Fortinet (NASDAQ:FTNT) Trading Down 0.1%

Shares of Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) traded down 0.1% during mid-day trading on Thursday . The company traded as low as $75.16 and last traded at $75.34. 591,431 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 5,855,084 shares. The stock had previously closed at $75.42.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Cantor Fitzgerald increased their target price on shares of Fortinet from $55.00 to $65.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 7th. Wells Fargo & Company lifted their price target on shares of Fortinet from $62.00 to $64.00 and gave the company an "equal weight" rating in a report on Wednesday, August 7th. Truist Financial dropped their target price on shares of Fortinet from $80.00 to $70.00 and set a "buy" rating for the company in a research note on Friday, May 3rd. Robert W. Baird raised their price target on Fortinet from $75.00 to $80.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 7th. Finally, Hsbc Global Res raised Fortinet from a "moderate sell" rating to a "hold" rating in a research note on Wednesday, August 7th. Twenty-three research 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 company presently has an average rating of "Hold" and a consensus target price of $71.31.

Fortinet Stock Down 1.2 %

The business has a fifty day moving average price of $61.82 and a 200-day moving average price of $64.16. The company has a market cap of $56.91 billion, a P/E ratio of 48.75, a PEG ratio of 2.79 and a beta of 0.98.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company's revenue was up 10.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.31 earnings per share. As a group, research analysts expect that Fortinet, Inc. will post 1.47 earnings per share for the current year.

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 18,701 shares of the company's stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 4,663 shares in the company, valued at $278,287.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Ken Xie sold 24,235 shares of the company's stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the transaction, the chief executive officer now owns 48,742,483 shares of the company's stock, valued at approximately $2,901,640,012.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Jensen sold 18,701 shares of the 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 sale, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,608 shares of company stock worth $7,132,649. Corporate insiders own 18.00% of the company's stock.

Hedge Funds Weigh In On Fortinet

A number of hedge funds and other institutional investors have recently bought and sold shares of FTNT. Vima LLC purchased a new stake in Fortinet during the 4th quarter valued at $25,000. Winthrop Capital Management LLC bought a new position in shares of Fortinet in the 1st quarter worth approximately $25,000. Rise Advisors LLC grew its holdings in Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker's stock valued at $26,000 after buying an additional 217 shares in the last quarter. Creekmur Asset Management LLC purchased a new stake in Fortinet during the 4th quarter valued at approximately $32,000. Finally, Oakworth Capital Inc. bought a new position in shares of Fortinet during the 2nd quarter valued at approximately $33,000. Hedge funds and other institutional investors 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.