Will Fortinet Inc (NASDAQ:FTNT) Run Out of Steam Soon? Short Interest Is Down

Fortinet, Inc. (NASDAQ:FTNT) Logo

The stock of Fortinet Inc (NASDAQ:FTNT) registered a decrease of 6.11% in short interest. FTNT’s total short interest was 6.54 million shares in August as published by FINRA. Its down 6.11% from 6.96 million shares, reported previously. With 1.66M shares average volume, it will take short sellers 4 days to cover their FTNT’s short positions. The short interest to Fortinet Inc’s float is 4.56%.

The stock decreased 0.76% or $0.61 during the last trading session, reaching $80.1. About 1.33M shares traded. Fortinet, Inc. (NASDAQ:FTNT) has risen 27.92% since August 15, 2018 and is uptrending. It has outperformed by 27.92% the S&P500.

Fortinet, Inc. provides cybersecurity solutions for enterprises, service providers, and government organizations worldwide. The company has market cap of $13.70 billion. The firm offers FortiGate physical and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiManager product family to provide a central management solution for FortiGate products comprising software updates, configuration, policy settings, and security updates; and the FortiAnalyzer product family, which offers a single point of network log data collection. It has a 37.71 P/E ratio. It also provides FortiAP secure wireless access points; FortiWeb, a Web application firewall; FortiMail email security; FortiDB database security appliances; FortiClient, an endpoint security software; and FortiSwitch secure switch connectivity products.

Fortinet, Inc. (NASDAQ:FTNT) Ratings Coverage

Among 5 analysts covering Fortinet (NASDAQ:FTNT), 1 have Buy rating, 1 Sell and 3 Hold. Therefore 20% are positive. Fortinet has $95 highest and $7900 lowest target. $86.83’s average target is 8.40% above currents $80.1 stock price. Fortinet had 14 analyst reports since March 26, 2019 according to SRatingsIntel. As per Monday, June 24, the company rating was upgraded by J.P. Morgan. Citigroup maintained Fortinet, Inc. (NASDAQ:FTNT) rating on Friday, August 2. Citigroup has “Sell” rating and $8000 target. The stock of Fortinet, Inc. (NASDAQ:FTNT) earned “Hold” rating by Stifel Nicolaus on Tuesday, April 16. As per Tuesday, March 26, the company rating was initiated by Mizuho. The company was maintained on Friday, August 2 by Morgan Stanley.

More notable recent Fortinet, Inc. (NASDAQ:FTNT) news were published by: Benzinga.com which released: “38 Technology Stocks Moving In Thursday’s After-Market Session – Benzinga” on August 02, 2019, also Nasdaq.com with their article: “Match Group (MTCH) Beats on Q2 Earnings & Revenues, Stock Up – Nasdaq” published on August 07, 2019, Nasdaq.com published: “After-Hours Earnings Report for August 1, 2019 : EOG, ED, MSI, SQ, ANET, HIG, MTD, PBA, BMRN, FTNT, GDDY, LNT – Nasdaq” on August 01, 2019. More interesting news about Fortinet, Inc. (NASDAQ:FTNT) were released by: Nasdaq.com and their article: “Is Fortinet (FTNT) a Great Growth Stock? – Nasdaq” published on February 19, 2019 as well as Nasdaq.com‘s news article titled: “Fortinet Accelerates and Secures the Cloud On-Ramp with New Next-Generation Firewalls – Nasdaq” with publication date: August 01, 2019.

Fortinet, Inc. (NASDAQ:FTNT) Ratings Chart

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