Fortinet (NASDAQ:FTNT) Stock Price Down 1.5% - Should You Sell?

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) shares dropped 1.5% on Tuesday . The company traded as low as $89.67 and last traded at $90.49. Approximately 1,540,185 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 5,493,108 shares. The stock had previously closed at $91.88.

Analyst Upgrades and Downgrades

FTNT has been the topic of several research reports. Raymond James upped their target price on Fortinet from $85.00 to $95.00 and gave the company an "outperform" rating in a report on Friday, November 8th. Robert W. Baird boosted their target price on Fortinet from $95.00 to $100.00 and gave the stock an "outperform" rating in a report on Tuesday. Citigroup lifted their price objective on Fortinet from $66.00 to $76.00 and gave the stock a "neutral" rating in a report on Friday, September 13th. HSBC upgraded Fortinet from a "hold" rating to a "buy" rating and upped their price objective for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Finally, Hsbc Global Res upgraded shares of Fortinet from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $87.10.

Fortinet Trading Down 1.2 %

The company has a market capitalization of $69.58 billion, a P/E ratio of 46.00, a P/E/G ratio of 2.82 and a beta of 1.00. The company has a 50-day simple moving average of $81.10 and a 200 day simple moving average of $69.51. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 48,915,530 shares of the company's stock, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 18.00% of the company's stock.

Institutional Trading of Fortinet

Several institutional investors and hedge funds have recently made changes to their positions in the business. Eagle Capital Management LLC grew its holdings in Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker's stock valued at $1,999,000 after purchasing an additional 141 shares during the period. OneDigital Investment Advisors LLC grew its holdings in shares of Fortinet by 3.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker's stock valued at $293,000 after buying an additional 141 shares during the period. Parallel Advisors LLC grew its stake in Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker's stock valued at $452,000 after acquiring an additional 148 shares during the period. Crewe Advisors LLC increased its stake in Fortinet by 8.8% during the 3rd quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker's stock worth $152,000 after purchasing an additional 158 shares in the last quarter. Finally, Private Wealth Management Group LLC raised its holdings in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock worth $32,000 after buying an additional 173 shares during the period. 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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