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Fortinet Inc
Buy, Hold or Sell?

Let's analyze Fortinet together

I guess you are interested in Fortinet Inc. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of Fortinet Inc. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

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1. Quick Overview

1.1. Quick analysis of Fortinet (30 sec.)










1.2. What can you expect buying and holding a share of Fortinet? (30 sec.)

How much money do you get?

How much money do you get?
€0.00
When do you have the money?
1 year
How often do you get paid?
0.0%

What is your share worth?

Current worth
€1.14
Expected worth in 1 year
€2.18
How sure are you?
71.9%

+ What do you gain per year?

Total Gains per Share
€1.05
Return On Investment
1.1%

For what price can you sell your share?

Current Price per Share
€91.30
Expected price per share
€71.98 - €
How sure are you?
50%
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2. Detailed Analysis

2.1. Valuation of Fortinet (5 min.)




Live pricePrice per Share (EOD)
€91.30
Intrinsic Value Per Share
€29.22 - €34.33
Total Value Per Share
€30.36 - €35.46

2.2. Growth of Fortinet (5 min.)




Is Fortinet growing?

Current yearPrevious yearGrowGrow %
How rich?$908m$31.2m$117.5m79.0%

How much money is Fortinet making?

Current yearPrevious yearGrowGrow %
Making money$382.4m$287.6m$94.7m24.8%
Net Profit Margin26.6%22.2%--

How much money comes from the company's main activities?

2.3. Financial Health of Fortinet (5 min.)




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3. Summary and Key Metrics

3.1. What can you expect buying and holding a share of Fortinet?

Welcome investor! Fortinet's management wants to use your money to grow the business. In return you get a share of Fortinet.

First you should know what it really means to hold a share of Fortinet. And how you can make/lose money.

Speculation

The Price per Share of Fortinet is €91.30. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

  • The fundamentals: the financial health trends of Fortinet.
  • The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
  • The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Fortinet, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

  • You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is €1.14. Based on the TTM, the Book Value Change Per Share is €0.26 per quarter. Based on the YOY, the Book Value Change Per Share is €0.21 per quarter.
  • You may receive quarterly/yearly dividend in the form of additional shares.
  • You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is €0.00 per quarter.
Based on historical numbers we can estimate the returns while holding a share of Fortinet.

How much money are you going to get?

 MRQTTMYOY5Y10Y
 % of Price per Share% of Price per Share% of Price per Share% of Price per Share% of Price per Share
Usd Eps0.700.8%0.500.5%0.370.4%0.290.3%0.200.2%
Usd Book Value Change Per Share0.810.9%0.270.3%0.220.2%-0.020.0%0.040.0%
Usd Dividend Per Share0.000.0%0.000.0%0.000.0%0.000.0%0.000.0%
Usd Total Gains Per Share0.810.9%0.270.3%0.220.2%-0.020.0%0.040.0%
Usd Price Per Share72.28-62.97-60.48-122.73-96.53-
Price to Earnings Ratio25.65-32.83-41.32-147.78-170.51-
Price-to-Total Gains Ratio89.36-67.02-69.31-961.34-752.22-
Price to Book Ratio61.00--59.09-1,253.44-352.59-237.10-
Price-to-Total Gains Ratio89.36-67.02-69.31-961.34-752.22-

When do you get the money?

Usd Investment
$.00
Usd Price Per Share95.26242
Number of shares10
Gains per QuarterTrailing 12 Months5 Year
Usd Dividend Per Share0.000.00
Usd Book Value Change Per Share0.27-0.02
Usd Total Gains Per Share0.27-0.02
Gains per Quarter (10 shares)2.73-0.19
Gains per Year (10 shares)10.90-0.76
YearsReturn on Investment (TTM)Return on Investment (5Y)
 DividendBook Value gainTotal gainsDividendBook Value gainTotal gains
Broker costs---10---10
101110-1-11
2022120-2-12
3033230-2-13
4044340-3-14
5055450-4-15
6065560-5-16
7076670-5-17
8087780-6-18
9098890-7-19
1001091000-8-20

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %
 Trailing 12 Months3Y5 Year10 YearALLTIME
  % % % % %
Earnings Per Share4.00.00.0100.0%12.00.00.0100.0%20.00.00.0100.0%31.01.00.096.9%31.01.00.096.9%
Book Value Change Per Share3.01.00.075.0%6.06.00.050.0%13.07.00.065.0%23.09.00.071.9%23.09.00.071.9%
Dividend per Share0.00.04.00.0%0.00.012.00.0%0.00.020.00.0%0.00.032.00.0%0.00.032.00.0%
Total Gains per Share3.01.00.075.0%6.06.00.050.0%13.07.00.065.0%23.09.00.071.9%23.09.00.071.9%
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3.2. Key Performance Indicators

The key performance indicators of Fortinet Inc compared to the Most Recent Quarter (MRQ).

 End of day+/-Most Recent QuarterTrailing 12 Months+/-Year-Over-Year+/-5 Year+/-10 Year+/-
Book Value Change Per Share--0.7750.261+197%0.212+266%-0.018+102%0.035+2084%
Book Value Per Share--1.1360.186+510%0.038+2911%0.495+129%0.736+54%
Current Ratio--1.3441.264+6%1.318+2%1.432-6%1.570-14%
Debt To Asset Ratio--0.8970.986-9%0.998-10%0.915-2%0.820+9%
Debt To Equity Ratio--8.7488.922-2%180.142-95%41.025-79%26.391-67%
Dividend Per Share----0%-0%-0%-0%
Enterprise Value--45478764995.84038772610267.200+17%38783432990.000+17%85286688007.313-47%67226040748.721-32%
Eps--0.6750.478+41%0.357+89%0.276+145%0.196+245%
Ev To Ebitda Ratio--infinfnan%infnan%infnan%infnan%
Ev To Sales Ratio--7.8667.080+11%7.828+0%25.720-69%24.260-68%
Free Cash Flow Per Share--0.7150.520+37%0.631+13%0.446+60%0.446+60%
Free Cash Flow To Equity Per Share--0.7190.223+223%0.420+71%0.132+445%0.132+445%
Gross Profit Margin--1.0001.0000%1.0000%1.0000%1.0000%
Intrinsic Value_10Y_max--34.327--------
Intrinsic Value_10Y_min--29.223--------
Intrinsic Value_1Y_max--2.221--------
Intrinsic Value_1Y_min--2.181--------
Intrinsic Value_3Y_max--7.602--------
Intrinsic Value_3Y_min--7.239--------
Intrinsic Value_5Y_max--14.103--------
Intrinsic Value_5Y_min--13.010--------
Market Cap69977158169.600+24%53092198755.84046255438067.200+15%45468416750.000+17%90511372063.313-41%71134010761.771-25%
Net Profit Margin--0.3580.266+35%0.222+61%0.206+74%0.169+112%
Operating Margin----0%0.180-100%0.154-100%0.141-100%
Operating Ratio--0.8620.922-6%1.002-14%1.011-15%1.000-14%
Pb Ratio80.404+24%61.003-59.094+197%1253.436-95%352.588-83%237.105-74%
Pe Ratio33.809+24%25.65132.827-22%41.324-38%147.778-83%170.508-85%
Price Per Share91.300+24%69.27060.350+15%57.960+20%117.622-41%92.516-25%
Price To Free Cash Flow Ratio31.923+24%24.22036.238-33%23.567+3%79.054-69%49.409-51%
Price To Total Gains Ratio117.784+24%89.36467.023+33%69.313+29%961.338-91%752.222-88%
Quick Ratio--0.5810.596-3%0.553+5%0.720-19%0.740-22%
Return On Assets--0.0610.048+28%0.041+48%0.036+67%0.029+109%
Return On Equity--0.5950.478+24%6.729-91%1.547-62%0.986-40%
Total Gains Per Share--0.7750.261+197%0.212+266%-0.018+102%0.035+2084%
Usd Book Value--908095059.936148849190.256+510%31274829.864+2804%394377854.573+130%587295898.843+55%
Usd Book Value Change Per Share--0.8090.273+197%0.221+266%-0.019+102%0.037+2084%
Usd Book Value Per Share--1.1850.194+510%0.039+2911%0.517+129%0.767+54%
Usd Dividend Per Share----0%-0%-0%-0%
Usd Enterprise Value--47452543396.66040455341552.797+17%40466633981.766+17%88988130266.830-47%70143650917.215-32%
Usd Eps--0.7040.499+41%0.373+89%0.288+145%0.204+245%
Usd Free Cash Flow--571796889.408415997736.960+37%515947193.232+11%342078139.085+67%213798836.928+167%
Usd Free Cash Flow Per Share--0.7460.543+37%0.658+13%0.465+60%0.465+60%
Usd Free Cash Flow To Equity Per Share--0.7500.232+223%0.438+71%0.138+445%0.138+445%
Usd Market Cap73014166834.161+24%55396400181.84448262924079.317+15%47441746036.950+17%94439565610.861-41%74221226828.832-25%
Usd Price Per Share95.262+24%72.27662.969+15%60.475+20%122.727-41%96.531-25%
Usd Profit--539897062.944382472919.336+41%287673435.048+88%221613794.414+144%157260550.748+243%
Usd Revenue--1508091795.9361427692233.312+6%1293167965.128+17%1028294406.048+47%805206869.651+87%
Usd Total Gains Per Share--0.8090.273+197%0.221+266%-0.019+102%0.037+2084%
 EOD+4 -4MRQTTM+32 -3YOY+32 -45Y+25 -1110Y+24 -12

