Fortinet (NASDAQ:FTNT) Stock Price Up 0.3%

Fortinet, Inc. (NASDAQ:FTNT) shot up 0.3% during mid-day trading on Monday . The stock traded as high as $75.39 and last traded at $74.94. 312,909 shares changed hands during trading, a decline of 95% from the average session volume of 5,831,917 shares. The stock had previously closed at $74.73.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FTNT. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. Robert W. Baird increased their price target on shares of Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Wells Fargo & Company boosted their price objective on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price on the stock in a research note on Wednesday, August 7th. Finally, BMO Capital Markets boosted their price target on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $71.31.

Fortinet Trading Up 0.6 %

The business’s 50-day simple moving average is $62.38 and its two-hundred day simple moving average is $64.23. The firm has a market cap of $57.43 billion, a price-to-earnings ratio of 49.14, a P/E/G ratio of 2.79 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.31 earnings per share. On average, analysts forecast that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director William H. Neukom bought 586 shares of Fortinet stock in a transaction dated Thursday, June 6th. The stock was purchased at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the purchase, the director now directly owns 295,778 shares in the company, valued at approximately $17,613,579.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Fortinet news, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom acquired 586 shares of the stock in a transaction on Thursday, June 6th. The stock was bought at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the transaction, the director now owns 295,778 shares of the company’s stock, valued at approximately $17,613,579.90. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 115,608 shares of company stock valued at $7,132,649. Corporate insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Several institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC increased its stake in shares of Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after purchasing an additional 148 shares in the last quarter. Simplicity Wealth LLC raised its holdings in Fortinet by 2.2% during the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after acquiring an additional 174 shares during the period. Massmutual Trust Co. FSB ADV lifted its position in shares of Fortinet by 22.4% during the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock worth $67,000 after acquiring an additional 180 shares in the last quarter. Werlinich Asset Management LLC boosted its holdings in shares of Fortinet by 1.7% in the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after acquiring an additional 180 shares during the period. Finally, Mount Yale Investment Advisors LLC raised its stake in shares of Fortinet by 0.9% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock valued at $1,456,000 after purchasing an additional 185 shares during the period. Hedge funds and other institutional investors 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.