Fortinet (NASDAQ:FTNT) Shares Down 1.2% – Here’s Why

Fortinet, Inc. (NASDAQ:FTNT)’s stock price fell 1.2% during trading on Friday . The stock traded as low as $93.26 and last traded at $93.34. 1,136,895 shares were traded during mid-day trading, a decline of 79% from the average session volume of 5,476,359 shares. The stock had previously closed at $94.46.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FTNT. Barclays lifted their target price on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Robert W. Baird lifted their price objective on Fortinet from $80.00 to $88.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Rosenblatt Securities lifted their price target on shares of Fortinet from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, Wells Fargo & Company increased their price objective on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $79.52.

Fortinet Stock Down 0.3 %

The company has a market capitalization of $72.20 billion, a P/E ratio of 47.58, a PEG ratio of 2.93 and a beta of 1.00. The company has a 50 day simple moving average of $80.76 and a two-hundred day simple moving average of $69.28. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Insider Activity

In other news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Eagle Capital Management LLC boosted its position in shares of Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after buying an additional 141 shares during the period. OneDigital Investment Advisors LLC boosted its holdings in Fortinet by 3.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after acquiring an additional 141 shares during the period. Parallel Advisors LLC grew its position in Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after acquiring an additional 148 shares during the last quarter. Crewe Advisors LLC increased its stake in Fortinet by 8.8% in the third quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker’s stock worth $152,000 after purchasing an additional 158 shares during the period. Finally, Private Wealth Management Group LLC lifted its position in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

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.