Fortinet (NASDAQ:FTNT) Trading Down 0.3%

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report)'s share price dropped 0.3% on Wednesday . The stock traded as low as $74.64 and last traded at $75.32. Approximately 539,122 shares traded hands during trading, a decline of 91% from the average daily volume of 5,872,084 shares. The stock had previously closed at $75.57.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of recent analyst reports. Cantor Fitzgerald increased their target price on shares of Fortinet from $55.00 to $65.00 and gave the company a "neutral" rating in a research report on Wednesday, August 7th. Citigroup boosted their target price on Fortinet from $65.00 to $66.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 7th. Truist Financial decreased their price target on Fortinet from $80.00 to $70.00 and set a "buy" rating for the company in a research report on Friday, May 3rd. DZ Bank upgraded Fortinet from a "sell" rating to a "hold" rating and set a $65.00 price objective on the stock in a report on Thursday, August 8th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Fortinet from $63.00 to $70.00 and gave the company a "neutral" rating in a research note on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $71.31.

Fortinet Trading Down 0.2 %

The firm has a market cap of $57.62 billion, a P/E ratio of 49.29, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98. The firm's 50 day moving average is $61.52 and its two-hundred day moving average is $64.08.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly 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. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.40 billion. During the same period last year, the firm posted $0.31 earnings per share. The business's quarterly revenue was up 10.9% compared to the same quarter last year. Analysts predict that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction dated Wednesday, June 5th. The stock was 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 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. In other news, CEO Ken Xie sold 24,235 shares of the business's stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the sale, the chief executive officer now directly owns 48,742,483 shares in the company, valued at $2,901,640,012.99. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 18,701 shares of the company's stock in a transaction dated 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 transaction, the chief financial officer now directly owns 4,663 shares of the company's stock, valued at $278,287.84. The disclosure for this sale can be found here. Insiders sold 115,608 shares of company stock worth $7,132,649 over the last ninety days. 18.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fortinet

A number of large investors have recently bought and sold shares of FTNT. International Assets Investment Management LLC boosted its holdings in Fortinet by 5,645.7% during the fourth quarter. International Assets Investment Management LLC now owns 266,312 shares of the software maker's stock worth $15,587,000 after purchasing an additional 261,677 shares during the last quarter. Federated Hermes Inc. boosted its stake in shares of Fortinet by 149.0% during the 4th quarter. Federated Hermes Inc. now owns 59,829 shares of the software maker's stock worth $3,502,000 after buying an additional 35,803 shares during the last quarter. abrdn plc boosted its stake in shares of Fortinet by 66.9% during the 4th quarter. abrdn plc now owns 325,017 shares of the software maker's stock worth $19,023,000 after buying an additional 130,308 shares during the last quarter. RWA Wealth Partners LLC bought a new position in shares of Fortinet in the 4th quarter valued at about $6,484,000. Finally, Larson Financial Group LLC raised its holdings in Fortinet by 19.3% during the fourth quarter. Larson Financial Group LLC now owns 4,359 shares of the software maker's stock worth $255,000 after acquiring an additional 706 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

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.