Oppenheimer Holdings Inc. analysts reiterated its Outperform rating on Fortinet Inc. (NASDAQ: FTNT) in a note to investors, making it one of the more closely watched stocks on Wall Street. With a rating of Outperform on the shares, the company has a 52-week high of $46.50. As a means of comparison, a number of other analysts have issued reports on the company in recent days, and the company has secured a consensus one-year price target of $40.67, higher than the opening price of $35.81, a difference of 11.48 percent. Typically, after analysts publish a “reiterated rating” report on a stock, they will later issue sporadic updates, usually followed by a price target change.
U.S. stocks closed higher Tuesday as investors anticipate the results of meetings from the Federal Reserve and the Bank of Japan.
The Dow Jones Industrial Average DJIA, +0.05% rose 9.79 points, or less than 0.1%, to close at 18,129.96.
The S&P 500 index SPX, +0.03% advanced 0.64 points to finish at 2,139.76, led by gains in the health-care and consumer-staples sectors.
The Nasdaq Composite index COMP, +0.12% gained 6.33 points, or 0.1%, to close at 5,241.35.
Yesterday Fortinet Inc. (NASDAQ: FTNT) shares last traded at $35.42, a dip of $0.34 compared to the previous closing price. Opening at $35.81, they ranged from $35.38 and $35.95 throughout the day.
Fortinet Inc. (NASDAQ: FTNT) now has a market cap of 6.12B.
The stock’s average daily volume is 1,550,170 shares out of a total float 147,563,000 and some 852,548 shares crossed the trading desk yesterday, 35 percent below normal. Momentum traders often use increases in trading volume to determine heavy volume accumulation or dissemination by institutional investors, so trading volume is likely to increase in the next few days.
However, a single day of heavy buy side trading is not enough to determine a trend. As such, market traders will continue to look for institutional sponsorship as a cue that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these have substantial teams of analysts that research thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
By identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of winning trades.
With that in mind, Fortinet Inc. (NASDAQ: FTNT) now has a 50-day MA of $35.05 and 200-day MA of $32.85. It has traded in a 52-week range between $23.16 – 46.50 and today’s last price is 0.24% lower than the 52 week high of $46.50.
Earnings growth is an important factor to consider when buying stocks and investors look for companies that have increased their earnings at least 25% or more for the past 3 years.
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