Fortinet (NASDAQ:FTNT) Hits New 1-Year High – Should You Buy?

Fortinet, Inc. (NASDAQ:FTNT) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $114.52 and last traded at $114.25, with a volume of 665405 shares changing hands. The stock had previously closed at $111.64.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. TD Cowen raised their target price on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Jefferies Financial Group upped their price objective on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a report on Thursday, December 19th. The Goldman Sachs Group increased their price objective 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. Finally, Susquehanna increased their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $103.72.

Fortinet Trading Down 0.3 %

The company has a market cap of $87.52 billion, a price-to-earnings ratio of 50.53, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01. The business’s fifty day moving average price is $99.56 and its 200 day moving average price is $87.75. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 63,610 shares of company stock valued at $6,083,029 over the last quarter. 18.00% of the stock is owned by company insiders.

Institutional Trading of Fortinet

A number of hedge funds have recently bought and sold shares of FTNT. First Hawaiian Bank acquired a new stake in shares of Fortinet during the 4th quarter worth approximately $670,000. LVM Capital Management Ltd. MI grew its holdings in shares of Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after purchasing an additional 8,707 shares during the period. Apollon Wealth Management LLC boosted its position in shares of Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after buying an additional 1,081 shares during the period. Trilogy Capital Inc. boosted its stake in shares of Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after purchasing an additional 3,544 shares during the period. Finally, Forsta AP Fonden increased its position in shares of Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

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.