Fortinet (NASDAQ:FTNT) Sets New 52-Week High at $76.55

Fortinet, Inc. (NASDAQ:FTNT)’s share price hit a new 52-week high on Thursday . The company traded as high as $76.55 and last traded at $76.17, with a volume of 227919 shares. The stock had previously closed at $75.61.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on FTNT shares. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Wednesday, August 7th. Susquehanna lifted their price target on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Scotiabank upped their price objective on shares of Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, August 7th. Truist Financial decreased their target price on shares of Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Finally, Piper Sandler raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $71.31.

Fortinet Price Performance

The company has a fifty day moving average of $63.33 and a two-hundred day moving average of $64.40. The stock has a market capitalization of $58.35 billion, a P/E ratio of 49.91, a price-to-earnings-growth 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 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the business earned $0.31 EPS. The business’s quarterly revenue was up 10.9% on a year-over-year basis. As a group, equities research analysts predict that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Insider Activity

In related 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 transaction of $1,731,010.58. Following the completion of the transaction, the chief executive officer now directly owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Fortinet news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the transaction, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 18,701 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the sale, the chief financial officer now owns 4,663 shares in the company, valued at approximately $278,287.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,608 shares of company stock valued at $7,132,649. 18.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of FTNT. Vima LLC acquired a new stake in Fortinet in the fourth quarter worth about $25,000. Winthrop Capital Management LLC acquired a new stake in shares of Fortinet in the 1st quarter worth approximately $25,000. Rise Advisors LLC boosted its holdings in shares of Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after acquiring an additional 217 shares in the last quarter. Creekmur Asset Management LLC acquired a new position in shares of Fortinet during the fourth quarter valued at approximately $32,000. Finally, Oakworth Capital Inc. bought a new stake in Fortinet during the second quarter worth approximately $33,000. 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.