Fortinet (NASDAQ:FTNT) Trading 1% Higher

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report)'s stock price rose 1% on Tuesday . The stock traded as high as $78.08 and last traded at $77.49. Approximately 1,587,691 shares changed hands during trading, a decline of 72% from the average daily volume of 5,752,703 shares. The stock had previously closed at $76.71.

Analysts Set New Price Targets

Several analysts recently issued reports on FTNT shares. Cantor Fitzgerald increased their price target on Fortinet from $55.00 to $65.00 and gave the company a "neutral" rating in a report on Wednesday, August 7th. StockNews.com downgraded shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 29th. Robert W. Baird upped their price objective on shares of Fortinet from $75.00 to $80.00 and gave the company an "outperform" rating in a research report on Wednesday, August 7th. Susquehanna lifted their target price on Fortinet from $65.00 to $70.00 and gave the stock a "neutral" rating in a research report on Thursday, August 8th. Finally, Wells Fargo & Company increased their price target on Fortinet from $62.00 to $64.00 and gave the company an "equal weight" rating in a report on Wednesday, August 7th. Twenty-four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Fortinet presently has an average rating of "Hold" and an average price target of $71.31.

Fortinet Trading Up 0.5 %

The stock has a market cap of $59.00 billion, a price-to-earnings ratio of 50.65, a PEG ratio of 2.77 and a beta of 0.98. The business's 50 day simple moving average is $64.43 and its 200 day simple moving average is $64.49. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results 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 company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company's revenue was up 10.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.31 earnings per share. On average, research analysts expect that Fortinet, Inc. will post 1.7 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 18,701 shares of the stock in a transaction 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 transaction, the chief financial officer now directly owns 4,663 shares of the company's stock, valued at $278,287.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Fortinet 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 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom acquired 586 shares of the company's stock in a transaction that occurred on Thursday, June 6th. The stock was purchased at an average price of $59.55 per share, for a total transaction of $34,896.30. Following 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. Over the last three months, insiders have sold 115,608 shares of company stock valued at $7,132,649. 18.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fortinet

Several institutional investors have recently modified their holdings of FTNT. Vima LLC purchased a new stake in shares of Fortinet during the fourth quarter worth about $25,000. Winthrop Capital Management LLC purchased a new position in Fortinet in the 1st quarter worth approximately $25,000. Rise Advisors LLC boosted its position in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker's stock valued at $26,000 after buying an additional 217 shares during the last quarter. Creekmur Asset Management LLC purchased a new stake in shares of Fortinet during the 4th quarter valued at about $32,000. Finally, Oakworth Capital Inc. purchased a new stake in Fortinet during the 2nd quarter valued at $33,000. 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.