Fortinet (NASDAQ:FTNT) Stock Price Down 1.2% – Here’s Why

Fortinet, Inc. (NASDAQ:FTNT)’s share price was down 1.2% during mid-day trading on Friday . The company traded as low as $93.26 and last traded at $93.34. Approximately 1,136,895 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 5,476,359 shares. The stock had previously closed at $94.46.

Analyst Upgrades and Downgrades

FTNT has been the subject of several recent analyst reports. Piper Sandler upped their price objective on shares of Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Monday, November 11th. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a research report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft upped 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, Mizuho cut shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target on the stock. in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $79.52.

Fortinet Trading Down 0.3 %

The firm has a market capitalization of $72.20 billion, a PE ratio of 47.58, a P/E/G ratio of 2.93 and a beta of 1.00. The firm has a 50 day simple moving average of $80.76 and a 200 day simple moving average of $69.28. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 18.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fortinet

Hedge funds have recently added to or reduced their stakes in the stock. Eastern Bank bought a new stake in shares of Fortinet in the third quarter worth $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet during the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC increased its position in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank lifted its stake in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the period. Finally, Oakworth Capital Inc. purchased a new position in shares of Fortinet in the second quarter worth approximately $33,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

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.