Fortinet (NASDAQ:FTNT) Reaches New 12-Month High - What's Next?

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report)'s stock price reached a new 52-week high on Thursday . The company traded as high as $101.00 and last traded at $100.27, with a volume of 18510 shares traded. The stock had previously closed at $99.33.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FTNT shares. Wedbush upped their target price on Fortinet from $90.00 to $105.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 19th. Robert W. Baird reaffirmed a "neutral" rating and set a $112.00 target price (up previously from $105.00) on shares of Fortinet in a report on Monday. Wells Fargo & Company boosted their price target on shares of Fortinet from $80.00 to $85.00 and gave the stock an "equal weight" rating in a research note on Tuesday, November 19th. Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a research note on Friday, November 22nd. Finally, Morgan Stanley lifted their price objective on Fortinet from $105.00 to $106.00 and gave the stock an "overweight" rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, eighteen have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and a consensus price target of $97.23.

Fortinet Stock Up 0.0 %

The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $77.33 billion, a PE ratio of 51.04, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01. The company's fifty day moving average price is $96.42 and its 200-day moving average price is $83.31.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping the consensus estimate of $0.43 by $0.13. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same period in the previous year, the company posted $0.35 earnings per share. Analysts forecast that Fortinet, Inc. will post 1.95 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 4,250 shares of the business's stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Neukom acquired 355 shares of the company's stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares of the company's stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 67,860 shares of company stock valued at $6,469,056. Insiders own 18.00% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. FMR LLC lifted its holdings in Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker's stock valued at $285,790,000 after acquiring an additional 2,705,767 shares during the period. Los Angeles Capital Management LLC lifted its stake in shares of Fortinet by 3,155.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker's stock worth $95,948,000 after purchasing an additional 1,199,241 shares during the period. State Street Corp boosted its holdings in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock worth $2,115,663,000 after buying an additional 766,135 shares during the last quarter. Worldquant Millennium Advisors LLC grew its position in Fortinet by 98.9% during the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker's stock valued at $113,057,000 after buying an additional 724,887 shares during the period. Finally, AustralianSuper Pty Ltd increased its holdings in Fortinet by 1,084.1% during the fourth quarter. AustralianSuper Pty Ltd now owns 657,311 shares of the software maker's stock valued at $62,103,000 after buying an additional 601,801 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

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.