Fortinet (NASDAQ:FTNT) Trading Up 0.4%

Shares of Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) shot up 0.4% during trading on Tuesday . The company traded as high as $75.47 and last traded at $75.47. 377,703 shares were traded during trading, a decline of 94% from the average session volume of 5,813,638 shares. The stock had previously closed at $75.18.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Evercore ISI cut their price objective on shares of Fortinet from $72.00 to $67.00 and set an "in-line" rating for the company in a report on Friday, May 3rd. Morgan Stanley cut their price target on Fortinet from $73.00 to $69.00 and set an "overweight" rating for the company in a report on Wednesday, July 17th. Piper Sandler upgraded Fortinet from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 7th. HSBC upgraded Fortinet from a "reduce" rating to a "hold" rating and set a $59.00 target price for the company in a research note on Wednesday, August 7th. Finally, Wedbush reissued an "outperform" rating and issued a $78.00 price target on shares of Fortinet in a report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $71.31.

Fortinet Price Performance

The stock has a 50 day simple moving average of $63.01 and a 200-day simple moving average of $64.32. The firm has a market cap of $58.04 billion, a PE ratio of 49.65, a PEG ratio of 2.79 and a beta of 0.98.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly 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. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. Fortinet's quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.31 EPS. As a group, equities analysts predict that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 24,712 shares of the firm's stock in a transaction dated Friday, August 2nd. The shares were 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 of the company's stock, valued at approximately $608,626,179.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Keith Jensen sold 18,701 shares of the company's stock in a transaction 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 sale, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 24,712 shares of the firm's stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,608 shares of company stock valued at $7,132,649. 18.00% of the stock is owned by corporate insiders.

Institutional Trading of Fortinet

Institutional investors and hedge funds have recently modified their holdings of the company. TFO Wealth Partners LLC lifted its stake in Fortinet by 72,668.0% in the 4th quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker's stock worth $1,065,000 after purchasing an additional 18,167 shares in the last quarter. LGT Group Foundation increased its holdings in shares of Fortinet by 14.4% in the 4th quarter. LGT Group Foundation now owns 748,784 shares of the software maker's stock worth $44,478,000 after buying an additional 94,475 shares during the last quarter. Y.D. More Investments Ltd raised its position in shares of Fortinet by 101.4% during the 4th quarter. Y.D. More Investments Ltd now owns 61,964 shares of the software maker's stock valued at $3,627,000 after buying an additional 31,198 shares in the last quarter. Sanibel Captiva Trust Company Inc. bought a new position in shares of Fortinet in the 4th quarter valued at about $10,394,000. Finally, Janney Montgomery Scott LLC grew its position in Fortinet by 121.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 244,879 shares of the software maker's stock worth $14,333,000 after acquiring an additional 134,265 shares in the last quarter. 83.71% of the stock is currently 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.