Fortinet (NASDAQ:FTNT) Stock Price Up 1.9%

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) rose 1.9% during trading on Tuesday . The company traded as high as $76.28 and last traded at $76.21. Approximately 1,003,063 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 5,875,852 shares. The stock had previously closed at $74.77.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of recent research reports. StockNews.com raised Fortinet from a "hold" rating to a "buy" rating in a research note on Wednesday, August 7th. Evercore ISI dropped their price objective on Fortinet from $72.00 to $67.00 and set an "in-line" rating on the stock in a research report on Friday, May 3rd. Citigroup increased their price objective on Fortinet from $65.00 to $66.00 and gave the company a "neutral" rating in a research report on Wednesday, August 7th. Scotiabank increased their price objective on Fortinet from $61.00 to $75.00 and gave the company a "sector outperform" rating in a research report on Wednesday, August 7th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a research report on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $71.31.

Fortinet Price Performance

The firm has a 50-day moving average of $61.52 and a 200-day moving average of $64.08. The stock has a market cap of $57.73 billion, a PE ratio of 49.39, a PEG ratio of 2.79 and a beta of 0.98.

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

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the firm's stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the transaction, the chief financial officer now owns 4,663 shares in the company, valued at approximately $278,287.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,693 shares of the firm's stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the sale, the chief executive officer now directly owns 48,842,522 shares of the company's stock, valued at $3,568,434,657.32. The disclosure for this sale can be found here. Insiders sold 115,608 shares of company stock worth $7,132,649 in the last quarter. 18.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Fortinet by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker's stock worth $4,648,665,000 after acquiring an additional 779,271 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker's stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares in the last quarter. Swedbank AB raised its position in Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker's stock valued at $491,610,000 after purchasing an additional 134,366 shares in the last quarter. Marshall Wace LLP raised its position in Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker's stock valued at $376,016,000 after purchasing an additional 4,148,520 shares in the last quarter. Finally, Van ECK Associates Corp raised its position in Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker's stock valued at $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

About Fortinet

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.