Fortinet offers cybersecurity solutions to enterprises, communication service providers, governments, and small to medium-sized businesses. It helps customers with network security, secure access, networking, security operations, application security, and operational technology. Last month it opened a new innovation hub in Atlanta. And earlier this month, FTNT introduced a new cloud-based platform the combines security and performance management into one tool.
On the earnings front, FTNT’s third-quarter fiscal 2024 was strong, with total revenue growing by 13%. That spike was driven largely by a 19% gain in service revenue and products returning to a growth trajectory. The company is a leader in its industry and has shown its willingness to grow after buying 3 million square feet of Class A office space around the world.
It’s no wonder FTNT shares are up 66% this year – and they could rise more. MAPsignals data shows how a rare bullish signal reflects Big Money investors are betting heavily on the forward picture of the stock.
Institutional volumes reveal plenty. In the last year, FTNT has enjoyed strong investor demand, which we believe to be institutional support.
Each green bar signals unusually large volumes in FTNT shares. They reflect our proprietary inflow signal, pushing the stock higher:
Plenty of technology names are under accumulation right now. But there’s a powerful fundamental story happening with Fortinet.
Institutional support and a healthy fundamental backdrop make this company worth investigating. As you can see, FTNT has strong sales and earnings growth:
Source: FactSet
Also, EPS is estimated to ramp higher this year by +8%.
Now it makes sense why the stock has been powering to new heights. FTNT has a track record of strong financial performance.
Marrying great fundamentals with our proprietary software has found some big winning stocks over the long term.
Fortinet has been a top-rated stock at MAPsignals for years. That means the stock has unusual buy pressure 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 multiple times since it began trading in 2009, with more potentially on the horizon. The blue bars below show when FTNT was a top pick…sending shares up:
Tracking unusual volumes reveals the power of money flows.
This is a trait that most outlier stocks exhibit…the best of the best. Big Money demand drives stocks upward.
The FTNT rally isn’t new at all. 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 position in FTNT at the time of publication.
If you are a Registered Investment Advisor (RIA) or are a serious investor, take your investing to the next level, learn more about the MAPsignals process here.
This article was originally posted on FX Empire
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