Fortinet earnings alert
Gary Christie August 6, 2020 11:09 PM
Will we see another price gap up like the last time?
Cybersecurity firm Fortinet (FTNT) is due to report second quarter EPS after the close. The Co is likely to unveil 2Q EPS of $0.66 vs. $0.58 the prior year on revenue of $599.3M compared to $521.7M last year. The company just introduced the world's first Hyperscale Firewall (FortiGate 4400F) in a statement released today. Back on July 20th, the Co announced the acquisition of OPAQ Networks, a developer of security software products, allowing Fortinet to now deliver the most complete Secure Access Service Edge (SASE) cloud platform on the market.
The last time FTNT reported earnings back on May 6th the stock gapped higher gaining 21% above a declining trend that was acting as resistance. The expected move is 10.3% in either direction according to front month options volatility.
Looking at a daily chart from a technical perspective, the stock remains bullish as an uptrend is starting to take shape. In the short-term, prices have been in a consolidation zone between $152 and $121 since the last time the company reported earnings. Look for a break in either direction. A break above the consolidation at $152 would call for a resumption of the uptrend towards a measured move target of $182.50.
Source: GAIN Capital, TradingView
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
GAIN Capital Singapore Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the GAIN Capital group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), GAIN Capital Singapore Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact GAIN Capital Singapore Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither GAIN Capital Singapore Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
GAIN Capital Singapore Pte. Ltd. is not under any obligation to update this report.
Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit cityindex.com.sg for the complete Risk Disclosure Statement.
Cryptocurrencies are not legal tender currency and trading of derivatives on Cryptocurrencies are currently not covered under any regulatory regime in Singapore. Consequently, investors should be aware they do not have protection under the Securities and Futures Act (Cap. 289). Please ensure that you are fully aware of the risks.