Fortinet (NASDAQ:FTNT) Stock Price Down 0.6%

Fortinet, Inc. (NASDAQ:FTNT) was down 0.6% during trading on Friday . The company traded as low as $74.08 and last traded at $74.08. Approximately 483,816 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 5,849,220 shares. The stock had previously closed at $74.49.

Analyst Ratings Changes

Several brokerages recently commented on FTNT. JPMorgan Chase & Co. upped their target price on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Wednesday, August 7th. Mizuho cut their price target on shares of Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. BMO Capital Markets boosted their price objective on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. Finally, Morgan Stanley decreased their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, July 17th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $71.31.

Fortinet Price Performance

The firm has a market cap of $57.09 billion, a P/E ratio of 48.84, a P/E/G ratio of 2.79 and a beta of 0.98. The company has a fifty day moving average of $62.38 and a 200-day moving average of $64.29.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business’s revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.31 EPS. On average, sell-side analysts expect that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 24,712 shares of the business’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 transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 24,235 shares of the business’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 transaction, the chief executive officer now directly owns 48,742,483 shares in the company, valued at approximately $2,901,640,012.99. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,608 shares of company stock worth $7,132,649. Insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

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