 
<h3>Analyzing Volume &amp; Open Interest</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Fortinet's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Fortinet's whale trades within a strike price range from $50.0 to $75.0 in the last 30 days. 
<h3>Fortinet Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1723831380_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/20/24</td>
<td>$24.25</td>
<td>$24.1</td>
<td>$24.25</td>
<td>$50.00</td>
<td>$121.2K</td>
<td>131</td>
<td style="text-align: right;">50</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$2.99</td>
<td>$2.96</td>
<td>$2.98</td>
<td>$75.00</td>
<td>$59.8K</td>
<td>3.8K</td>
<td style="text-align: right;">866</td>
</tr>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>08/23/24</td>
<td>$0.95</td>
<td>$0.9</td>
<td>$0.92</td>
<td>$73.50</td>
<td>$46.0K</td>
<td>69</td>
<td style="text-align: right;">501</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>08/16/24</td>
<td>$9.1</td>
<td>$8.95</td>
<td>$9.04</td>
<td>$65.00</td>
<td>$45.1K</td>
<td>2.3K</td>
<td style="text-align: right;">100</td>
</tr>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$5.7</td>
<td>$5.65</td>
<td>$5.65</td>
<td>$75.00</td>
<td>$42.9K</td>
<td>132</td>
<td style="text-align: right;">79</td>
</tr>
</tbody>
</table>

<h3>About Fortinet</h3>
Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. The firm derives a majority of its revenue through sales of its subscriptions and support-based business. The California-based firm has more than 700,000 customers across the world.
Following our analysis of the options activities associated with Fortinet, we pivot to a closer look at the company's own performance.
<h3>Fortinet's Current Market Status</h3>
<ul>
<li>Currently trading with a volume of 2,202,502, the FTNT's price is up by 1.47%, now at $74.48. </li>
<li>RSI readings suggest the stock is currently may be overbought.</li>
<li>Anticipated earnings release is in 76 days.</li>
</ul>
<h3>Professional Analyst Ratings for Fortinet</h3>
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $74.0.
<ul>
<li>Consistent in their evaluation, an analyst from Susquehanna keeps a Neutral rating on Fortinet with a target price of $70. </li>
<li>An analyst from Baird has decided to maintain their Outperform rating on Fortinet, which currently sits at a price target of $80. </li>
<li>Showing optimism, an analyst from TD Cowen upgrades its rating to Buy with a revised price target of $75. </li>
<li>Consistent in their evaluation, an analyst from Scotiabank keeps a Sector Outperform rating on Fortinet with a target price of $75. </li>
<li>An analyst from JP Morgan has decided to maintain their Neutral rating on Fortinet, which currently sits at a price target of $70. </li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Fortinet options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Fortinet Unusual Options Activity

As of Aug 16, 2024, three stocks in the information technology sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi">RSI is above 70</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>. 
Here's the latest list of major overbought players in this sector.
<h3 class="wp-block-heading">Motorola Solutions Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSI#NYSE">MSI</a>)</h3>
<ul>
<li>On Aug. 1, Motorola Solutions posted upbeat quarterly earnings. &#8220;Our second quarter was excellent, with strong growth in all three technologies and record Q2 sales and operating earnings,&#8221; said Greg Brown, chairman and CEO, Motorola Solutions. The company's stock gained around 7% over the past month and has a <a href="https://www.benzinga.com/quote/MSI">52-week high of $424.55</a>.</li>
<li>RSI Value: 71.75&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</li>
<li>MSI Price Action: Shares of Motorola Solutions gained 0.8% to close at $421.94 on Thursday.</li>
</ul>
<h3 class="wp-block-heading">Fortinet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>)</h3>
<ul>
<li>On Aug. 6, Fortinet reported better-than-expected second-quarter financial results and issued FY24 guidance above estimates. "In the second quarter, we successfully balanced growth and profitability as our non-GAAP operating margin increased 820 basis points year-over-year to a company record of 35.1%, while billings and revenue were at the high end of their respective guidance ranges," said Ken Xie, founder, chairman and CEO of Fortinet. The company's stock gained around 23% over the past month and <a href="https://www.benzinga.com/quote/FTNT">has a 52-week high</a> of $73.91.</li>
<li>RSI Value: 77.94</li>
<li>FTNT Price Action: Shares of Fortinet gained 0.8% to close at $73.40 on Thursday.</li>
</ul>
<h3 class="wp-block-heading">Godaddy Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDDY#NYSE">GDDY</a>)</h3>
<ul>
<li>On Aug. 1, GoDaddy reported better-than-expected second-quarter sales results. &#8220;GoDaddy successfully delivered a great quarter,&#8221; said GoDaddy CEO Aman Bhutani. The company's stock gained around 10% over the past month and has a <a href="https://www.benzinga.com/quote/GDDY">52-week high </a>of $162.96.</li>
<li>RSI Value: 73.50</li>
<li>GDDY Price Action: Shares of Godaddy gained 1% to close at $162.45 on Thursday.</li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/08/40394036/jim-cramer-recommends-buying-clorox-ceo-has-done-remarkable-job">Jim Cramer Recommends Buying Clorox: &#8216;CEO Has Done Remarkable Job&#8217;</a></li>
</ul>