3.3 Fundamental Score

Let's check the fundamental score of Fortinet Inc based on Penke's default stock scanner.

Penke's Stock Scanner

  
  
IndicatorConditionValue
Price to Earnings Ratio (EOD)Between0-1533.809
Price to Book Ratio (EOD)Between0-180.404
Net Profit Margin (MRQ)Greater than00.358
Operating Margin (MRQ)Greater than00.000
Quick Ratio (MRQ)Greater than10.581
Current Ratio (MRQ)Greater than11.344
Debt to Asset Ratio (MRQ)Less than10.897
Debt to Equity Ratio (MRQ)Less than18.748
Return on Equity (MRQ)Greater than0.150.595
Return on Assets (MRQ)Greater than0.050.061
Total5/10 (50.0%)

3.4 Technical Score

Let's check the technical score of Fortinet Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

  
  
IndicatorConditionValue
RsiGreater than5056.008
Ma 20Greater thanMa 5091.590
Ma 50Greater thanMa 10084.278
Ma 100Greater thanMa 20075.797
OpenGreater thanClose90.510
Total4/5 (80.0%)

4. In-depth Analysis

4.1 About Fortinet Inc

Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products. The company also provides the Fortinet Unified SASE solutions that include firewall, SD-WAN, Secure web gateway, cloud access services broker, data loss prevention, zero trust network access, and cloud security, including web application firewalls, virtualized firewalls, and cloud-native firewalls. In addition, it offers security operations solutions comprising FortiAI generative AI assistant, FortiSIEM security information and event management, FortiSOAR security orchestration, automation and response, FortiEDR endpoint detection and response, FortiXDR extended detection and response, FortiMDR managed detection and response service, FortiNDR network detection and response, FortiRecon digital risk protection, FortiDeceptor deception technology, FortiGuard SoCaaS, FortiSandbox sandboxing, FortiGuard incident response, and other products. Further, the company offers FortiGuard security services consisting of FortiGuard application security, content security, device security, NOC/SOC security, and web security services; FortiCare technical support services; and training services to customers and channel partners, as well as operates a FortiGuard Lab, a cybersecurity threat intelligence and research organization. It serves enterprise, communication and security service providers, government organizations, and small and medium-sized businesses. The company was incorporated in 2000 and is headquartered in Sunnyvale, California.

Fundamental data was last updated by Penke on 2024-12-01 14:44:02.

4.2 In-depth Summary

4.2.1. Financial Health Summary

Profitability Details
 Compared to previous yearCompared to industry
The company is making a huge profit.
Using its assets, the company is less efficient in making profit.
Using its investors money, the company is very efficient in making profit.
Operating Efficiency Details
 Compared to previous yearCompared to industry
The company is less efficient in keeping operating costs low.
Liquidity Details
 Compared to previous yearCompared to industry
The company is just able to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.
Solvency Details
 Compared to previous yearCompared to industry
The company is just able to pay all its debts by selling its assets.
The company is unable to pay all its debts with equity.

4.2.2. Valuation Summary

Valuation Details
 Compared to previous yearCompared to industry
Based on the equity, the company is expensive.
Based on the earnings, the company is overpriced.
Based on how much money comes from the company's main activities, the company is fair priced.
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4.3 Financial Health

4.3.1. Profitability

4.3.1 Profitability
4.3.1.1. Net Profit Margin

Measures how much net profit Fortinet earns for each €1 of revenue.

  • Above 10% is considered healthy but always compare Fortinet to the Software - Infrastructure industry mean.
  • A Net Profit Margin of 35.8% means that €0.36 for each €1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Fortinet Inc:

  • The MRQ is 35.8%. The company is making a huge profit. +2
  • The TTM is 26.6%. The company is making a huge profit. +2
Trends
Current periodCompared to+/- 
MRQ35.8%TTM26.6%+9.2%
TTM26.6%YOY22.2%+4.4%
TTM26.6%5Y20.6%+6.0%
5Y20.6%10Y16.9%+3.7%
4.3.1.2. Return on Assets

Shows how efficient Fortinet is using its assets to generate profit.

  • Above 5% is considered healthy but always compare Fortinet to the Software - Infrastructure industry mean.
  • 6.1% Return on Assets means that Fortinet generated €0.06 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Fortinet Inc:

  • The MRQ is 6.1%. Using its assets, the company is efficient in making profit. +1
  • The TTM is 4.8%. Using its assets, the company is less efficient in making profit.
Trends
Current periodCompared to+/- 
MRQ6.1%TTM4.8%+1.3%
TTM4.8%YOY4.1%+0.6%
TTM4.8%5Y3.6%+1.1%
5Y3.6%10Y2.9%+0.7%
4.3.1.3. Return on Equity

Shows how efficient Fortinet is using its investors money to generate profit.

  • Above 15%-20% is considered healthy but always compare Fortinet to the Software - Infrastructure industry mean.
  • 59.5% Return on Equity means Fortinet generated €0.59 for each €1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Fortinet Inc:

  • The MRQ is 59.5%. Using its investors money, the company is very efficient in making profit. +2
  • The TTM is 47.8%. Using its investors money, the company is very efficient in making profit. +2
Trends
Current periodCompared to+/- 
MRQ59.5%TTM47.8%+11.6%
TTM47.8%YOY672.9%-625.1%
TTM47.8%5Y154.7%-106.9%
5Y154.7%10Y98.6%+56.1%
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4.3.2. Operating Efficiency of Fortinet Inc.

4.3.2. Operating Efficiency
4.3.2.1. Operating Margin

Measures how efficient Fortinet is operating .

  • Measures how much profit Fortinet makes for each €1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
  • Above 15% is considered healthy but always compare Fortinet to the Software - Infrastructure industry mean.
  • An Operating Margin of 0.0% means the company generated €0.00  for each €1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Fortinet Inc:

  • The MRQ is 0.0%. The data is not here.
Trends
Current periodCompared to+/- 
MRQ-TTM-0.0%
TTM-YOY18.0%-18.0%
TTM-5Y15.4%-15.4%
5Y15.4%10Y14.1%+1.3%
4.3.2.2. Operating Ratio

Measures how efficient Fortinet is keeping operating costs low.

  • Below 1 is considered healthy (always compare to Software - Infrastructure industry mean).
  • An Operation Ratio of 0.86 means that the operating costs are €0.86 for each €1 in net sales.

