Fortinet Correlations
| FTNT Stock | USD 58.88 6.32 9.69% |
The correlation of Fortinet is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Fortinet moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Fortinet moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Very weak diversification
The correlation between Fortinet and NYA is 0.55 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fortinet and NYA in the same portfolio, assuming nothing else is changed.
Fortinet |
The ability to find closely correlated positions to Fortinet could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Fortinet when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Fortinet - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Fortinet to buy it.
Moving together with Fortinet Stock
| 0.61 | S | SentinelOne Financial Report 6th of June 2024 | PairCorr |
| 0.77 | DOCN | DigitalOcean Holdings Financial Report 14th of May 2024 | PairCorr |
| 0.81 | VRNS | Varonis Systems Earnings Call This Week | PairCorr |
| 0.69 | EEFT | Euronet Worldwide Financial Report 7th of May 2024 | PairCorr |
Moving against Fortinet Stock
| 0.59 | NN | Nextnav Acquisition Corp Financial Report 8th of May 2024 | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
Correlation Matchups
Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.High positive correlations
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Fortinet Stock performing well and Fortinet Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Fortinet's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.| Mean Deviation | Jensen Alpha | Sortino Ratio | Treynor Ratio | Semi Deviation | Expected Shortfall | Potential Upside | Value @Risk | Maximum Drawdown | ||
|---|---|---|---|---|---|---|---|---|---|---|
| S | 2.38 | (0.44) | 0.00 | (0.12) | 0.00 | 3.48 | 21.58 | |||
| BB | 2.62 | (0.01) | 0.01 | 0.04 | 3.56 | 6.07 | 20.38 | |||
| GB | 2.13 | 0.25 | 0.07 | 0.50 | 2.52 | 5.62 | 15.83 | |||
| JG | 4.32 | (0.27) | 0.00 | (0.19) | 0.00 | 7.97 | 32.07 | |||
| MQ | 2.53 | (0.25) | 0.00 | (0.05) | 0.00 | 5.78 | 18.35 | |||
| NN | 4.48 | 1.34 | 0.24 | 1.03 | 4.82 | 13.60 | 59.64 | |||
| SQ | 2.85 | (0.05) | 0.02 | 0.03 | 3.74 | 5.04 | 24.57 | |||
| ZS | 1.96 | (0.51) | 0.00 | (0.26) | 0.00 | 4.02 | 18.41 | |||
| DOCN | 2.31 | (0.08) | 0.00 | 0.02 | 2.88 | 4.36 | 15.48 | |||
| VERI | 8.21 | 1.51 | 0.17 | 24.99 | 8.13 | 25.81 | 60.12 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Fortinet without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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Fortinet Corporate Directors
Fortinet corporate directors refer to members of a Fortinet board of directors. The board of directors generally takes responsibility for the Fortinet's affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of Fortinet's board members must vote for the resolution. The Fortinet board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.| Peter Cohen | Director | Profile | |
| Ming Hsieh | Independent Director | Profile | |
| Chenming Hu | Independent Director | Profile | |
| Christopher Paisley | Lead Independent Director | Profile |
Already Invested in Fortinet?
The danger of trading Fortinet is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Fortinet is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Fortinet. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Fortinet is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether Fortinet is a good investment, qualitative aspects like company management, corporate governance, and ethical practices play a significant role. A comparison with peer companies also provides context and helps to understand if Fortinet Stock is undervalued or overvalued. This multi-faceted approach, blending both quantitative and qualitative analysis, forms a solid foundation for making an informed investment decision about Fortinet Stock. Highlighted below are key reports to facilitate an investment decision about Fortinet Stock: Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fortinet. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in board of governors. For more information on how to buy Fortinet Stock please use our How to Invest in Fortinet guide.You can also try the Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
Complementary Tools for Fortinet Stock analysis
When running Fortinet's price analysis, check to measure Fortinet's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Fortinet is operating at the current time. Most of Fortinet's value examination focuses on studying past and present price action to predict the probability of Fortinet's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Fortinet's price. Additionally, you may evaluate how the addition of Fortinet to your portfolios can decrease your overall portfolio volatility.
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Is Fortinet's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Fortinet. If investors know Fortinet will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Fortinet listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth 0.035 | Earnings Share 1.46 | Revenue Per Share 6.813 | Quarterly Revenue Growth 0.103 | Return On Assets 0.1146 |
The market value of Fortinet is measured differently than its book value, which is the value of Fortinet that is recorded on the company's balance sheet. Investors also form their own opinion of Fortinet's value that differs from its market value or its book value, called intrinsic value, which is Fortinet's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Fortinet's market value can be influenced by many factors that don't directly affect Fortinet's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Fortinet's value and its price as these two are different measures arrived at by different means. Investors typically determine if Fortinet is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Fortinet's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.