Fortinet (NASDAQ:FTNT) Stock Price Down 0.7%

Shares of Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) fell 0.7% during trading on Friday . The company traded as low as $75.09 and last traded at $75.27. 902,607 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 5,731,800 shares. The stock had previously closed at $75.80.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on FTNT shares. Royal Bank of Canada increased 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. Susquehanna increased their price objective on shares of Fortinet from $65.00 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, August 8th. UBS Group boosted their target price on shares of Fortinet from $69.00 to $70.00 and gave the company a "neutral" rating in a research note on Wednesday, August 7th. HSBC upgraded shares of Fortinet from a "reduce" rating to a "hold" rating and set a $59.00 price target on the stock in a research note on Wednesday, August 7th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research report on Wednesday, August 7th. Twenty-four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $71.31.

Fortinet Stock Down 0.9 %

The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The company has a market capitalization of $57.41 billion, a PE ratio of 49.12, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The business's 50 day simple moving average is $65.79 and its 200 day simple moving average is $64.76.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the firm earned $0.31 earnings per share. The business's quarterly revenue was up 10.9% on a year-over-year basis. As a group, analysts forecast that Fortinet, Inc. will post 1.7 EPS for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 24,712 shares of the company's stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares of the company's stock, valued at $608,626,179.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, VP Michael Xie sold 24,712 shares of the firm's stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,693 shares of the firm's stock in a transaction that occurred 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 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. Over the last ninety days, insiders sold 96,907 shares of company stock valued at $6,016,573. 18.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Fortinet

Institutional investors have recently made changes to their positions in the stock. TFO Wealth Partners LLC raised its position in Fortinet by 72,668.0% during the fourth quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker's stock valued at $1,065,000 after acquiring an additional 18,167 shares in the last quarter. Sanibel Captiva Trust Company Inc. bought a new position in Fortinet during the fourth quarter valued at approximately $10,394,000. Janney Montgomery Scott LLC raised its position in Fortinet by 121.4% during the fourth quarter. Janney Montgomery Scott LLC now owns 244,879 shares of the software maker's stock valued at $14,333,000 after acquiring an additional 134,265 shares in the last quarter. Hsbc Holdings PLC raised its position in Fortinet by 30.2% during the fourth quarter. Hsbc Holdings PLC now owns 1,675,718 shares of the software maker's stock valued at $98,080,000 after acquiring an additional 389,098 shares in the last quarter. Finally, Advanced Portfolio Management LLC bought a new position in Fortinet during the fourth quarter valued at approximately $1,537,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.