Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) Director Kenneth A. Goldman sold 1,000 shares of the firm's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $99.32, for a total transaction of $99,320.00. Following the completion of the sale, the director now directly owns 20,612 shares of the company's stock, valued at approximately $2,047,183.84. The trade was a 4.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Fortinet Stock Performance
NASDAQ FTNT traded up $2.24 during trading hours on Tuesday, reaching $98.28. The stock had a trading volume of 6,310,715 shares, compared to its average volume of 4,826,094. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The stock has a fifty day moving average of $102.15 and a 200 day moving average of $91.36. The stock has a market cap of $75.57 billion, a P/E ratio of 43.49, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97.
Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.
Analysts Set New Price Targets
Several brokerages have recently weighed in on FTNT. TD Cowen increased their price target on Fortinet from $90.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, November 19th. Jefferies Financial Group boosted their target price on shares of Fortinet from $95.00 to $105.00 and gave the company a "hold" rating in a research note on Thursday, December 19th. Raymond James reissued a "market perform" rating on shares of Fortinet in a research report on Tuesday, January 14th. Hsbc Global Res raised shares of Fortinet from a "hold" rating to a "strong-buy" rating in a research note on Monday, November 11th. Finally, Wells Fargo & Company increased their price objective on Fortinet from $85.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $103.72.
View Our Latest Analysis on Fortinet
Institutional Investors Weigh In On Fortinet
Hedge funds and other institutional investors have recently made changes to their positions in the company. Ashton Thomas Securities LLC purchased a new stake in Fortinet during the third quarter worth $26,000. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Fortinet in the fourth quarter worth about $27,000. Oarsman Capital Inc. boosted its stake in shares of Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after acquiring an additional 272 shares in the last quarter. Graney & King LLC acquired a new stake in Fortinet in the fourth quarter valued at approximately $43,000. Finally, Banque Transatlantique SA purchased a new stake in shares of Fortinet in the fourth quarter valued at approximately $43,000. Institutional investors and hedge funds own 83.71% of the company's stock.
About Fortinet
(
Get Free Report)
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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