Fortinet (NASDAQ:FTNT) Hits New 52-Week High After Analyst Upgrade

Shares of Fortinet, Inc. (NASDAQ:FTNT) reached a new 52-week high during mid-day trading on Tuesday after Susquehanna raised their price target on the stock from $90.00 to $110.00. Susquehanna currently has a neutral rating on the stock. Fortinet traded as high as $110.99 and last traded at $109.55, with a volume of 5108038 shares traded. The stock had previously closed at $107.66.

A number of other brokerages have also weighed in on FTNT. Baird R W lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. The Goldman Sachs Group raised their price target on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Barclays raised their price target on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a research note on Thursday, December 19th. Finally, Mizuho raised their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Fortinet has an average rating of “Hold” and a consensus price target of $102.77.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. This represents a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 67,860 shares of company stock valued at $6,469,056. Insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. PAX Financial Group LLC increased its stake in Fortinet by 2.3% in the fourth quarter. PAX Financial Group LLC now owns 44,639 shares of the software maker’s stock valued at $4,217,000 after purchasing an additional 988 shares during the period. Arete Wealth Advisors LLC increased its stake in Fortinet by 22.8% in the fourth quarter. Arete Wealth Advisors LLC now owns 9,570 shares of the software maker’s stock valued at $904,000 after purchasing an additional 1,779 shares during the period. Motley Fool Asset Management LLC increased its stake in Fortinet by 15.3% in the fourth quarter. Motley Fool Asset Management LLC now owns 41,703 shares of the software maker’s stock valued at $3,940,000 after purchasing an additional 5,539 shares during the period. World Investment Advisors acquired a new position in Fortinet in the fourth quarter valued at $294,000. Finally, OneAscent Financial Services LLC acquired a new position in Fortinet in the fourth quarter valued at $474,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Down 0.6 %

The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The business’s 50 day moving average price is $98.12 and its 200-day moving average price is $85.82. The firm has a market capitalization of $82.55 billion, a price-to-earnings ratio of 47.66, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. Equities analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current fiscal year.

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.