Fortinet (NASDAQ:FTNT) Trading 2.2% Higher

Fortinet, Inc. (NASDAQ:FTNT)’s stock price shot up 2.2% on Monday . The company traded as high as $71.54 and last traded at $71.25. 2,050,038 shares changed hands during trading, a decline of 65% from the average session volume of 5,900,975 shares. The stock had previously closed at $69.69.

Analyst Ratings Changes

Several research firms recently weighed in on FTNT. Robert W. Baird upped their price objective on shares of Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Wednesday, August 7th. Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft upped their price objective on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Finally, Evercore ISI cut their target price on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a research report on Friday, May 3rd. Twenty-three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus target price of $71.31.

Fortinet Stock Performance

The stock’s 50 day simple moving average is $59.59 and its 200 day simple moving average is $63.72. The firm has a market cap of $53.71 billion, a P/E ratio of 46.57, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the firm posted $0.31 earnings per share. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. As a group, analysts forecast that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom bought 586 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were purchased 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 $17,613,579.90. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In other Fortinet news, Director William H. Neukom purchased 586 shares of the stock in a transaction dated Thursday, June 6th. The shares were bought at an average price of $59.55 per share, with a total value of $34,896.30. Following the completion of the transaction, the director now directly owns 295,778 shares in the company, valued at approximately $17,613,579.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,712 shares of Fortinet 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 transaction, the vice president now 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. In the last ninety days, insiders sold 91,915 shares of company stock valued at $5,401,638. Corporate insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC raised its position in shares of Fortinet by 5,645.7% in the fourth quarter. International Assets Investment Management LLC now owns 266,312 shares of the software maker’s stock worth $15,587,000 after buying an additional 261,677 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Fortinet by 99.2% during the 4th quarter. Sequoia Financial Advisors LLC now owns 12,064 shares of the software maker’s stock valued at $706,000 after acquiring an additional 6,008 shares during the last quarter. Louisiana State Employees Retirement System purchased a new position in shares of Fortinet during the fourth quarter worth about $5,824,000. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Fortinet by 1.0% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,662,348 shares of the software maker’s stock worth $97,297,000 after purchasing an additional 15,687 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in Fortinet by 2,092.4% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock valued at $2,411,000 after purchasing an additional 38,751 shares in the last quarter. Institutional investors 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.