Let's take a look of the Operating Ratio trends of Fortinet Inc:

  • The MRQ is 0.862. The company is less efficient in keeping operating costs low.
  • The TTM is 0.922. The company is less efficient in keeping operating costs low.
Trends
Current periodCompared to+/- 
MRQ0.862TTM0.922-0.060
TTM0.922YOY1.002-0.080
TTM0.9225Y1.011-0.089
5Y1.01110Y1.000+0.011
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4.4.3. Liquidity of Fortinet Inc.

4.4.3. Liquidity
4.4.3.1. Current Ratio

Measures if Fortinet is able to pay off Short-term Debt.

  • Above 1.5 is considered healthy (always compare to Software - Infrastructure industry mean).
  • A Current Ratio of 1.34 means the company has €1.34 in assets for each €1 in short-term debts.

Let's take a look of the Current Ratio trends of Fortinet Inc:

  • The MRQ is 1.344. The company is just able to pay all its short-term debts.
  • The TTM is 1.264. The company is just able to pay all its short-term debts.
Trends
Current periodCompared to+/- 
MRQ1.344TTM1.264+0.080
TTM1.264YOY1.318-0.054
TTM1.2645Y1.432-0.168
5Y1.43210Y1.570-0.138
4.4.3.2. Quick Ratio

Measures if Fortinet is able to pay off Short-term Debt but only using the most liquid assets.

  • Above 1 is considered healthy but always compare Fortinet to the Software - Infrastructure industry mean.
  • A Quick Ratio of 0.58 means the company can pay off €0.58 for each €1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Fortinet Inc:

  • The MRQ is 0.581. The company is just not able to pay all its short-term debts with the most liquid assets. -1
  • The TTM is 0.596. The company is just not able to pay all its short-term debts with the most liquid assets. -1
Trends
Current periodCompared to+/- 
MRQ0.581TTM0.596-0.015
TTM0.596YOY0.553+0.043
TTM0.5965Y0.720-0.124
5Y0.72010Y0.740-0.021
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4.5.4. Solvency of Fortinet Inc.

4.5.4. Solvency
4.5.4.1. Debt to Asset Ratio

Measures how much % of Fortinet assets are financed with debt.

  • Below 1 (100%) is considered healthy but always compare Fortinet to Software - Infrastructure industry mean.
  • A Debt to Asset Ratio of 0.90 means that Fortinet assets are financed with 89.7% credit (debt) and the remaining percentage (100% - 89.7%) is financed by its owners/shareholders. 

Let's take a look of the Debt to Asset Ratio trends of Fortinet Inc:

  • The MRQ is 0.897. The company is just able to pay all its debts by selling its assets.
  • The TTM is 0.986. The company is just able to pay all its debts by selling its assets.
Trends
Current periodCompared to+/- 
MRQ0.897TTM0.986-0.088
TTM0.986YOY0.998-0.012
TTM0.9865Y0.915+0.071
5Y0.91510Y0.820+0.095
4.5.4.2. Debt to Equity Ratio

Measures if Fortinet is able to pay off its debts by using shareholders equity.

  • Below 2 is considered healthy but always compare Fortinet to the Software - Infrastructure industry mean.
  • A Debt to Equity ratio of 874.8% means that company has €8.75 debt for each €1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Fortinet Inc:

  • The MRQ is 8.748. The company is unable to pay all its debts with equity. -1
  • The TTM is 8.922. The company is unable to pay all its debts with equity. -1
Trends
Current periodCompared to+/- 
MRQ8.748TTM8.922-0.175
TTM8.922YOY180.142-171.219
TTM8.9225Y41.025-32.102
5Y41.02510Y26.391+14.634
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4.6. Market Valuation

4.6.1. Earnings Per Share
4.6.2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every €1 in earnings Fortinet generates.

  • Above 15 is considered overpriced but always compare Fortinet to the Software - Infrastructure industry mean.
  • A PE ratio of 25.65 means the investor is paying €25.65 for every €1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Fortinet Inc:

  • The EOD is 33.809. Based on the earnings, the company is overpriced. -1
  • The MRQ is 25.651. Based on the earnings, the company is overpriced. -1
  • The TTM is 32.827. Based on the earnings, the company is overpriced. -1
Trends
Current periodCompared to+/- 
EOD33.809MRQ25.651+8.158
MRQ25.651TTM32.827-7.176
TTM32.827YOY41.324-8.496
TTM32.8275Y147.778-114.951
5Y147.77810Y170.508-22.730
4.6.2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of Fortinet Inc:

  • The EOD is 31.923. Based on how much money comes from the company's main activities, the company is fair priced.
  • The MRQ is 24.220. Based on how much money comes from the company's main activities, the company is underpriced. +1
  • The TTM is 36.238. Based on how much money comes from the company's main activities, the company is fair priced.
Trends
Current periodCompared to+/- 
EOD31.923MRQ24.220+7.703
MRQ24.220TTM36.238-12.018
TTM36.238YOY23.567+12.671
TTM36.2385Y79.054-42.816
5Y79.05410Y49.409+29.645
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4.6.2. Book Value per Share
4.6.2.1. Price to Book Ratio

Measures if the stock price of Fortinet is to cheap or to expensive compared to its book value.

  • At or below 1 is considered healthy (always compare to Software - Infrastructure industry mean).
  • A PB ratio of 61.00 means the investor is paying €61.00 for each €1 in book value.

Let's take a look of the Price to Book Ratio trends of Fortinet Inc:

  • The EOD is 80.404. Based on the equity, the company is expensive. -2
  • The MRQ is 61.003. Based on the equity, the company is expensive. -2
  • The TTM is -59.094. Based on the equity, the company is expensive. -2
Trends
Current periodCompared to+/- 
EOD80.404MRQ61.003+19.401
MRQ61.003TTM-59.094+120.097
TTM-59.094YOY1,253.436-1,312.530
TTM-59.0945Y352.588-411.682
5Y352.58810Y237.105+115.483
4.6.2. Total Gains per Share

2.4. Latest News of Fortinet Inc

Does Fortinet Inc still have the same value as the quarterly reports suggest? Recent changes may be an indication that the value of the company is changing. Read the news from Fortinet Inc to keep up to date. Note: the news is often already included in the price.

DateTitleRead
2024-12-19
15:48
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6. Financial Statements




6.1. Latest Balance Sheet

Balance Sheet of 2024-09-30. Currency in USD. All numbers in thousands.

Summary
Total Assets8,852,000
Total Liabilities7,943,900
Total Stockholder Equity908,100
 As reported
Total Liabilities 7,943,900
Total Stockholder Equity+ 908,100
Total Assets = 8,852,000

Assets

Total Assets8,852,000
Total Current Assets5,220,600
Long-term Assets3,631,400
Total Current Assets
Cash And Cash Equivalents 2,489,300
Short-term Investments 1,211,400
Net Receivables 1,044,100
Inventory 354,300
Other Current Assets 121,500
Total Current Assets  (as reported)5,220,600
Total Current Assets  (calculated)5,220,600
+/-0
Long-term Assets
Property Plant Equipment 1,273,400
Goodwill 212,800
Intangible Assets 111,600
Long-term Assets Other 133,800
Long-term Assets  (as reported)3,631,400
Long-term Assets  (calculated)1,731,600
+/- 1,899,800

Liabilities & Shareholders' Equity

Total Current Liabilities3,883,900
Long-term Liabilities4,060,000
Total Stockholder Equity908,100
Total Current Liabilities
Accounts payable 177,900
Total Current Liabilities  (as reported)3,883,900
Total Current Liabilities  (calculated)177,900
+/- 3,706,000
Long-term Liabilities
Long term Debt 993,800
Long-term Liabilities Other 135,700
Long-term Liabilities  (as reported)4,060,000
Long-term Liabilities  (calculated)1,129,500
+/- 2,930,500
Total Stockholder Equity
Total Stockholder Equity (as reported)908,100
Total Stockholder Equity (calculated)0
+/- 908,100
Other
Capital Stock800
Common Stock Shares Outstanding 765,700
Net Invested Capital 1,901,900
Net Working Capital 1,336,700
Property Plant and Equipment Gross 1,686,900



6.2. Balance Sheets Structured

Currency in USD. All numbers in thousands.

