Fortinet (NASDAQ:FTNT) Trading Up 1%

Fortinet, Inc. (NASDAQ:FTNT)’s stock price rose 1% on Thursday . The stock traded as high as $76.55 and last traded at $76.36. Approximately 520,262 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 5,775,214 shares. The stock had previously closed at $75.61.

Analysts Set New Price Targets

FTNT has been the topic of a number of analyst reports. Wedbush reiterated an “outperform” rating and set a $78.00 price objective on shares of Fortinet in a research report on Wednesday, August 7th. Cantor Fitzgerald increased their price objective on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Truist Financial decreased their price target on shares of Fortinet from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. TD Cowen raised Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Thursday, July 18th. Finally, 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. Twenty-three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $71.31.

Fortinet Trading Up 1.1 %

The company has a market capitalization of $58.39 billion, a P/E ratio of 49.91, a P/E/G ratio of 2.79 and a beta of 0.98. The company has a 50 day moving average price of $63.33 and a 200 day moving average price of $64.40.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period last year, the business posted $0.31 earnings per share. As a group, sell-side analysts forecast that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of Fortinet

Several institutional investors have recently added to or reduced their stakes in FTNT. TFO Wealth Partners LLC lifted its position in shares of Fortinet by 72,668.0% in the 4th quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock worth $1,065,000 after purchasing an additional 18,167 shares during the period. LGT Group Foundation boosted its position in Fortinet by 14.4% during the fourth quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock valued at $44,478,000 after acquiring an additional 94,475 shares during the last quarter. Y.D. More Investments Ltd grew its holdings in Fortinet by 101.4% during the 4th quarter. Y.D. More Investments Ltd now owns 61,964 shares of the software maker’s stock worth $3,627,000 after acquiring an additional 31,198 shares during the period. Sanibel Captiva Trust Company Inc. bought a new position in shares of Fortinet in the 4th quarter worth about $10,394,000. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Fortinet by 121.4% in the 4th quarter. Janney Montgomery Scott LLC now owns 244,879 shares of the software maker’s stock valued at $14,333,000 after purchasing an additional 134,265 shares during the period. 83.71% of the stock is currently owned by institutional investors.

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.