Fortinet Set to Report Earnings: What to ExpectFTNT will be announcing its fourth-quarter earnings this Thursday. Analysts predict earnings per share (EPS) of 61 cents and revenues of $1.59 billion after the market closes.

Over the past year, Fortinet’s stock has seen a remarkable rise of 54.65%, marking a year-to-date increase of 10.14%.

We will examine the current trends in Fortinet’s stock and see how it aligns with analyst expectations.

Positive Momentum for Fortinet Ahead of Earnings

As the fourth-quarter earnings announcement approaches, Fortinet stock demonstrates significant bullish momentum. It is currently trading above its five-day, 20-day, and 50-day exponential moving averages. This indicates persistent buying interest and suggests potential for further growth.

Chart created using Benzinga Pro

The stock’s eight-day simple moving average of $100.85 is below the current price of $105.07, indicating a strong upward trend. Fortinet is also trading above several important support levels, with its 20-day simple moving average at $97.98, the 50-day at $97.02, and the 200-day at $76.59, demonstrating strength in both short and long-term indicators.

For investors, these technical signals suggest that Fortinet stock might continue its upward trajectory, especially if earnings exceed expectations. The Moving Average Convergence Divergence (MACD) indicator stands at 2.24, further supporting the bullish outlook. However, the Relative Strength Index (RSI) at 73.14 indicates the stock is overbought, potentially leading to some volatility in the near term.

A strong earnings report could boost the stock even higher, while disappointing results could lead to profit-taking. Thus, the $96-$97 range becomes a crucial support level for traders to monitor.

Analysts Predict Continued Growth for Fortinet

Ratings & Consensus Estimates: Analysts have rated Fortinet stock as a Buy, with an average price target of $98.10. Recent evaluations from Cantor Fitzgerald, Baird, and Rosenblatt suggest a potential upside of 7.44%, with a higher price target of $112.33.

FTNT Stock Price Action: At the time of this publication, Fortinet stock is trading at $104.16.

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