Fortinet (NASDAQ:FTNT) Trading Down 1.6%

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report)'s share price dropped 1.6% during trading on Thursday . The stock traded as low as $75.50 and last traded at $75.65. Approximately 760,578 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 5,738,179 shares. The stock had previously closed at $76.87.

Analysts Set New Price Targets

FTNT has been the subject of several recent research reports. Citigroup upped their price target on Fortinet from $65.00 to $66.00 and gave the company a "neutral" rating in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft raised their target price on Fortinet from $71.00 to $75.00 and gave the stock a "hold" rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. raised their target price on Fortinet from $63.00 to $70.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 7th. DZ Bank upgraded Fortinet from a "sell" rating to a "hold" rating and set a $65.00 target price for the company in a research report on Thursday, August 8th. Finally, Royal Bank of Canada raised their target price on Fortinet from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 7th. Twenty-four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. 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 1.4 %

The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The business has a 50 day moving average of $65.49 and a 200 day moving average of $64.72. The firm has a market capitalization of $57.91 billion, a price-to-earnings ratio of 49.54, a PEG ratio of 2.77 and a beta of 1.00.

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, 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 business had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.40 billion. During the same period in the previous year, the firm earned $0.31 earnings per share. The firm's quarterly revenue was up 10.9% compared to the same quarter last year. As a group, research analysts predict that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,693 shares of Fortinet 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 directly owns 48,842,522 shares of the company's stock, valued at $3,568,434,657.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Fortinet news, CEO Ken Xie sold 23,693 shares of the business's stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the transaction, the chief executive officer now directly owns 48,842,522 shares of the company's stock, valued at $3,568,434,657.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the business's stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares of the company's stock, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders sold a total of 96,907 shares of company stock valued at $6,016,573 over the last three months. Company insiders own 18.00% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FTNT. Vima LLC acquired a new position in Fortinet in the fourth quarter valued at about $25,000. Winthrop Capital Management LLC bought a new stake in shares of Fortinet in the first quarter valued at about $25,000. Rise Advisors LLC lifted its holdings in shares of 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 purchasing an additional 217 shares in the last quarter. Creekmur Asset Management LLC bought a new stake in shares of Fortinet in the fourth quarter valued at about $32,000. Finally, Oakworth Capital Inc. bought a new stake in shares of Fortinet in the second quarter valued at about $33,000. 83.71% of the stock is owned by institutional investors and hedge funds.

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.