Fortinet Inc. stock is a cyber security & software company that has shown recent bullish behavior in the market.
Trading under the ticker FTNT, Fortinet Inc. closed at $309.62/share on 10/7/2021.
Fortinet Inc. FTNT Stock’s Technicals Broken Down
FTNT Stock Price: $309.62
10 Day Moving-Average: $297.80
50 Day Moving-Average: $301.80
200 Day Moving-Average: $222.48
RSI: 56.6
MACD: -0.33
Yesterday, FTNT stock completed a bullish MACD crossover, while also breaking above its 10 & 50 Day Moving Averages.
FTNT has additional upside momentum that comes from the 10 Day MA being ~2% below the 50 Day MA, still moving upwards.
With an RSI in the mid 50’s, there is still plenty of room to run, while establishing a new price range for Fortinet Inc.’s stock.
FTNT’s volume has been higher than average for the year over the last 3-4 weeks as well, which adds an additional sign of strength to come.
FTNT now tests the $310.49 level, before going to to try to break out beyond $321.90-322.
Fortinet Inc. FTNT Stock As A Long-Term Investment
Investors may be very interested in FTNT’s balance sheet, where they have Total Cash (mrq) of $3.11B & Total Debt (mrq) of $1.05B.
They also have a ~72% % Institutional Ownership, which some investors take as a sign of strength.
FTNT’s P/E (ttm) is 96.61, with a P/B of 46.42.
Fortinet Inc.’s beta is 1.14, meaning that they are slightly more volatile than the broader market, but tend to move in-line with other stocks.
FTNT stock has 29.7% Quarterly Revenue Growth Y-o-Y, another bullish signal to long-term oriented investors.
Fortinet Inc. FTNT Stock As A Short-Term Trade Opportunity Using Options
Fortinet Inc. stock offers options that traders can use to ward off broader market volatility’s impact on their trade.
I am looking at the contracts that expire on 10/15.
The $310 & $300 calls look appealing being already in-the-money, with the $320’s looking interesting at the following expiration date (11/19).
For puts, the $320 & $330’s look good, although relatively illiquid with a low Open Interest, another sign of near-term bullish sentiment for FTNT stock.
Tying It All Together
All-in-all, there are many advantages in the near & long-terms that traders & investors can take advantage of with FTNT stock.
Fortinet’s balance sheet looks appealing for a software company, along with their quarterly growth numbers.
In the near-term, they have bullish technical signals pushing them higher on momentum, and their options also signal bullish sentiment with the ratio of open interest on in-the-money calls vs. puts.
Traders & investors alike should take a closer look at FTNT stock to see if it fits their system & risk appetite.
*** I DO NOT OWN SHARES OF FTNT STOCK ***