Fortinet (FTNT) : The conviction of the bears is waning as is visible by the drop in the short positions from Jul 29, 2016, to August 15, 2016. The total outstanding shorts decreased from 4,629,105 to 4,465,103 shares, with 3 days to go before the expiry. The short open interest has decreased by -3.5%, amounting to a reduction of -164,002 shares. Only a handful of traders believe that the stock has a large downside from current levels, as seen in the low short interest of 3.1% of the float of the company. The average daily volume of the stock is 1,407,155 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Fortinet (NASDAQ:FTNT): The stock opened at $35.53 on Wednesday but the bulls could not build on the opening and the stock topped out at $35.89 for the day. The stock traded down to $35.29 during the day, due to lack of any buying support eventually closed down at $35.41 with a loss of -1.01% for the day. The stock had closed at $35.77 on the previous day. The total traded volume was 1,220,633 shares.
In a related news, Whittle John, officer (VP CorpDev&Strat Alliance, GC) of Fortinet Inc, unloaded 13,833 shares at an average price of $33.93 on August 15, 2016. The total amount of the transaction was worth $469,354, according to the disclosed information with the Securities and Exchange Commission in a Form 4 filing.
Fortinet, Inc. provides cyber security solutions to enterprise, service providers and government organizations across the world. The Companys network security solution consists of FortiGate physical and virtual appliance products that provide an array of integrated security and networking functions to protect data, applications and users from network-and content-level security threats. The Companys FortiGate appliances may be deployed as Next Generation Firewalls (NGFW), Data Center Firewalls (DCFW), Unified Threat Management (UTM) systems, Internal Network Firewall (INFW), Virtual Machine Firewalls or Cloud Firewalls. The FortiGate appliances range from the FortiGate-20 series for small businesses and branch offices to the FortiGate-5000 series for enterprises and service providers, and are based on its technology platform. Its security services are based on intelligence gathered by its FortiGuard Labs team.