Pre-Market Outlook

Top 3 Tech Stocks That May Plunge In August

Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) has outperformed the market over the past 10 years by 19.61% on an annualized basis producing an average annual return of 30.05%. Currently, Fortinet has a market capitalization of $54.05 billion. 
Buying $100 In FTNT: If an investor had bought $100 of FTNT stock 10 years ago, it would be worth $1,389.68 today based on a price of $70.67 for FTNT at the time of writing.
<h3>Fortinet's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1723476616_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much You Would Have Made Owning Fortinet Stock In The Last 10 Years

Fortinet: Maintaining A Buy Despite Near Term Headwinds

Fortinet: A Strategic Investment Opportunity In The Cybersecurity Sector

Stock moves reflect downgrade for US economic growth outlook - Goldman

Research forecasts corporate spending on cybersecurity growing at a CAGR of 13.8% between now and 2030 suggesting that many cybersecurity software companies should be excellent long-term buys. This article highlights 4 such pure-play companies.

Pure-Play Cybersecurity Software Stocks Bounced Back Last Week

How is QQQ stock faring? The Invesco QQQ ETF is up by just 0.01% in the past five days, but has risen 15.9% year-to-date.   According to TipRanks' ...

QQQ ETF Update, 9/18/2024

The cybersecurity industry is experiencing rapid growth, fueled by organizations' increasing reliance on tech for their operations and rising concerns about cyberattacks. Thus, it could be wise to look into quality cybersecurity stocks, Tenable Holdings (TENB), Fortinet (FTNT), and Check Point Software (CHKP). Keep reading… In today's increasingly interconnected world, strengthening digital defenses is crucial, as evidenced by the rise in cyber threats. Given this backdrop, investors could keep a watchful eye on fundamentally strong software-security stocks, Tenable Holdings, Inc. (<a href="https://stocknews.com/stock/TENB/">TENB</a>), Fortinet, Inc. (<a href="https://stocknews.com/stock/FTNT/">FTNT</a>), and Check Point Software Technologies Ltd. (<a href="https://stocknews.com/stock/CHKP/">CHKP</a>).
In the current digital era, the need to enhance cybersecurity is more critical than ever. The global cybersecurity market is expected to reach <a href="https://www.marketsandmarkets.com/Market-Reports/cyber-security-industry-outlook-217338166.html">$208.80 billion this year</a>, prompting companies to make substantial investments to counter escalating threats. With cyberattacks becoming more frequent and expensive, businesses can no longer afford to cut corners on security.
Software companies continuously innovate and partner with others to keep pace with the ever-changing tactics of cybercriminals while also investing heavily in research and development. These efforts have significantly strengthened the cybersecurity industry. The global cybersecurity market is projected to grow at a <a href="https://www.grandviewresearch.com/industry-analysis/cyber-security-market">CAGR of 12.3%</a> by 2030.
Given these encouraging trends, let's look at the fundamentals of the top three <a href="https://stocknews.com/category/software-security/">Software - Security</a> stocks, beginning with the third choice.
Stock #3: Tenable Holdings, Inc. (<a href="https://stocknews.com/stock/TENB/">TENB</a>)
TENB offers exposure management solutions for managing cybersecurity risk in IT environments. Its solutions include Tenable Vulnerability Management, Cloud Security, Identity Exposure, Web App Scanning, Lumin Exposure View, Attack Surface Management, Security Center, and more.
On September 18, 2024, TENB announced the availability of Tenable Enclave Security, a solution that supports the needs of customers operating in highly secure environments, such as those that are classified or otherwise air-gapped.
Backed by Tenable Security Center, Tenable Enclave Security protects IT assets and modern workloads with risk assessment and contextual insight so organizations can identify exposures before they cause damage. 
TENB's trailing-12-month <a href="https://www.investopedia.com/terms/g/gross_profit_margin.asp">gross profit margin</a> of 77.43% is 56.1% higher than the industry average of 49.60%. Its trailing-12-month levered FCF margin of 19.96% is 96.3% higher than the industry average of 10.17%.
For the fiscal 2024 second quarter that ended June 30, 2024, TENB's revenue increased by 13.4% year-over-year to $221.24 million. Its gross profit came in at $172.44 million, showing an increase of 13.8% year-over-year.
Moreover, the company's non-GAAP income from operations was reported to be $42.78 million, a 41.6% increase from the previous year's quarter. In addition, TENB's non-GAAP net income was $38.16 million or $0.31 per share, a 45.3% and 40.9% year-over-year increase.
Street expects TENB's revenue and EPS for the fiscal third quarter ending September 2024 to increase 10.8% and 28.4% year-over-year to $223.21 million and $0.30, respectively. Plus, the company has topped the consensus revenue and EPS estimates in each of the trailing four quarters, which is impressive.
Shares of TENB have gained 2.9% over the past three months to close the last trading session at $40.28.
TENB's positive fundamentals are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. The stock has an overall rating of B, which translates to Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, each weighted to an optimal degree.
