Fortinet (NASDAQ:FTNT) Trading 0.3% Higher

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report)'s stock price was up 0.3% on Monday . The company traded as high as $75.39 and last traded at $74.94. Approximately 312,909 shares were traded during trading, a decline of 95% from the average daily volume of 5,831,917 shares. The stock had previously closed at $74.73.

Analyst Upgrades and Downgrades

A number of research analysts have commented on FTNT shares. StockNews.com upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Wednesday, August 7th. Wells Fargo & Company boosted their price target on Fortinet from $62.00 to $64.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 7th. BMO Capital Markets increased their price objective on Fortinet from $70.00 to $76.00 and gave the stock a "market perform" rating in a research report on Wednesday, August 7th. Robert W. Baird boosted their target price on Fortinet from $75.00 to $80.00 and gave the company an "outperform" rating in a report on Wednesday, August 7th. Finally, Morgan Stanley cut their price target on Fortinet from $73.00 to $69.00 and set an "overweight" rating for the company in a research note on Wednesday, July 17th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Fortinet has a consensus rating of "Hold" and an average price target of $71.31.

Fortinet Stock Performance

The company has a 50-day moving average of $62.67 and a 200-day moving average of $64.28. The stock has a market capitalization of $57.43 billion, a price-to-earnings ratio of 49.14, a P/E/G ratio of 2.79 and a beta of 0.98.

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 the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business's revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.31 earnings per share. As a group, analysts expect that Fortinet, Inc. will post 1.47 earnings per share for the current year.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 24,235 shares of the firm's stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the sale, the chief executive officer now owns 48,742,483 shares in the company, valued at $2,901,640,012.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Ken Xie sold 24,235 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the transaction, the chief executive officer now directly owns 48,742,483 shares in the company, valued at approximately $2,901,640,012.99. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 18,701 shares of the business's stock in a transaction that occurred on Wednesday, June 5th. The shares were 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 owns 4,663 shares of the company's stock, valued at $278,287.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,608 shares of company stock valued at $7,132,649. Company insiders own 18.00% of the company's stock.

Institutional Trading of Fortinet

A number of institutional investors and hedge funds have recently made changes to their positions in FTNT. Vima LLC acquired a new stake in Fortinet during the 4th quarter worth approximately $25,000. Winthrop Capital Management LLC purchased a new stake in Fortinet during the first quarter worth approximately $25,000. Rise Advisors LLC increased its position in shares of Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker's stock worth $26,000 after acquiring an additional 217 shares in the last quarter. Creekmur Asset Management LLC purchased a new position in shares of Fortinet in the 4th quarter valued at $32,000. Finally, Oakworth Capital Inc. acquired a new position in shares of Fortinet during the 2nd quarter valued at $33,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.