Fortinet (NASDAQ:FTNT) Hits New 52-Week High at $76.55

Shares of Fortinet, Inc. (NASDAQ:FTNT) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $76.55 and last traded at $76.17, with a volume of 227919 shares traded. The stock had previously closed at $75.61.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Susquehanna increased their target price on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Rosenblatt Securities lowered their price objective on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Wells Fargo & Company lifted their price target on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a research note on Thursday, August 8th. Finally, Guggenheim downgraded Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Twenty-three equities 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 company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $71.31.

Fortinet Price Performance

The firm has a market cap of $58.35 billion, a P/E ratio of 49.91, a PEG ratio of 2.79 and a beta of 0.98. The company’s 50-day moving average is $63.33 and its two-hundred day moving average is $64.40.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The company 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 firm’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.31 EPS. On average, analysts expect that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 18,701 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the sale, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the sale, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 24,712 shares of the 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 directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. In the last quarter, insiders have sold 115,608 shares of company stock valued at $7,132,649. 18.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

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