Fortinet Shares See Monster Demand

Fortinet Stock Attracts Big Money Inflows

What’s Big Money anyways? Said simply, it’s when a stock rises due to institutional demand. Our bet is that Fortinet is under accumulation..

Fundamentally, Fortinet has many qualities that are attractive. More on that in a bit.

Paying attention to how the shares trade, suggests there could be more upside.

You see, fund managers are always looking to bet on the next outperforming stocks…the best in class. They spend countless hours sizing up companies, reading reports, speaking to analysts…you name it. When they find a company firing on all cylinders, they pounce in a big way.

The YTD action tells the story. Each green bar signals unusual buying volumes, pushing the stock higher:

In 2023, the stock attracted constant Big Money buy signals. Recent green bars could mean more upside is ahead.

Now, let’s check out the technical action grabbing my attention:

• Year-to-date outperformance vs. iShares Expanded Tech-Software Sector ETF (+15.87% vs. IGV)

Fortinet Fundamental Analysis

Next, it’s a good idea to check under the hood. I want to make sure the fundamental story is strong too. As you can see, FTNT has had double-digit sales and earnings growth the past 3 years:

• 3-year sales growth rate (+27.1%)
• 3-year EPS growth rate (+42.2%)

Source: FactSet

Marrying great fundamentals with technically superior stocks is a winning recipe over the long-term.

Check this out. FTNT has been a top-rated stock at MAPsignals for years. That means the stock has had buy pressure, strong technicals, and growing fundamentals. We have a ranking process that showcases stocks like this on a weekly basis.

It’s made the rare Top 20 report numerous times since 2015. The blue bars below show when FTNT was a top pick:

Tracking unusual volumes reveals the power of the MAPsignals process.

Fortinet Price Prediction

The FTNT rally has been in place for years and recently. Big Money buying in the shares is signaling to take notice. Given the historical gains in share price and strong fundamentals, this stock could be worth a spot in a diversified portfolio.

Disclosure: the author holds no positions in FTNT at the time of publication.

Learn more about the MAPsignals process here.

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