 Trend2024-09-302024-06-302024-03-312023-12-312023-09-302023-06-302023-03-312022-12-312022-09-302022-06-302022-03-312021-12-312021-09-302021-06-302021-03-312020-12-312020-09-302020-06-302020-03-312019-12-312019-09-302019-06-302019-03-312018-12-312018-09-302018-06-302018-03-312017-12-312017-09-302017-06-302017-03-312016-12-31
> Total Assets 
2,139,941
2,267,383
2,360,691
2,395,279
2,257,916
2,400,700
2,575,700
2,763,500
3,078,000
3,205,700
3,369,400
3,545,600
3,885,500
3,206,200
3,330,600
3,586,200
4,044,500
5,282,200
5,558,900
5,970,600
5,919,100
5,651,100
5,294,500
5,335,900
6,228,000
6,832,300
7,486,100
7,479,300
7,258,900
7,662,100
8,052,900
8,852,000
8,852,0008,052,9007,662,1007,258,9007,479,3007,486,1006,832,3006,228,0005,335,9005,294,5005,651,1005,919,1005,970,6005,558,9005,282,2004,044,5003,586,2003,330,6003,206,2003,885,5003,545,6003,369,4003,205,7003,078,0002,763,5002,575,7002,400,7002,257,9162,395,2792,360,6912,267,3832,139,941
   > Total Current Assets 
1,538,716
1,616,082
1,604,634
1,650,651
1,716,820
1,735,800
1,884,800
2,078,100
2,220,900
2,313,300
2,360,700
2,466,200
2,769,000
2,035,300
2,208,700
2,384,600
2,740,400
3,781,200
3,908,200
3,963,500
3,600,600
3,208,300
2,952,900
2,982,200
3,810,400
4,358,700
4,878,100
4,752,700
4,428,300
4,559,700
4,919,300
5,220,600
5,220,6004,919,3004,559,7004,428,3004,752,7004,878,1004,358,7003,810,4002,982,2002,952,9003,208,3003,600,6003,963,5003,908,2003,781,2002,740,4002,384,6002,208,7002,035,3002,769,0002,466,2002,360,7002,313,3002,220,9002,078,1001,884,8001,735,8001,716,8201,650,6511,604,6341,616,0821,538,716
       Cash And Cash Equivalents 
709,003
823,249
853,137
905,794
811,004
835,600
972,100
1,169,300
1,112,400
1,216,900
1,022,100
1,175,500
1,222,500
626,100
916,400
882,300
1,061,800
1,860,200
1,879,300
1,852,100
1,319,100
923,500
710,000
964,000
1,682,900
2,304,200
2,376,300
2,186,800
1,397,900
1,926,300
2,203,200
2,489,300
2,489,3002,203,2001,926,3001,397,9002,186,8002,376,3002,304,2001,682,900964,000710,000923,5001,319,1001,852,1001,879,3001,860,2001,061,800882,300916,400626,1001,222,5001,175,5001,022,1001,216,9001,112,4001,169,300972,100835,600811,004905,794853,137823,249709,003
       Short-term Investments 
376,522
375,423
354,187
369,961
440,273
468,300
461,600
464,900
537,200
584,900
808,100
764,800
843,100
775,200
610,500
774,400
775,500
1,076,700
1,233,900
1,268,900
1,232,600
1,218,100
1,044,900
766,400
528,100
574,900
937,200
982,000
1,042,500
1,096,800
1,136,100
1,211,400
1,211,4001,136,1001,096,8001,042,500982,000937,200574,900528,100766,4001,044,9001,218,1001,232,6001,268,9001,233,9001,076,700775,500774,400610,500775,200843,100764,800808,100584,900537,200464,900461,600468,300440,273369,961354,187375,423376,522
       Net Receivables 
312,998
270,111
274,476
257,999
348,185
313,100
333,600
324,400
444,500
381,000
403,100
384,100
544,300
479,400
502,400
549,800
722,800
639,900
587,800
607,300
807,700
790,400
919,500
963,200
1,261,700
1,087,200
1,078,800
1,013,800
1,402,000
996,200
1,083,400
1,044,100
1,044,1001,083,400996,2001,402,0001,013,8001,078,8001,087,2001,261,700963,200919,500790,400807,700607,300587,800639,900722,800549,800502,400479,400544,300384,100403,100381,000444,500324,400333,600313,100348,185257,999274,476270,111312,998
       Inventory 
106,887
104,978
86,439
73,595
77,291
80,000
78,200
80,800
90,000
88,400
85,700
99,200
117,900
105,000
126,000
134,500
139,800
149,600
149,800
177,900
175,800
184,600
195,200
215,800
264,600
302,700
376,300
467,500
484,800
439,500
383,200
354,300
354,300383,200439,500484,800467,500376,300302,700264,600215,800195,200184,600175,800177,900149,800149,600139,800134,500126,000105,000117,90099,20085,70088,40090,00080,80078,20080,00077,29173,59586,439104,978106,887
       Other Current Assets 
33,306
42,321
36,395
43,302
40,067
38,800
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
91,700
83,300
72,800
73,100
89,700
109,500
102,600
101,100
100,900
113,400
121,500
121,500113,400100,900101,100102,600109,50089,70073,10072,80083,30091,70000000000000000038,80040,06743,30236,39542,32133,306
   > Long-term Assets 
0
0
0
0
0
0
0
0
0
892,400
1,008,700
1,079,400
1,116,500
1,170,900
1,121,900
1,201,600
1,304,100
1,501,000
1,650,700
2,007,100
2,318,500
2,442,800
2,341,600
2,353,700
2,417,600
2,473,600
2,608,000
2,726,600
2,830,600
3,102,400
3,133,600
3,631,400
3,631,4003,133,6003,102,4002,830,6002,726,6002,608,0002,473,6002,417,6002,353,7002,341,6002,442,8002,318,5002,007,1001,650,7001,501,0001,304,1001,201,6001,121,9001,170,9001,116,5001,079,4001,008,700892,400000000000
       Property Plant Equipment 
137,249
155,476
238,513
239,891
245,395
245,100
256,000
265,400
271,400
311,200
322,000
346,500
388,600
416,900
434,700
465,000
497,300
548,100
566,200
620,200
752,700
786,500
814,600
889,500
898,500
917,400
981,900
1,038,000
1,044,400
1,247,400
1,242,700
1,273,400
1,273,4001,242,7001,247,4001,044,4001,038,000981,900917,400898,500889,500814,600786,500752,700620,200566,200548,100497,300465,000434,700416,900388,600346,500322,000311,200271,400265,400256,000245,100245,395239,891238,513155,476137,249
       Goodwill 
14,553
14,553
14,553
14,553
14,553
14,600
25,100
25,700
38,200
38,200
38,200
38,200
67,200
67,200
67,200
68,200
93,000
99,200
99,200
127,600
125,100
123,800
121,300
120,200
128,000
127,800
126,000
125,400
126,500
129,000
127,900
212,800
212,800127,900129,000126,500125,400126,000127,800128,000120,200121,300123,800125,100127,60099,20099,20093,00068,20067,20067,20067,20038,20038,20038,20038,20025,70025,10014,60014,55314,55314,55314,55314,553
       Long Term Investments 
224,983
242,333
269,722
259,975
110,122
94,600
77,400
47,700
76,100
50,200
149,500
204,200
144,300
172,000
100,400
117,900
118,300
151,100
246,600
298,200
440,800
360,800
188,500
84,000
45,500
15,600
4,200
1,500
0
0
0
0
00001,5004,20015,60045,50084,000188,500360,800440,800298,200246,600151,100118,300117,900100,400172,000144,300204,200149,50050,20076,10047,70077,40094,600110,122259,975269,722242,333224,983
