Fortune

Security

<ul class="list-ic vertical">
 <li><span>1</span> <a>FTNT stock price: The company’s stock has risen to an all-time high level, see whether it will sustain.</a></li>
 <li><span>2</span> <a>The company announced that it became a market leader in terms of unit and revenue.&nbsp;</a></li>
 <li><span>3</span> <a>The current trend is sideways as the resistance is strong, while the bulls aren’t giving back the support.</a></li>
</ul>
<p>California-based cybersecurity company, Fortinet, Inc. (NASDAQ: FTNT) provides solutions to other enterprises. The company operates through several segments, including Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection. Additionally, Fortinet provides security solutions for the Internet of Things and Operational Technology.</p>
<h2 class="wp-block-heading" id="strong-why-the-stock-is-skyrocketing-strong"><strong>Why the Stock is Skyrocketing?</strong></h2>
<p>The FTNT stock price has just touched its all-time high. The reason is the reflection of its fundamentals in its shares. The overall revenue of Fortune expanded by 26% in the 2nd quarter of this fiscal year. It was primarily due to the service revenue growth, which held the firm at 30%, constituting a significant share of the total revenue.&nbsp;</p>
<p>The existing subscription and non-FortiGate product revenue grew by over 45%. It led to the value of $2 billion annual run rate (ARR) for the firm. The infrastructure development rate came up to 18%, which further led to the normalized product revenue growth of 18%.&nbsp;</p>
<h3 class="wp-block-heading" id="strong-market-leader-strong"><strong>Market Leader</strong></h3>
<p>Fortinet is currently the market leader when seen in the aspect of both unit and revenue. According to the latest Westland Advisory on Security and Cybersecurity report, Fortinet was named ITOT network protection platform pioneer. It has caused the price to skyrocket in recent times. The company right now is one of the top and quickest developing OT security merchants on the lookout. Westland Advisor is forecasting the market size to increase up to $33 billion by 2030.</p>
<h2 class="wp-block-heading" id="strong-technical-analysis-and-prediction-of-the-ftnt-stock-price-strong"><strong>Technical Analysis and Prediction of the FTNT Stock Price</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/bEcim-uozi7WYTsz_CYF7DiStQfPhLN63SLyC5njAzmw6VCRDLjQPfZ5jUo0KHZdyJiZRjhpnRGaDIrCzX8NT6vb7PO3OSwQutMQr0ub0YfI3jMrVcIV8hgHNjPUsZDV-qejrKmO0jy_YauskkYUjzs" alt="FTNT Stock Price: Bullish Investors are Fuelled by Fundamentals">
  <figcaption class="wp-element-caption">
   Chart provided by<a href="https://in.tradingview.com/chart/X78t0Vyp/?symbol=NASDAQ%3AFTNT" rel="noopener noreferrer nofollow"> Tradingview </a>(weekly time frame)
  </figcaption>
 </figure>
</div>
<p>At the press time, <a href="https://www.thecoinrepublic.com/2023/10/15/backed-by-strong-financials-cey-stock-price-rose-11-6-in-5-days/" target="_blank" rel="noopener noreferrer nofollow">FTNT stock price</a> is currently trading at the level of $57.5, just on the immediate support level of $56.08. If the bulls can reclaim this support level, the immediate resistance will be at $65. However, if the FTNT stock gets surrounded by the bears, the current support will be broken and the price will move towards its 2nd support level of $46.3</p>
<p>The 50-day EMA is at $57.2, while the 150-day EMA is at $62.8. The RSI is currently near a consolidation below the neutral level of 50, which indicates a weak strength of bulls. This brings us to the prediction of FTNT stock price, which is looking bullish considering the strength of the current support. If the bulls can push the price above $60.38, it will make a high till its immediate resistance.</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p>Fortinet, Inc. (NASDAQ: FTNT) provides cybersecurity-related solutions to other enterprises. The company has been growing exponentially on a fundamental basis, which has caused the FTNT stock price to reach its all-time high. The current price is trading in a demand zone, but the prediction is bullish, considering its strength.&nbsp;</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<ul>
 <li><strong>Support:</strong> $56, and $46</li>
 <li><strong>Resistance: </strong>$65, and $80</li>
</ul>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks or related indexes comes with a risk of financial loss.</p>

FTNT Stock Price: Bullish Investors are Fuelled by Fundamentals

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Thecoinrepublic.com

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