Fortinet (NASDAQ:FTNT) Trading Up 1%

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report)'s stock price shot up 1% during mid-day trading on Thursday . The company traded as high as $76.55 and last traded at $76.36. 520,262 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 5,775,214 shares. The stock had previously closed at $75.61.

Analysts Set New Price Targets

A number of research firms have issued reports on FTNT. Scotiabank lifted their price objective on Fortinet from $61.00 to $75.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, August 7th. Evercore ISI cut their target price 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. HSBC raised Fortinet from a "reduce" rating to a "hold" rating and set a $59.00 target price on the stock 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 research report on Wednesday, August 7th. Finally, Susquehanna boosted their target price on Fortinet from $65.00 to $70.00 and gave the company a "neutral" rating in a research report on Thursday, August 8th. Twenty-three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $71.31.

Fortinet Stock Performance

The stock has a market capitalization of $58.27 billion, a PE ratio of 49.85, a PEG ratio of 2.79 and a beta of 0.98. The business has a 50 day moving average of $63.33 and a two-hundred day moving average of $64.40.

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 for the quarter, topping analysts' consensus estimates of $0.41 by $0.16. The firm 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%. The firm's quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.31 EPS. On average, equities analysts expect that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director William H. Neukom acquired 586 shares of the firm's stock in a transaction that occurred on Thursday, June 6th. The stock was purchased at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the purchase, the director now directly owns 295,778 shares of the company's stock, valued at approximately $17,613,579.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Fortinet news, VP Michael Xie sold 24,712 shares of the 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 sale, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director William H. Neukom purchased 586 shares of the firm's stock in a transaction on Thursday, June 6th. The stock was acquired at an average price of $59.55 per share, with a total value of $34,896.30. Following the completion of the purchase, the director now 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 worth $7,132,649 in the last three months. 18.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Fortinet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in 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 last quarter. Aristides Capital LLC acquired a new position in shares of Fortinet in the second quarter valued at about $301,000. Granite Bay Wealth Management LLC acquired a new position in shares of Fortinet in the second quarter valued at about $7,443,000. Truist Financial Corp increased its holdings in shares of 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 purchasing an additional 2,227 shares during the period. Finally, Regal Investment Advisors LLC increased its holdings in shares of 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 purchasing an additional 8,711 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

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.