Fortinet (NASDAQ:FTNT) Reaches New 52-Week High at $76.55

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $76.55 and last traded at $76.17, with a volume of 227919 shares trading hands. The stock had previously closed at $75.61.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FTNT. BMO Capital Markets boosted their target price on Fortinet from $70.00 to $76.00 and gave the stock a "market perform" rating in a research report on Wednesday, August 7th. Barclays dropped their target price on Fortinet from $75.00 to $70.00 and set an "equal weight" rating for the company in a research report on Thursday, July 11th. Wells Fargo & Company lifted their price objective on Fortinet from $62.00 to $64.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 7th. DZ Bank raised Fortinet from a "sell" rating to a "hold" rating and set a $65.00 price objective for the company in a research note on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Fortinet from $71.00 to $75.00 and gave the stock a "hold" rating in a research note on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $71.31.

Fortinet Price Performance

The company has a market capitalization of $58.27 billion, a price-to-earnings ratio of 49.85, a PEG ratio of 2.79 and a beta of 0.98. The firm has a 50-day moving average price of $63.70 and a two-hundred day moving average price of $64.48.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. The company had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.40 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. Fortinet's revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.31 earnings per share. On average, equities analysts predict that Fortinet, Inc. will post 1.47 EPS for the current year.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 24,712 shares of the company's stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Michael Xie sold 24,712 shares of the company's stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Neukom bought 586 shares of the company's stock in a transaction that occurred on Thursday, June 6th. The shares were bought at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the acquisition, the director now directly owns 295,778 shares of the company's stock, valued at approximately $17,613,579.90. The disclosure for this purchase can be found here. Insiders sold 115,608 shares of company stock valued at $7,132,649 over the last three months. Company insiders own 18.00% of the company's stock.

Institutional Trading of Fortinet

Several institutional investors and hedge funds have recently bought and sold shares of the business. KPP Advisory Services LLC raised its stake in Fortinet by 19.4% in the second quarter. KPP Advisory Services LLC now owns 12,293 shares of the software maker's stock valued at $741,000 after buying an additional 1,999 shares during the period. Aristides Capital LLC bought a new stake in Fortinet in the second quarter valued at approximately $301,000. Granite Bay Wealth Management LLC bought a new stake in Fortinet in the second quarter valued at approximately $7,443,000. Truist Financial Corp raised its stake in Fortinet by 5.1% in the second quarter. Truist Financial Corp now owns 45,875 shares of the software maker's stock valued at $2,765,000 after buying an additional 2,227 shares during the period. Finally, Regal Investment Advisors LLC raised its stake in Fortinet by 72.7% in the second quarter. Regal Investment Advisors LLC now owns 20,690 shares of the software maker's stock valued at $1,247,000 after buying an additional 8,711 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.