Fortinet (NASDAQ:FTNT) Sets New 1-Year High at $78.50

Fortinet, Inc. (NASDAQ:FTNT)’s share price reached a new 52-week high on Tuesday . The company traded as high as $78.50 and last traded at $77.46, with a volume of 151297 shares. The stock had previously closed at $77.55.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. HSBC raised Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company in a research note on Wednesday, August 7th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. 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. Finally, Cantor Fitzgerald boosted their price objective on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research report 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 stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $71.57.

Fortinet Stock Performance

The firm’s 50 day moving average is $71.09 and its 200 day moving average is $65.45. 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 cap of $58.30 billion, a P/E ratio of 50.69, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.16. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.31 EPS. Analysts anticipate that Fortinet, Inc. will post 1.72 EPS for the current year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Insiders have sold a total of 96,210 shares of company stock valued at $6,337,801 in the last ninety days. Company insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Hedge funds have recently bought and sold shares of the stock. Mattson Financial Services LLC purchased a new position in shares of Fortinet during the 2nd quarter valued at approximately $419,000. Anchor Investment Management LLC grew its position in Fortinet by 19.2% during the second quarter. Anchor Investment Management LLC now owns 44,100 shares of the software maker’s stock valued at $2,658,000 after buying an additional 7,116 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Fortinet in the second quarter valued at $4,227,000. Sanctuary Advisors LLC acquired a new position in shares of Fortinet in the second quarter worth about $2,922,000. Finally, Brown Financial Advisors purchased a new stake in shares of Fortinet during the 2nd quarter worth about $293,000. Hedge funds and other 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.