Fortinet (NASDAQ:FTNT) Sets New 52-Week High at $78.18

Fortinet, Inc. (NASDAQ:FTNT)’s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as $78.18 and last traded at $77.93, with a volume of 640550 shares. The stock had previously closed at $77.44.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FTNT. JPMorgan Chase & Co. upped their target price on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. UBS Group upped their price objective on Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Susquehanna increased their price target on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Finally, Piper Sandler raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $71.57.

Fortinet Trading Up 0.2 %

The company has a 50 day moving average of $69.23 and a two-hundred day moving average of $65.21. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The stock has a market capitalization of $59.28 billion, a PE ratio of 50.61, a P/E/G ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the business posted $0.31 EPS. Fortinet’s revenue for the quarter was up 10.9% compared to the same quarter last year. Sell-side analysts predict that Fortinet, Inc. will post 1.7 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the sale, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Fortinet news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction that occurred 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 sale, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 96,210 shares of company stock valued at $6,337,801. 18.00% of the stock is owned by insiders.

Institutional Trading of Fortinet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Winthrop Capital Management LLC purchased a new stake in shares of Fortinet during the 1st quarter worth about $25,000. Rise Advisors LLC boosted its position in Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares in the last quarter. Vima LLC acquired a new stake in Fortinet in the fourth quarter valued at approximately $25,000. Oakworth Capital Inc. purchased a new stake in shares of Fortinet in the second quarter valued at approximately $33,000. Finally, Creekmur Asset Management LLC acquired a new position in shares of Fortinet during the 4th quarter worth approximately $32,000. Institutional investors and hedge funds 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.