Fortinet (NASDAQ:FTNT) Stock Price Down 0.2%

Fortinet, Inc. (NASDAQ:FTNT)’s stock price was down 0.2% on Wednesday . The company traded as low as $75.72 and last traded at $75.85. Approximately 460,077 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 5,793,599 shares. The stock had previously closed at $75.97.

Analysts Set New Price Targets

A number of brokerages have recently commented on FTNT. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. TD Cowen raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research report on Thursday, July 18th. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company in a research note on Wednesday, August 7th. Scotiabank lifted their target price on shares of Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, August 7th. Finally, DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a research report on Thursday, August 8th. Twenty-four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $71.31.

Fortinet Stock Performance

The firm has a market cap of $58.60 billion, a price-to-earnings ratio of 50.14, a PEG ratio of 2.79 and a beta of 0.98. The business’s 50-day moving average is $63.70 and its 200-day moving average is $64.48.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company’s revenue was up 10.9% on a year-over-year basis. During the same quarter last year, the business posted $0.31 earnings per share. Equities research analysts expect that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 24,235 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the completion of the sale, the chief executive officer now directly owns 48,742,483 shares in the company, valued at $2,901,640,012.99. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Fortinet news, CFO Keith Jensen sold 18,701 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the transaction, the chief financial officer now owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 24,235 shares of Fortinet stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total value of $1,442,709.55. Following the completion of the sale, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at $2,901,640,012.99. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,608 shares of company stock worth $7,132,649. 18.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortinet

Several large investors have recently made changes to their positions in FTNT. Vanguard Group Inc. grew its holdings in Fortinet by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock worth $4,648,665,000 after acquiring an additional 779,271 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares during the last quarter. Swedbank AB grew its stake in shares of Fortinet by 1.7% during the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after purchasing an additional 134,366 shares during the period. Marshall Wace LLP increased its holdings in Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.