       Intangible Assets 
24,828
22,535
20,328
18,291
16,255
14,500
21,400
18,100
22,100
19,100
16,200
14,000
31,100
27,100
23,400
25,300
31,600
32,300
28,700
71,000
63,600
55,100
45,400
38,800
56,000
51,100
44,600
39,600
35,300
34,100
30,200
111,600
111,60030,20034,10035,30039,60044,60051,10056,00038,80045,40055,10063,60071,00028,70032,30031,60025,30023,40027,10031,10014,00016,20019,10022,10018,10021,40014,50016,25518,29120,32822,53524,828
       Long-term Assets Other 
0
0
0
0
0
0
0
0
0
59,700
57,200
56,400
60,000
55,200
55,900
59,600
63,200
143,400
150,700
237,600
235,800
247,400
234,700
225,200
202,000
175,200
163,300
163,700
150,000
149,400
137,400
133,800
133,800137,400149,400150,000163,700163,300175,200202,000225,200234,700247,400235,800237,600150,700143,40063,20059,60055,90055,20060,00056,40057,20059,700000000000
> Total Liabilities 
1,302,260
1,369,134
1,438,552
1,493,054
1,668,539
1,707,200
1,795,500
1,871,900
2,067,800
2,147,600
2,247,100
2,345,200
2,563,600
2,669,900
2,786,700
2,873,000
3,188,500
4,301,400
4,508,700
4,835,000
5,120,700
5,417,900
5,674,100
5,958,700
6,509,600
6,820,900
7,164,900
7,405,200
7,722,300
7,799,600
7,764,700
7,943,900
7,943,9007,764,7007,799,6007,722,3007,405,2007,164,9006,820,9006,509,6005,958,7005,674,1005,417,9005,120,7004,835,0004,508,7004,301,4003,188,5002,873,0002,786,7002,669,9002,563,6002,345,2002,247,1002,147,6002,067,8001,871,9001,795,5001,707,2001,668,5391,493,0541,438,5521,369,1341,302,260
   > Total Current Liabilities 
829,440
856,585
885,519
910,639
1,027,223
1,029,700
1,085,200
1,111,900
1,256,400
1,254,300
1,293,700
1,341,900
1,473,600
1,543,000
1,611,900
1,645,600
1,829,500
1,879,700
1,998,500
2,198,000
2,318,100
2,510,500
2,634,900
2,779,600
3,078,400
3,261,800
3,500,600
3,649,000
3,719,000
3,800,400
3,725,300
3,883,900
3,883,9003,725,3003,800,4003,719,0003,649,0003,500,6003,261,8003,078,4002,779,6002,634,9002,510,5002,318,1002,198,0001,998,5001,879,7001,829,5001,645,6001,611,9001,543,0001,473,6001,341,9001,293,7001,254,3001,256,4001,111,9001,085,2001,029,7001,027,223910,639885,519856,585829,440
       Short-term Debt 
0
0
0
0
0
0
0
0
0
11,900
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
000000000000000000000011,900000000000
       Short Long Term Debt 
0
0
0
0
0
0
0
0
0
11,900
0
0
0
0
0
0
0
0
0
17,600
0
0
0
0
0
0
0
0
0
0
0
0
00000000000017,60000000000011,900000000000
       Accounts payable 
184,098
179,471
42,171
44,543
70,009
55,700
63,700
66,600
86,400
69,200
72,400
85,900
96,400
87,800
107,200
95,900
141,600
129,500
132,000
142,300
148,400
174,700
193,100
215,100
243,400
238,400
238,300
253,900
204,300
135,200
132,100
177,900
177,900132,100135,200204,300253,900238,300238,400243,400215,100193,100174,700148,400142,300132,000129,500141,60095,900107,20087,80096,40085,90072,40069,20086,40066,60063,70055,70070,00944,54342,171179,471184,098
       Other Current Liabilities 
645,342
677,114
721,856
750,175
815,255
836,100
871,200
899,200
994,100
1,015,400
1,046,500
1,075,200
1,181,800
1,230,200
1,275,800
1,300,000
1,392,800
1,465,100
1,533,000
1,616,100
1,777,400
1,897,400
2,013,200
2,129,000
2,349,300
0
2,770,700
2,867,400
0
0
0
0
00002,867,4002,770,70002,349,3002,129,0002,013,2001,897,4001,777,4001,616,1001,533,0001,465,1001,392,8001,300,0001,275,8001,230,2001,181,8001,075,2001,046,5001,015,400994,100899,200871,200836,100815,255750,175721,856677,114645,342
   > Long-term Liabilities 
0
0
0
0
0
0
0
0
0
893,300
953,400
1,003,300
1,090,000
1,126,900
1,174,800
1,227,400
1,359,000
2,421,700
2,510,200
2,637,000
2,802,600
2,907,400
3,039,200
3,179,100
3,431,200
3,559,100
3,664,300
3,756,200
4,003,300
3,999,200
4,039,400
4,060,000
4,060,0004,039,4003,999,2004,003,3003,756,2003,664,3003,559,1003,431,2003,179,1003,039,2002,907,4002,802,6002,637,0002,510,2002,421,7001,359,0001,227,4001,174,8001,126,9001,090,0001,003,300953,400893,300000000000
       Other Liabilities 
82,813
91,612
553,033
582,415
641,316
677,500
710,300
760,000
811,400
865,800
927,600
975,600
1,059,400
1,098,600
1,147,200
1,196,400
1,325,000
1,398,900
1,483,300
1,608,500
1,773,700
1,918,500
2,049,800
2,189,200
2,378,300
0
2,600,000
2,699,800
0
0
0
0
00002,699,8002,600,00002,378,3002,189,2002,049,8001,918,5001,773,7001,608,5001,483,3001,398,9001,325,0001,196,4001,147,2001,098,6001,059,400975,600927,600865,800811,400760,000710,300677,500641,316582,415553,03391,61282,813
> Total Stockholder Equity
837,681
898,249
922,139
902,225
589,377
693,500
780,200
891,600
1,010,200
1,058,100
1,122,300
1,200,400
1,321,900
536,300
543,900
713,200
856,000
980,800
1,050,200
1,118,100
781,700
217,700
-392,900
-634,700
-281,600
11,400
321,200
74,100
-463,400
-137,500
288,200
908,100
908,100288,200-137,500-463,40074,100321,20011,400-281,600-634,700-392,900217,700781,7001,118,1001,050,200980,800856,000713,200543,900536,3001,321,9001,200,4001,122,3001,058,1001,010,200891,600780,200693,500589,377902,225922,139898,249837,681
   Common Stock
173
175
175
175
168
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
800
800
800
0
800
800
0
0
0
0
00008008000800800800200200200200200200200200200200200200200200200200200168175175175173
   Retained Earnings 
37,620
48,337
42,345
-9,587
-319,580
-262,600
-214,700
-156,000
-57,500
-50,000
-9,000
46,500
140,300
-589,200
-613,100
-466,900
-352,100
-244,900
-195,700
-138,600
-467,900
-1,003,400
-1,607,600
-1,860,200
-1,546,400
-1,298,700
-1,032,400
-1,299,400
-1,861,700
-1,562,400
-1,182,600
-643,300
-643,300-1,182,600-1,562,400-1,861,700-1,299,400-1,032,400-1,298,700-1,546,400-1,860,200-1,607,600-1,003,400-467,900-138,600-195,700-244,900-352,100-466,900-613,100-589,200140,30046,500-9,000-50,000-57,500-156,000-214,700-262,600-319,580-9,58742,34548,33737,620
   Accumulated Other Comprehensive Income 00000000000000000000000000000000
   Capital Surplus 00000000000000000000000000000000
   Treasury Stock00000000000000000000000000000000