TENB has an A grade for Growth and a B for Sentiment. It is ranked #8 out of 23 stocks in the <a href="https://stocknews.com/category/software-security/">Software - Security</a> industry.
<a href="https://stocknews.com/stock/TENB/">Click here</a> to access additional TENB ratings (Momentum, Value, Quality, and Stability).
Stock #2: Fortinet, Inc. (<a href="https://stocknews.com/stock/FTNT/">FTNT</a>)
FTNT offers cybersecurity and networking solutions globally. The company's FortiGate hardware and software licenses provide various security and networking functions. It also offers the FortiSwitch product family, which provides secure switching solutions for connecting customers to their end devices.
On August 27, FTNT announced the addition of sovereign SASE and generative AI capabilities to its robust unified SASE solution. Fortinet Unified SASE provides complete integration between Fortinet's Secure SD-WAN solution and cloud-delivered security service edge (SSE) under a single console for seamless management, visibility, and security. This new update offers customers unparalleled deployment flexibility and simplicity.
On August 6, the company acquired Next DLP, a leader in insider risk and data protection. This acquisition will help FTNT to improve its position in the standalone enterprise data loss prevention (DLP) market and strengthen its leadership in integrated DLP markets within endpoint and SASE in alignment with its business strategy.
FTNT's trailing-12-month gross profit margin of 78.09% is 57.4% higher than the industry average of 49.60%. Likewise, its trailing-12-month EBITDA margin of 28.15% is 179% higher than the industry average of 10.09%.
For the second quarter of 2024, which ended on June 30, FTNT's total revenues increased 10.9% year-over-year to $1.43 billion. Its gross profit rose 16.3% from the year-ago value to $1.16 billion.
Its non-GAAP operating income stood at $503.60 million, up 44.7% year-over-year, while its non-GAAP net income amounted to $439.90 million, representing an increase of 46.4% from the last year. Also, the company's non-GAAP EPS for the quarter increased 50% year-over-year to $0.57.
FTNT forecasts fiscal year 2024 revenue to range from $5.80 billion to $5.90 billion, with billings between $6.40 billion and $6.60 billion. In addition, it anticipates its non-GAAP gross margin to fall between 79% and 80% and non-GAAP net income per share in the range of $2.00 and $2.04.
Street expects FTNT's revenue for the fiscal third quarter (ending September 2024) to increase 10.9% year-over-year to $1.48 billion. Moreover, its EPS estimate of $0.52 for the same period indicates a 26.5% year-over-year growth. In addition, it surpassed the consensus EPS estimates in each of the trailing four quarters, which is excellent.
FTNT's stock has surged 11.6% over the past six months to close the last trading session at $75.66.
FTNT's solid prospects are reflected in its POWR Ratings. The stock has an overall rating of B, equating to a Buy in our proprietary rating system.
FTNT has an A grade for Quality and a B for Sentiment. It is ranked #7 in the same industry.
In addition to the POWR Ratings we've stated above, we also have FTNT ratings for Momentum, Growth, Value, and Stability. Get all FTNT ratings <a href="https://stocknews.com/stock/FTNT/">here</a>.
Stock #1: Check Point Software Technologies Ltd. (<a href="https://stocknews.com/stock/CHKP/">CHKP</a>)
Headquartered in Tel Aviv, Israel, CHKP develops, markets, and supports a range of products and services for IT security globally. The company offers a multilevel security architecture, cloud, network, mobile devices, endpoint information, and IOT solutions.
On July 11, CHKP announced that its board of directors had authorized a $2 billion expansion of the company's ongoing share repurchase program. This expanded buyback, expected to be completed by the fourth quarter of 2024, reflects confidence in the company's financial health and aims to boost shareholder value and investor sentiment.
For the fiscal second quarter that ended June 30, 2024, CHKP's total revenues stood at $627.40 million, up 6.6% year-over-year, while its non-GAAP operating income increased marginally from the year-ago value to $265.10 million. The company's non-GAAP net income and earnings per share increased 3.2% and 8.5% over the prior-year quarter to $246 million and $2.17, respectively.
The consensus revenue estimate of $635.06 million for the fiscal third quarter (ending September 2024) represents a 6.5% increase year-over-year. The consensus EPS estimate of $2.25 for the ongoing quarter indicates an 8.7% improvement year-over-year. The company has an excellent earnings surprise history; it surpassed the consensus EPS estimates in each of the trailing four quarters.
CHKP shares have surged 39.2% over the past year and 25.1% year-to-date to close the last trading session at $191.09.
CHKP's POWR Ratings reflect its promising outlook. The stock has an overall rating of B, which translates to Buy in our proprietary rating system. 
The stock has an A grade for Quality. Within the same industry, CHKP is ranked #6.
<a href="https://stocknews.com/stock/CHKP/">Click here</a> to access additional ratings of CHKP for Stability, Growth, Sentiment, Value, and Momentum.
What To Do Next?
43 year investment veteran, Steve Reitmeister, has just released his 2024 market outlook along with trading plan and top 11 picks for the year ahead.
<a href="https://report.stocknews.com/sign-up/stock-market-outlook-2024/?formplacement=artbotad_smo24_rep">2024 Stock Market Outlook &gt;</a>

