Fortinet (NASDAQ:FTNT) Stock Price Down 0.2%

Shares of Fortinet, Inc. (NASDAQ:FTNT) fell 0.2% on Wednesday . The company traded as low as $75.71 and last traded at $76.94. 1,166,697 shares were traded during mid-day trading, a decline of 80% from the average session volume of 5,750,551 shares. The stock had previously closed at $77.13.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FTNT. Scotiabank upped their price target on shares of Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, August 7th. Morgan Stanley reduced their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft raised their price target on Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Royal Bank of Canada upped their price objective on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 7th. Finally, TD Cowen upgraded 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. Twenty-four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $71.31.

Fortinet Stock Down 1.1 %

The company has a market cap of $57.26 billion, a price-to-earnings ratio of 49.20, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The stock has a 50-day simple moving average of $65.49 and a 200-day simple moving average of $64.72.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the company posted $0.31 earnings per share. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. As a group, analysts predict that Fortinet, Inc. will post 1.7 EPS for the current year.

Insider Buying and Selling

In other news, CEO Ken Xie sold 24,235 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the completion of the sale, the chief executive officer now owns 48,742,483 shares in the company, valued at $2,901,640,012.99. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Fortinet news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 24,235 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the sale, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at $2,901,640,012.99. The disclosure for this sale can be found here. Insiders have sold a total of 96,907 shares of company stock valued at $6,016,573 over the last quarter. Corporate insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Fortinet by 1.2% during the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after buying an additional 779,271 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after acquiring an additional 30,542,551 shares in the last quarter. Swedbank AB boosted its stake in Fortinet by 1.7% in the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after purchasing an additional 134,366 shares during the period. Marshall Wace LLP boosted its stake in Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares during the period. Finally, Van ECK Associates Corp grew its position in Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other 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.