6.3. Balance Sheets

Currency in USD. All numbers in thousands.




6.4. Cash Flows

Currency in USD. All numbers in thousands.




6.5. Income Statements

Currency in USD. All numbers in thousands.


6.6. Latest Income Statement

Income Statement (annual), 2023-12-31. Currency in USD. All numbers in thousands.

Gross Profit (+$)
totalRevenue5,304,800
Cost of Revenue-1,237,200
Gross Profit4,067,6004,067,600
 
Operating Income (+$)
Gross Profit4,067,600
Operating Expense-4,063,700
Operating Income1,241,1003,900
 
Operating Expense (+$)
Research Development613,800
Selling General Administrative2,217,300
Selling And Marketing Expenses-
Operating Expense4,063,7002,831,100
 
Net Interest Income (+$)
Interest Income119,700
Interest Expense-21,000
Other Finance Cost-0
Net Interest Income98,700
 
Pretax Income (+$)
Operating Income1,241,100
Net Interest Income98,700
Other Non-Operating Income Expenses-
Income Before Tax (EBT)1,333,7001,247,200
EBIT - interestExpense = -21,000
1,147,800
1,168,800
Interest Expense21,000
Earnings Before Interest and Taxes (EBIT)-1,354,700
Earnings Before Interest and Taxes (EBITDA)-
 
After tax Income (+$)
Income Before Tax1,333,700
Tax Provision-143,800
Net Income From Continuing Ops1,147,8001,189,900
Net Income1,147,800
Net Income Applicable To Common Shares-
 
Non-recurring Events
Discontinued Operations-
Extraordinary Items-
Effect of Accounting Charges-
Other Items-
Non Recurring-
Other Operating Expenses-
Total Other Income/Expenses Net-6,100-98,700
 

Technical Analysis of Fortinet
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of Fortinet. The general trend of Fortinet is BULLISH with 85.7% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Fortinet's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator zone transitionsBullish trend (85.7%) Bearish trend (-85.7%)
Overbought to neutralBullish pullback=Bearish reversal
Upper to lower neutralBullish correction=Bearish continuation
Nuetral to oversoldOversold=Oversold
Oversold to neutralBullish reversal=Bearish correction
Lower to upper neutralBullish continuation=Bearish pullback
Nuetral to overboughtOverbought=Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.


Score

Let's take a look at the Support & Resistance of Fortinet Inc.

The long score for the Support & Resistance is 0/1.
The longshort score for the Support & Resistance is 0/(-1 +1).

  • Between support/resistance: The price is trading between support and resistance lines.

The bullish price targets are: .

The bearish price targets are: 85.50 > 76.92 > 71.98.

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Fortinet Inc Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

  • Moving averages are lagging trend indicators.
  • There are many types of moving averages.
  • Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of Fortinet Inc. The current mas is .

The long score for the Moving Averages is 13/14.
The longshort score for the Moving Averages is 12/(-14 +14).

  • MA 20 trending up: The MA 20 is trending up. +1
  • Close < MA 20: The price is below the MA 20. -1
  • MA 20 > MA 50: The MA 20 is higher than the MA 50. +1
  • MA 20 > MA 100: The MA 20 is higher than the MA 100. +1
  • MA 20 > MA 200: The MA 20 is higher than the MA 200. +1
  • MA 50 trending up: The MA 50 is trending up. +1
  • Close > MA 50: The price is above the MA 50. +1
  • MA 50 > MA 100: The MA 50 is higher than the MA 100. +1
  • MA 50 > MA 200: The MA 50 is higher than the MA 200. +1
  • MA 100 trending up: The MA 100 is trending up. +1
  • Close > MA 100: The price is above the MA 100. +1
  • MA 100 > MA 200: The MA 100 is higher than the MA 200. +1
  • MA 200 trending up: The MA 200 is trending up. +1
  • Close > MA 200: The price is above the MA 200. +1

Directionalities and relatives.

Moving AverageAmount of candlesTrendPrice +/-vs. MA 50vs. MA 100vs. MA 200
MA 2020
MA 5050-
MA 100100--
MA 200200---

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Fortinet Inc Daily Moving Averages Chart
2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

  • MACD is a lagging momentum indicator.
  • Uses two moving averages.
  • Can show buy or sell signals based on momentum.
  • Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of Fortinet Inc. The current macd is 2.07348857.

The long score for the Moving Average Convergence/Divergence (MACD) is 1/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is -2/(-4 +4).

  • MACD line < signal line: The MACD line is below the signal line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Fortinet price going down in the near term. -2
  • MACD > 0: The MACD is above the zero line (centerline), it indicates a bullish signal for Fortinet. This means that the short-term moving average is higher than the long-term moving average, signaling positive momentum and suggesting a higher likelihood of the Fortinet price continuing to rise in the near future. It indicates that buyers are gaining control, and there is optimism in the market, leading to potential price increases. +1
  • Trending down: The MACD line is trending down. This indicates that the short-term moving average is falling faster than the long-term moving average, suggesting negative momentum in the market. This signals that sellers are becoming more active and insecure, leading to potential price decreases as traders anticipate further losses and are willing to sell at lower prices. -1
Fortinet Inc Daily Moving Average Convergence/Divergence (MACD) ChartFortinet Inc Daily Moving Average Convergence/Divergence (MACD) Chart
2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.


Score

Let's take a look at the Directional Movement Index (DMI) of Fortinet Inc. The current adx is 32.53.

The long score for the Directional Movement Index (DMI) is 3/7.
The longshort score for the Directional Movement Index (DMI) is 3/(-7 +7).

  • PLUS_ID > MINUS_DI: The +DI line is above the -DI line. This indicates a bullish signal in the market, as the positive directional movement is currently stronger than the negative directional movement, showing that buyers have the upper hand. Market psychology suggests that traders are optimistic, expecting further price increases, and are more willing to buy Fortinet shares, leading to potential upward momentum in its price. +1
  • PLUS_ID > MINUS_DI && ADX > 25 && ADX trending down: The ADX is above 25 and indicates a strong bullish trend. The ADX is declining, the bullish trend is weakening. Could be a potential reversal to the downside. +2
Fortinet Inc Daily Directional Movement Index (DMI) Chart
2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

  • Parabolic SAR (stop and reverse) is a lagging trend indicator.
  • Shows the current trend.
  • Shows potential entry signals.
  • Shows  potential exit signals.
  • Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of Fortinet Inc. The current sar is 94.76.

The long score for the Parabolic SAR is 0/1.
The longshort score for the Parabolic SAR is -1/(-1 +1).

  • Close < SAR: The price is below the SAR. It's generally considered a bearish signal. -1
Fortinet Inc Daily Parabolic SAR Chart
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3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

  • Leading momentum indicator, meaning the signals are instant.
  • Ranges between 0 and 100.
  • Above 70 is considered overbought.
  • Below 30 is considered oversold.
  • Above or below 50 can also be used to determine price trend or support and resistance.
  • RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
  • Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of Fortinet Inc. The current rsi is 56.01. The current phase is Continuation in bull market.

The long score for the Relative Strength Index (RSI) is 4/13.
The longshort score for the Relative Strength Index (RSI) is 4/(-13 +13).

  • Continuation in bull market: Uptrend continues after a consolidation or pullback. Hold or add to existing positions.
  • Trending up: The RSI is trending up. +1
Fortinet Inc Daily Relative Strength Index (RSI) ChartFortinet Inc Daily Relative Strength Index (RSI) Chart
3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

  • Leading momentum indicator, meaning the signals are instant.
  • Used to determine overbought and oversold areas much like the RSI.
  • Ranges between 0 and 100.
  • Above 80 is considered overbought.
  • Below 20 is considered oversold.
  • Consists of two lines named K and D.
  • K compares the highest high and lowest low on the selected price range.
  • The D line is a moving average of the K line.
  • Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of Fortinet Inc. The current phase is Correction in bull market.

The long score for the Stochastic Oscillator is 1/6.
The longshort score for the Stochastic Oscillator is -2/(-6 +6).

  • STOCH < 50: The STOCH %K is below 50. There are more sellers than buyers. -1
  • STOCH %K line < STOCH %D line: The STOCH %K line is below the STOCH %D line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Fortinet price going down in the near term. -2
  • Trending up: The STOCH %K is trending up. +1
Fortinet Inc Daily Stochastic Oscillator ChartFortinet Inc Daily Stochastic Oscillator Chart
3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

  • Lagging or leading Momentum indicator
  • When the CCI is above zero, the price is above the historical average
  • When the CCI is below zero, the price is below the historical average
  • Used for spotting trends
    • If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
    • If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of Fortinet Inc. The current cci is -11.82296503.

