Fortinet (NASDAQ:FTNT) Trading Up 0.2%

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) shot up 0.2% during mid-day trading on Monday . The stock traded as high as $74.98 and last traded at $74.88. 498,513 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 5,876,626 shares. The stock had previously closed at $74.72.

Analyst Ratings Changes

Several research firms have issued reports on FTNT. Truist Financial decreased their price target on shares of Fortinet from $80.00 to $70.00 and set a "buy" rating on the stock in a research report on Friday, May 3rd. Citigroup raised their price target on shares of Fortinet from $65.00 to $66.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 7th. Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research report on Wednesday, August 7th. Piper Sandler raised shares of Fortinet from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 7th. Finally, Wedbush reaffirmed an "outperform" rating and set a $78.00 price objective on shares of Fortinet in a report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet presently has an average rating of "Hold" and an average price target of $71.31.

Fortinet Stock Up 0.1 %

The stock has a market cap of $57.12 billion, a price-to-earnings ratio of 48.83, a PEG ratio of 2.79 and a beta of 0.98. The stock's fifty day moving average is $60.91 and its 200-day moving average is $63.96.

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

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the transaction, the chief financial officer now owns 4,663 shares of the company's stock, valued at $278,287.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, VP Michael Xie sold 24,712 shares of the business's stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company's stock, valued at $608,626,179.98. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 18,701 shares of the business's stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the sale, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 115,608 shares of company stock valued at $7,132,649. 18.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Fortinet

A number of institutional investors have recently made changes to their positions in the business. Winthrop Capital Management LLC acquired a new position in Fortinet during the first quarter worth $25,000. Rise Advisors LLC increased its holdings in Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker's stock worth $26,000 after buying an additional 217 shares during the last quarter. Vima LLC acquired a new position in Fortinet during the fourth quarter worth $25,000. Oakworth Capital Inc. acquired a new position in Fortinet during the second quarter worth $33,000. Finally, Creekmur Asset Management LLC acquired a new position in Fortinet during the fourth quarter worth $32,000. 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.