Fortinet Inc
Company Overview: Fortinet, Inc. (FTNT) provides cyber security solutions to a variety of organizations, including enterprises, communication service providers, security service providers, government organizations and small businesses. Its product offerings consist of its core platform network security products and its enhanced platform technology products, which are offered in a range of forms spanning physical appliances, virtual appliances, software, and cloud-hosted services.
As per our previous US American Tech report published on ‘FTNT’ on 21st November 2023, Kalkine provided a ‘Buy’ stance on the stock at USD 51.91 based on “improved top line financials, decent profitability metrics, improved key operational metrics, optimistic outlook, attractive valuation, and current trading levels” and the stock price has now moved by ~27.99% since then and the price has crossed resistance 1 and resistance 2.
Noted below are the details of support and resistance levels provided in our previous report:
FTNT’s Daily Chart
Considering the resistance around the range of USD 65.00 – USD 70.00, attainment of resistance 1 and resistance 2, current trading levels, risks associated, and volatile market conditions on the back of higher interest rates, a ‘Sell’ rating is assigned to the “FTNT” at the closing market price of USD66.44 (as of 02 February 2024).
Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is February 02, 2024. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.
Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’