Fortinet Inc Daily Commodity Channel Index (CCI) ChartFortinet Inc Daily Commodity Channel Index (CCI) Chart
3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

  • Lagging momentum indicator
  • Ranges between +100 and -100
  • Considered overbought above +50
  • Considered oversold below -50
  • It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of Fortinet Inc. The current cmo is 1.31597397.

The long score for the Chande Momentum Oscillator (CMO) is 1/1.
The longshort score for the Chande Momentum Oscillator (CMO) is 1/(-1 +1).

  • CMO > 0: The CMO is above 0, the momentum of the price is positive, indicating a potential uptrend in the price. +1
Fortinet Inc Daily Chande Momentum Oscillator (CMO) ChartFortinet Inc Daily Chande Momentum Oscillator (CMO) Chart
3.5 Williams %R

 Shows the current price relative to the highest high over the last 14 days.
 

  • Lagging momentum indicator
  • Ranging between 0 and -100
  • Above -20 is considered overbought
  • Below -80 is considered oversold
  • Is prone to give false signals

Score

Let's take a look at the Williams %R of Fortinet Inc. The current willr is -70.77534791.

The long score for the Williams %R is 0/1.
The longshort score for the Williams %R is 0/(-1 +1).

  • WILLR between -80 and -20: The Williams %R is between -80 and -20. This indicates that Fortinet is trading in a neutral price range, neither oversold nor overbought, suggesting a balanced market condition without any extreme price signals.
Fortinet Inc Daily Williams %R ChartFortinet Inc Daily Williams %R Chart
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4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

  • Lagging volatility indicator
  • Uses 3 bands: one upper, one lower and one in the middle
  • Works best when the middle band reflects an intermediate trend (MA20).
  • When the price is moving closer to the upper band, the market might be overbought
  • When the price is moving closer to the lower band, the market might be oversold 

Score

Let's take a look at the Bollinger Bands of Fortinet Inc.

Fortinet Inc Daily Bollinger Bands Chart
4.2 Average True Range (ATR)
Measures market volatility
  • Leading volatility indicator
  • Can be used to determine stop-loss positions
  • Calculated by:
    • Current high minus the current low
    • Current high minus the previous close
    • Current low minus the previous close
  • The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of Fortinet Inc. The current atr is 1.89668139.

Fortinet Inc Daily Average True Range (ATR) ChartFortinet Inc Daily Average True Range (ATR) Chart
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5. Volume Indicators

5.1 On-Balance Volume (OBV)

 Measures market volatility

  • Leading momentum indicator
  • Calculation:
    • If the closing price is above the previous closing price: OBV = previous OBV + current volume
    • If the closing price is below the previous closing price: OBV = previous OBV - current volume
    • If the closing price is the same as the previous closing price than the OBV is the same.
  • Can be used to confirm price trends
  • Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of Fortinet Inc. The current obv is 141,980.

Fortinet Inc Daily On-Balance Volume (OBV) ChartFortinet Inc Daily On-Balance Volume (OBV) Chart
5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

  • Lagging momentum indicator
  • Looks like RSI but uses volume as an extra metric (RSI only considers price)
  • Above 80 is considered overbought
  • Below 20 is considered oversold
  • Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of Fortinet Inc. The current mfi is 70.08.

The long score for the Money Flow Index (MFI) is 1/2.
The longshort score for the Money Flow Index (MFI) is 1/(-2 +2).

  • MFI > 50: +1
Fortinet Inc Daily Money Flow Index (MFI) ChartFortinet Inc Daily Money Flow Index (MFI) Chart
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6. Summary

6.1. Notifications

TypeNotificationDate
PenkeCurrently no notifications for Fortinet Inc.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

