Fortinet (NASDAQ:FTNT) Stock Price Down 1.6% – Here’s Why

by · The Cerbat Gem

Shares of Fortinet, Inc. (NASDAQ:FTNT – Get Free Report) traded down 1.6% during mid-day trading on Thursday . The stock traded as low as $105.11 and last traded at $105.09. 853,312 shares were traded during mid-day trading, a decline of 82% from the average session volume of 4,813,215 shares. The stock had previously closed at $106.80.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Royal Bank of Canada lifted their target price on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a report on Friday, February 7th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a research report on Thursday, December 19th. Robert W. Baird reiterated a “neutral” rating and issued a $112.00 price target (up previously from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Deutsche Bank Aktiengesellschaft lifted their price target on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. Finally, JPMorgan Chase & Co. lifted their price target on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $103.72.

Read Our Latest Analysis on FTNT

Fortinet Stock Down 0.4 %

The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock has a market cap of $77.88 billion, a PE ratio of 44.81, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The business has a fifty day moving average of $101.95 and a 200-day moving average of $90.64.

Fortinet (NASDAQ:FTNT – Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 23,500 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the transaction, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 87,120 shares of company stock valued at $8,991,409 over the last 90 days. Corporate insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

A number of large investors have recently made changes to their positions in FTNT. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the third quarter worth $26,000. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Fortinet during the fourth quarter worth $27,000. Oarsman Capital Inc. increased its position in shares of Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after purchasing an additional 272 shares in the last quarter. Graney & King LLC acquired a new position in shares of Fortinet in the 4th quarter valued at $43,000. Finally, Banque Transatlantique SA acquired a new position in shares of Fortinet in the 4th quarter valued at $43,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Company Profile

(Get Free Report)

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.

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