FTNT is trading at all-time highs
Fortinet Inc (NASDAQ:FTNT) hit a record high of $102.17 today after breaking past recent pressure at the $100 level. The software name could soon extend those highs, too, considering it's the best stock to own in February, historically.
More specifically, FTNT took the top spot on Schaeffer's Senior Quantitative Analyst Rocky White's list of the best stocks to own next month. Over the last 10 years, the equity has finished February higher nine times, averaging an impressive 9% gain. A move of similar magnitude would put the shares above $111, adding to its roughly 55% year-over-year gain.
An unwinding of pessimism could provide tailwinds as well. Despite the stock's outperformance, 23 of the 37 analysts in coverage carry a "hold" or worse rating, while the 12-month consensus price target of $98.84 sits at a slim discount to current levels.
Furthermore, puts have been much more popular than usual in the options pits. FTNT's 10-day put/call volume ratio of 1.79 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 91% of readings from the past year.
Traders can expect some volatility from the company's earnings report, due out after the close on Thursday, Feb. 6. FTNT's recent post-earnings history is reasonably encouraging, however. The stock closed higher after three of its quarterly reports last year, including a large 25.4% pop in August.