Fortinet Inc

FTNT remains in a Stage 2 advancing regime with price pulling back into rising EMAs after strong acceleration, and no exhaustion evident on RSI or volume. The pullback into the 9 and 20 EMAs offers a favorable dip-buy opportunity, justifying a Buy Now.

• ↑Q1 revenue $1.85 B up 20% YoY; secure networking grew 32%
• ↑Record $1 B free cash flow with 51% FCF margin
• ↓Forward P/E ~50× implies stretched valuation; intrinsic value $58–$112