Fortinet (NASDAQ:FTNT) Trading Down 0.2%

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) shares traded down 0.2% during mid-day trading on Wednesday . The stock traded as low as $75.71 and last traded at $76.94. 1,166,697 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 5,750,551 shares. The stock had previously closed at $77.13.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FTNT. Wells Fargo & Company increased their price objective on Fortinet from $62.00 to $64.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 7th. Scotiabank raised their price target on shares of Fortinet from $61.00 to $75.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, August 7th. StockNews.com downgraded shares of Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 29th. Guggenheim cut shares of Fortinet from a "buy" rating to a "neutral" rating in a report on Monday, July 29th. Finally, TD Cowen upgraded shares of Fortinet from a "hold" rating to a "buy" rating and set a $75.00 price target for the company in a research report on Thursday, July 18th. Twenty-four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $71.31.

Fortinet Stock Performance

The firm has a market capitalization of $58.80 billion, a P/E ratio of 50.24, a price-to-earnings-growth ratio of 2.77 and a beta of 0.98. The company has a 50-day moving average of $65.18 and a 200-day moving average of $64.64. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the company earned $0.31 earnings per share. The firm's revenue was up 10.9% compared to the same quarter last year. On average, equities analysts anticipate that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the 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 completion of the sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director William H. Neukom acquired 586 shares of the stock in a transaction dated Thursday, June 6th. The stock was bought at an average price 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,693 shares of the firm's stock in a transaction on 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 completion of the sale, the chief executive officer now owns 48,842,522 shares of the company's stock, valued at $3,568,434,657.32. The disclosure for this sale can be found here. Insiders have sold a total of 96,907 shares of company stock worth $6,016,573 over the last quarter. Company insiders own 18.00% of the company's stock.

Hedge Funds Weigh In On Fortinet

Several institutional investors have recently made changes to their positions in the stock. Vima LLC acquired a new position in Fortinet during the 4th quarter worth approximately $25,000. Winthrop Capital Management LLC acquired a new stake in Fortinet in the 1st quarter valued at $25,000. Rise Advisors LLC grew its position in Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker's stock valued at $26,000 after purchasing an additional 217 shares during the period. Creekmur Asset Management LLC bought a new stake in Fortinet during the 4th quarter valued at $32,000. Finally, Oakworth Capital Inc. acquired a new position in Fortinet during the second quarter worth $33,000. Institutional investors and hedge funds own 83.71% of the company's stock.

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.