Fortinet, Inc. (NASDAQ:FTNT – Get Free Report) traded up 0.4% on Wednesday . The stock traded as high as $99.59 and last traded at $99.58. 962,109 shares were traded during trading, a decline of 82% from the average session volume of 5,462,407 shares. The stock had previously closed at $99.15.
Analyst Ratings Changes
Several equities research analysts recently weighed in on the company. Cantor Fitzgerald increased their price target on Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. UBS Group raised their target price on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Wedbush raised their target price on Fortinet from $78.00 to $90.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised their target price on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Finally, Morgan Stanley reduced their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $79.52.
Get Our Latest Analysis on Fortinet
Fortinet Stock Down 1.0 %
Insider Buying and Selling
In other Fortinet news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 18.00% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of FTNT. Sei Investments Co. boosted its position in shares of Fortinet by 10.5% during the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after buying an additional 13,178 shares during the period. QRG Capital Management Inc. boosted its position in shares of Fortinet by 5.7% during the first quarter. QRG Capital Management Inc. now owns 35,974 shares of the software maker’s stock worth $2,457,000 after buying an additional 1,954 shares during the period. Avantax Advisory Services Inc. boosted its position in Fortinet by 127.9% during the first quarter. Avantax Advisory Services Inc. now owns 20,815 shares of the software maker’s stock valued at $1,422,000 after purchasing an additional 11,680 shares during the last quarter. Bleakley Financial Group LLC raised its stake in shares of Fortinet by 3.2% during the 1st quarter. Bleakley Financial Group LLC now owns 8,140 shares of the software maker’s stock worth $556,000 after purchasing an additional 252 shares in the last quarter. Finally, Sheets Smith Wealth Management acquired a new stake in shares of Fortinet in the 1st quarter valued at approximately $221,000. 83.71% of the stock is owned by institutional investors and hedge funds.
About Fortinet
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.
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