Fortinet (NASDAQ:FTNT) Stock Price Down 4.6% – Time to Sell?

Fortinet, Inc. (NASDAQ:FTNT)’s share price dropped 4.6% on Monday . The stock traded as low as $96.50 and last traded at $96.60. Approximately 1,203,574 shares changed hands during trading, a decline of 75% from the average daily volume of 4,797,259 shares. The stock had previously closed at $101.28.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of research analyst reports. BMO Capital Markets increased their price target on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. Bank of America raised their target price on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Stifel Nicolaus lifted their target price on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, February 7th. TD Cowen raised their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Finally, Morgan Stanley upped their target price on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $103.72.

Fortinet Trading Down 5.2 %

The firm’s 50 day simple moving average is $102.06 and its two-hundred day simple moving average is $91.04. The stock has a market capitalization of $73.85 billion, a P/E ratio of 42.50, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

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

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The stock was 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 approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 17,660 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the completion of the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $517,076.48. This trade represents a 78.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 87,120 shares of company stock valued at $8,991,409 over the last 90 days. Insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTNT. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Fortinet in the 4th quarter worth approximately $27,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet during the 3rd quarter valued at $26,000. Oarsman Capital Inc. grew its stake in shares of Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after acquiring an additional 272 shares during the period. Graney & King LLC purchased a new stake in Fortinet in the 4th quarter worth about $43,000. Finally, Banque Transatlantique SA bought a new stake in Fortinet in the 4th quarter valued at about $43,000. 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.