Fortinet (NASDAQ:FTNT) Shares Down 1.2% - What's Next?

Shares of Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) traded down 1.2% during mid-day trading on Friday . The stock traded as low as $93.26 and last traded at $93.34. 1,136,895 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 5,476,359 shares. The stock had previously closed at $94.46.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Guggenheim cut shares of Fortinet from a "buy" rating to a "neutral" rating in a report on Monday, July 29th. Hsbc Global Res upgraded shares of Fortinet from a "hold" rating to a "strong-buy" rating in a report on Monday. Rosenblatt Securities raised their target price on shares of Fortinet from $85.00 to $90.00 and gave the stock a "buy" rating in a report on Friday, November 8th. Robert W. Baird raised their target price on shares of Fortinet from $80.00 to $88.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Finally, Raymond James raised their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $79.52.

Fortinet Stock Down 0.5 %

The firm has a market capitalization of $72.04 billion, a PE ratio of 47.14, a PEG ratio of 2.93 and a beta of 1.00. The business's 50 day simple moving average is $80.38 and its 200 day simple moving average is $69.03. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 18.00% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Eagle Capital Management LLC increased its stake in Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker's stock worth $1,999,000 after buying an additional 141 shares during the period. OneDigital Investment Advisors LLC increased its stake in Fortinet by 3.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker's stock worth $293,000 after buying an additional 141 shares during the period. Parallel Advisors LLC increased its stake in Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker's stock worth $452,000 after buying an additional 148 shares during the period. Crewe Advisors LLC increased its position in Fortinet by 8.8% during the 3rd quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker's stock valued at $152,000 after purchasing an additional 158 shares during the period. Finally, Private Wealth Management Group LLC increased its position in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock valued at $32,000 after purchasing an additional 173 shares during the period. Hedge funds and other 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.

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