<hr />
FTNT shares were trading at $76.60 per share on Friday afternoon, up $0.94 (+1.24%). Year-to-date, FTNT has gained 30.87%, versus a 20.01% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Nidhi Agarwal</h2> <img src='https:/wp-content/uploads/2023/03/Nidhi-Agarwal_Headshot-3.jpg' style="float:left; padding:5px;width:125px;">Nidhi is passionate about the capital market and wealth management, which led her to pursue a career as an investment analyst. She holds a bachelor's degree in finance and marketing and is pursuing the CFA program.

Her fundamental approach to analyzing stocks helps investors identify the best investment opportunities.<a href="https://stocknews.com/authors/?author=nidhi-agarwal">More...</a>The post <a href=https://stocknews.com/news/ftnt-chkp-tenb-3-cybersecurity-stocks-to-watch-as-data-breaches-rise/>3 Cybersecurity Stocks to Watch as Data Breaches Rise</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Cybersecurity Stocks to Watch as Data Breaches Rise

How is QQQ stock faring? The Invesco QQQ ETF is up 1.8% in the past five days and has risen 18.2% year-to-date. &nbsp; According to TipRanks' uniqu...

QQQ ETF Update, 9/23/2024

Overweight quality stocks with positive EPS revision - MS

Overweight quality stocks with positive EPS revisions - MS

How is QQQ stock faring? The Invesco QQQ ETF is up 0.6% in the past five days and has risen about 18.46% year-to-date. &nbsp; According to TipRanks...

QQQ ETF Update, 9/25/2024

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Press Releases

VCI Global Enters into AI Computing Alliance (AICA) Led by Enlight Corporation and Supermicro

Fortinet Completes Acquisition of Lacework

General

Fortinet Enhances the Industry's Most Comprehensive Operational Technology Security Platform to Protect Cyber-Physical Systems

Fortinet Strengthens Its Top-Tier Unified SASE Solution with Acquisition of Enterprise Data Security Company Next DLP

Fortinet Reports Second Quarter 2024 Financial Results

Juventus Football Club Announces Fortinet as Its Official Cybersecurity Partner

Fortinet Delivers Unmatched Flexibility and Simplicity with New Enhancements to Its Unified SASE Solution

Fortinet Opens New Company-Owned Innovation Hub in Chicago, Deepening its Global Reach and Commitment to Elevating Enterprise Customer Experiences Worldwide

Fortinet Honored as Winner of the 2024 SC Awards for Best Professional Certification Program

Fortinet Announces Progress Toward its Mission to Tackle the Cybersecurity Skills Shortage

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Fortinet (FTNT) Forecast

Fortinet (NASDAQ:FTNT) Stock, Quote.Headers.trade-ideas