Fortinet (NASDAQ:FTNT) Shares Down 1.5% – What’s Next?

Fortinet, Inc. (NASDAQ:FTNT)’s stock price fell 1.5% during trading on Tuesday . The stock traded as low as $89.67 and last traded at $90.49. 1,540,185 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 5,493,108 shares. The stock had previously closed at $91.88.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FTNT. Stifel Nicolaus boosted their target price on shares of Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday. Cantor Fitzgerald upped their price target on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday. UBS Group upped their price target on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Citigroup upped their price target on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. Finally, HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and upped their price target for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $88.93.

Fortinet Trading Up 1.8 %

The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The firm has a market cap of $70.86 billion, a P/E ratio of 46.69, a PEG ratio of 2.71 and a beta of 1.00. The business has a 50 day moving average of $81.71 and a two-hundred day moving average of $69.89.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 51,095 shares of company stock worth $4,058,575 in the last 90 days. Company insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Eastern Bank bought a new position in shares of Fortinet in the third quarter worth $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the third quarter worth $26,000. Private Wealth Management Group LLC increased its position in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. City State Bank increased its position in shares of Fortinet by 900.0% in the third 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. bought a new position in shares of Fortinet in the second quarter worth $33,000. Institutional investors own 83.71% of the company’s stock.

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.