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

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $114.52 and last traded at $114.25, with a volume of 665405 shares changing hands. The stock had previously closed at $111.64.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a report on Friday, February 7th. Baird R W lowered shares of Fortinet from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd. The Goldman Sachs Group increased their price target on shares of Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a report on Friday, February 7th. Wells Fargo & Company raised their price target on shares of Fortinet from $85.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Friday, February 7th. Finally, TD Cowen upped their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Fortinet presently has an average rating of "Hold" and an average target price of $103.72.

Fortinet Trading Down 3.7 %

The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The company has a market cap of $84.33 billion, a price-to-earnings ratio of 48.68, a price-to-earnings-growth ratio of 4.20 and a beta of 1.01. The business has a 50 day simple moving average of $99.88 and a 200 day simple moving average of $87.93.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

In other news, Director William H. Neukom purchased 355 shares of the business's stock in a transaction dated Friday, December 6th. The shares were acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the company's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 87,110 shares of company stock valued at $8,751,689. 18.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fortinet

Several large investors have recently bought and sold shares of FTNT. Edmond DE Rothschild Holding S.A. bought a new position in Fortinet during the 4th quarter worth about $27,000. Eastern Bank acquired a new position in Fortinet during the third quarter worth $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet in the third quarter valued at $26,000. Private Wealth Management Group LLC increased its stake in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock valued at $32,000 after buying an additional 173 shares during the last quarter. Finally, Oarsman Capital Inc. increased its stake in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after buying an additional 272 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.