Fortinet (NASDAQ:FTNT) Stock Price Up 0.6%

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) was up 0.6% during mid-day trading on Monday . The company traded as high as $76.91 and last traded at $76.71. Approximately 3,585,700 shares traded hands during trading, a decline of 38% from the average daily volume of 5,777,495 shares. The stock had previously closed at $76.27.

Analysts Set New Price Targets

A number of analysts have recently issued reports on FTNT shares. Barclays dropped their target price on Fortinet from $75.00 to $70.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 11th. UBS Group lifted their price target on Fortinet from $69.00 to $70.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 7th. Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research note on Wednesday, August 7th. Citigroup lifted their price target on Fortinet from $65.00 to $66.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 7th. Finally, Royal Bank of Canada lifted their price target on Fortinet from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 7th. Twenty-four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Fortinet presently has an average rating of "Hold" and an average price target of $71.31.

Fortinet Stock Performance

The firm's 50 day simple moving average is $64.43 and its 200-day simple moving average is $64.49. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The company has a market capitalization of $58.68 billion, a price-to-earnings ratio of 50.14, a P/E/G ratio of 2.77 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 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 analysts' expectations of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. Fortinet's revenue was up 10.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.31 EPS. Analysts expect that Fortinet, Inc. will post 1.7 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,693 shares of the company's stock in a transaction dated Wednesday, August 14th. The shares were 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 of the company's stock, valued at $3,568,434,657.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Fortinet news, VP Michael Xie sold 24,712 shares of the company'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 directly 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 Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,693 shares of the company's stock in a transaction dated 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 sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The disclosure for this sale can be found here. Insiders sold a total of 115,608 shares of company stock valued at $7,132,649 in the last quarter. Insiders own 18.00% of the company's stock.

Institutional Trading of Fortinet

Large investors have recently added to or reduced their stakes in the company. Winthrop Capital Management LLC bought a new stake in shares of Fortinet during the first quarter valued at approximately $25,000. Rise Advisors LLC boosted its stake in Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker's stock valued at $26,000 after acquiring an additional 217 shares during the last quarter. Vima LLC bought a new position in Fortinet in the fourth quarter valued at approximately $25,000. Oakworth Capital Inc. bought a new position in Fortinet in the second quarter valued at approximately $33,000. Finally, Creekmur Asset Management LLC bought a new position in Fortinet in the fourth quarter valued at approximately $32,000. 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.