Fortinet (NASDAQ:FTNT) Trading Down 1.6%

Fortinet, Inc. (NASDAQ:FTNT)’s share price traded down 1.6% on Thursday . The stock traded as low as $75.50 and last traded at $75.65. 760,578 shares were traded during mid-day trading, a decline of 87% from the average session volume of 5,738,179 shares. The stock had previously closed at $76.87.

Analyst Ratings Changes

FTNT has been the topic of several recent research reports. StockNews.com cut shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. raised their target price on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a report on Thursday, August 8th. Citigroup raised their target price on shares of Fortinet from $65.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, Wells Fargo & Company raised their target price on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Twenty-four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $71.31.

Fortinet Stock Down 0.9 %

The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The stock has a market cap of $57.41 billion, a price-to-earnings ratio of 49.12, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The firm’s fifty day moving average price is $65.79 and its two-hundred day moving average price is $64.76.

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 analysts’ consensus estimates 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 period in the prior year, the firm posted $0.31 EPS. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. Sell-side analysts forecast that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the transaction, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the sale, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Insiders sold 96,907 shares of company stock valued at $6,016,573 in the last three months. Company insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Large investors have recently added to or reduced their stakes in the company. TFO Wealth Partners LLC raised its holdings in Fortinet by 72,668.0% in the fourth quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock worth $1,065,000 after buying an additional 18,167 shares during the last quarter. Sanibel Captiva Trust Company Inc. purchased a new position in shares of Fortinet during the fourth quarter valued at approximately $10,394,000. Janney Montgomery Scott LLC raised its holdings in shares of Fortinet by 121.4% during the fourth 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 last quarter. Hsbc Holdings PLC raised its holdings in shares of Fortinet by 30.2% during the fourth quarter. Hsbc Holdings PLC now owns 1,675,718 shares of the software maker’s stock valued at $98,080,000 after purchasing an additional 389,098 shares during the last quarter. Finally, Advanced Portfolio Management LLC purchased a new position in shares of Fortinet during the fourth quarter valued at approximately $1,537,000. Institutional investors own 83.71% of the company’s stock.

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.