DateIndicatorSignal
2024-08-05 00:00:00STOCH SHORT EXITThe %K line crosses above the %D line.
BB LONG ENTRY SHORT CLOSEPrice closed below the lower band.
MFI SHORT ENTRY LONG CLOSE20 crossover to downside
2024-08-06 00:00:00MFI LONG ENTRY SHORT CLOSE20 crossover to upside
2024-08-07 00:00:00MACD LONG ENTRY SHORT CLOSEThe MACD line crosses above the signal line.
DMI LONG ENTRY SHORT CLOSEThe +DI crossed the -DI to the upside. The trend is reversing to an up trend.
SAR LONG ENTRY SHORT CLOSEThe price broke the SAR to the upside.
CCI LONG ENTRY SHORT CLOSE100 crossover to upside
CMO LONG ENTRY SHORT CLOSEZero line crossover to upside
WILLR LONG ENTRY SHORT CLOSE-20 crossover to upside
BB SHORT ENTRY LONG CLOSEPrice closed above the lower band.
ATR LONG ENTRY SHORT CLOSEPrice closed above (close + ATR).
2024-08-09 00:00:00STOCH LONG EXITThe %K line crosses below the %D line.
2024-08-12 00:00:00STOCH SHORT EXITThe %K line crosses above the %D line.
2024-08-13 00:00:00STOCH LONG EXITThe %K line crosses below the %D line.
2024-08-14 00:00:00STOCH SHORT EXITThe %K line crosses above the %D line.
ATR LONG ENTRY SHORT CLOSEPrice closed above (close + ATR).
2024-08-16 00:00:00STOCH LONG EXITThe %K line crosses below the %D line.
MFI LONG ENTRY SHORT CLOSE80 crossover to upside
2024-08-20 00:00:00STOCH SHORT EXITThe %K line crosses above the %D line.
2024-08-21 00:00:00STOCH LONG EXITThe %K line crosses below the %D line.
2024-08-27 00:00:00RSI SHORT ENTRY LONG CLOSE70 crossover to downside
MFI SHORT ENTRY LONG CLOSE80 crossover to downside
2024-08-28 00:00:00STOCH SHORT EXITThe %K line crosses above the %D line.
WILLR LONG ENTRY SHORT CLOSE-20 crossover to upside
2024-08-30 00:00:00STOCH LONG EXITThe %K line crosses below the %D line.
2024-09-02 00:00:00STOCH SHORT EXITThe %K line crosses above the %D line.
2024-09-03 00:00:00MACD SHORT ENTRY LONG CLOSEThe MACD line crosses below the signal line.
STOCH LONG EXITThe %K line crosses below the %D line.
CCI LONG ENTRY SHORT CLOSE100 crossover to upside
2024-09-05 00:00:00RSI SHORT ENTRY LONG CLOSE70 crossover to downside
2024-09-06 00:00:00SAR SHORT ENTRY LONG CLOSEThe price broke the SAR to the downside
2024-09-09 00:00:00STOCH SHORT EXITThe %K line crosses above the %D line.
2024-09-12 00:00:00CCI LONG ENTRY SHORT CLOSE100 crossover to upside
WILLR LONG ENTRY SHORT CLOSE-20 crossover to upside
2024-09-13 00:00:00STOCH LONG EXITThe %K line crosses below the %D line.
ATR SHORT ENTRY LONG CLOSEPrice closed below (close - ATR).
2024-09-16 00:00:00STOCH SHORT EXITThe %K line crosses above the %D line.
2024-09-18 00:00:00STOCH LONG EXITThe %K line crosses below the %D line.
2024-09-20 00:00:00STOCH SHORT EXITThe %K line crosses above the %D line.
2024-09-24 00:00:00SAR LONG ENTRY SHORT CLOSEThe price broke the SAR to the upside.
CCI LONG ENTRY SHORT CLOSE100 crossover to upside
WILLR LONG ENTRY SHORT CLOSE-20 crossover to upside
BB SHORT ENTRY LONG CLOSEPrice closed above the lower band.
ATR LONG ENTRY SHORT CLOSEPrice closed above (close + ATR).
2024-09-25 00:00:00STOCH LONG EXITThe %K line crosses below the %D line.
ATR SHORT ENTRY LONG CLOSEPrice closed below (close - ATR).
2024-09-26 00:00:00STOCH SHORT EXITThe %K line crosses above the %D line.
CCI LONG ENTRY SHORT CLOSE100 crossover to upside
WILLR LONG ENTRY SHORT CLOSE-20 crossover to upside
2024-09-27 00:00:00STOCH LONG EXITThe %K line crosses below the %D line.
2024-10-01 00:00:00STOCH SHORT EXITThe %K line crosses above the %D line.
CCI LONG ENTRY SHORT CLOSE100 crossover to upside
WILLR LONG ENTRY SHORT CLOSE-20 crossover to upside
2024-10-03 00:00:00CCI LONG ENTRY SHORT CLOSE100 crossover to upside
2024-10-04 00:00:00BB SHORT ENTRY LONG CLOSEPrice closed above the lower band.
ATR LONG ENTRY SHORT CLOSEPrice closed above (close + ATR).
2024-10-08 00:00:00STOCH LONG EXITThe %K line crosses below the %D line.
2024-10-09 00:00:00MACD LONG ENTRY SHORT CLOSEThe MACD line crosses above the signal line.
STOCH SHORT EXITThe %K line crosses above the %D line.
BB SHORT ENTRY LONG CLOSEPrice closed above the lower band.
ATR LONG ENTRY SHORT CLOSEPrice closed above (close + ATR).
2024-10-10 00:00:00ATR LONG ENTRY SHORT CLOSEPrice closed above (close + ATR).
2024-10-11 00:00:00STOCH LONG EXITThe %K line crosses below the %D line.
2024-10-16 00:00:00STOCH SHORT EXITThe %K line crosses above the %D line.
2024-10-17 00:00:00RSI SHORT ENTRY LONG CLOSE70 crossover to downside
STOCH LONG EXITThe %K line crosses below the %D line.
ATR SHORT ENTRY LONG CLOSEPrice closed below (close - ATR).
2024-10-21 00:00:00STOCH SHORT EXITThe %K line crosses above the %D line.
WILLR LONG ENTRY SHORT CLOSE-20 crossover to upside
ATR LONG ENTRY SHORT CLOSEPrice closed above (close + ATR).
2024-10-23 00:00:00STOCH LONG EXITThe %K line crosses below the %D line.
2024-10-24 00:00:00MACD SHORT ENTRY LONG CLOSEThe MACD line crosses below the signal line.
SAR SHORT ENTRY LONG CLOSEThe price broke the SAR to the downside
ATR SHORT ENTRY LONG CLOSEPrice closed below (close - ATR).
2024-10-28 00:00:00STOCH SHORT EXITThe %K line crosses above the %D line.
2024-10-29 00:00:00STOCH LONG EXITThe %K line crosses below the %D line.
2024-10-30 00:00:00CMO SHORT ENTRY LONG CLOSEZero line crossover to downside
WILLR SHORT ENTRY LONG CLOSE-80 crossover to downside
ATR SHORT ENTRY LONG CLOSEPrice closed below (close - ATR).
2024-10-31 00:00:00DMI SHORT ENTRY LONG CLOSEThe +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-11-01 00:00:00CCI SHORT ENTRY LONG CLOSE-100 crossover to downside
2024-11-04 00:00:00STOCH SHORT EXITThe %K line crosses above the %D line.
2024-11-05 00:00:00STOCH LONG EXITThe %K line crosses below the %D line.
CCI SHORT ENTRY LONG CLOSE-100 crossover to downside
WILLR SHORT ENTRY LONG CLOSE-80 crossover to downside
2024-11-06 00:00:00DMI LONG ENTRY SHORT CLOSEThe +DI crossed the -DI to the upside. The trend is reversing to an up trend.
SAR LONG ENTRY SHORT CLOSEThe price broke the SAR to the upside.
STOCH SHORT EXITThe %K line crosses above the %D line.
CMO LONG ENTRY SHORT CLOSEZero line crossover to upside
ATR LONG ENTRY SHORT CLOSEPrice closed above (close + ATR).
2024-11-07 00:00:00CCI LONG ENTRY SHORT CLOSE100 crossover to upside
WILLR LONG ENTRY SHORT CLOSE-20 crossover to upside
ATR LONG ENTRY SHORT CLOSEPrice closed above (close + ATR).
2024-11-08 00:00:00MACD LONG ENTRY SHORT CLOSEThe MACD line crosses above the signal line.
BB SHORT ENTRY LONG CLOSEPrice closed above the lower band.
ATR LONG ENTRY SHORT CLOSEPrice closed above (close + ATR).
2024-11-11 00:00:00ATR LONG ENTRY SHORT CLOSEPrice closed above (close + ATR).
2024-11-12 00:00:00MFI LONG ENTRY SHORT CLOSE80 crossover to upside
2024-11-13 00:00:00STOCH LONG EXITThe %K line crosses below the %D line.
2024-11-14 00:00:00ATR SHORT ENTRY LONG CLOSEPrice closed below (close - ATR).
MFI SHORT ENTRY LONG CLOSE80 crossover to downside
2024-11-18 00:00:00RSI SHORT ENTRY LONG CLOSE70 crossover to downside
2024-11-21 00:00:00STOCH SHORT EXITThe %K line crosses above the %D line.
2024-11-25 00:00:00STOCH LONG EXITThe %K line crosses below the %D line.
2024-11-26 00:00:00STOCH SHORT EXITThe %K line crosses above the %D line.
WILLR LONG ENTRY SHORT CLOSE-20 crossover to upside
2024-11-28 00:00:00MACD SHORT ENTRY LONG CLOSEThe MACD line crosses below the signal line.
RSI SHORT ENTRY LONG CLOSE70 crossover to downside
STOCH LONG EXITThe %K line crosses below the %D line.
2024-11-29 00:00:00SAR SHORT ENTRY LONG CLOSEThe price broke the SAR to the downside
2024-12-02 00:00:00STOCH SHORT EXITThe %K line crosses above the %D line.
WILLR LONG ENTRY SHORT CLOSE-20 crossover to upside
2024-12-03 00:00:00STOCH LONG EXITThe %K line crosses below the %D line.
2024-12-04 00:00:00SAR LONG ENTRY SHORT CLOSEThe price broke the SAR to the upside.
STOCH SHORT EXITThe %K line crosses above the %D line.
CCI LONG ENTRY SHORT CLOSE100 crossover to upside
WILLR LONG ENTRY SHORT CLOSE-20 crossover to upside
ATR LONG ENTRY SHORT CLOSEPrice closed above (close + ATR).
2024-12-06 00:00:00STOCH LONG EXITThe %K line crosses below the %D line.
2024-12-09 00:00:00MFI LONG ENTRY SHORT CLOSE80 crossover to upside
2024-12-12 00:00:00STOCH SHORT EXITThe %K line crosses above the %D line.
MFI SHORT ENTRY LONG CLOSE80 crossover to downside
2024-12-13 00:00:00CCI LONG ENTRY SHORT CLOSE100 crossover to upside
MFI LONG ENTRY SHORT CLOSE80 crossover to upside
2024-12-16 00:00:00STOCH LONG EXITThe %K line crosses below the %D line.
MFI SHORT ENTRY LONG CLOSE80 crossover to downside
2024-12-18 00:00:00SAR SHORT ENTRY LONG CLOSEThe price broke the SAR to the downside
CMO SHORT ENTRY LONG CLOSEZero line crossover to downside
WILLR SHORT ENTRY LONG CLOSE-80 crossover to downside
ATR SHORT ENTRY LONG CLOSEPrice closed below (close - ATR).
2024-12-19 00:00:00CMO LONG ENTRY SHORT CLOSEZero line crossover to upside

6.3. Candlestick Patterns

Fortinet Inc Daily Candlestick Chart
DateCandlestick Pattern

6.4. Technical Score

Let's check the technical score of Fortinet Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

  
  
IndicatorConditionValue
RsiGreater than5056.008
Ma 20Greater thanMa 5091.590
Ma 50Greater thanMa 10084.278
Ma 100Greater thanMa 20075.797
OpenGreater thanClose90.510
Total4/5 (80.0%)
Penke
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