Fortinet (NASDAQ:FTNT) Reaches New 12-Month High – Time to Buy?

Shares of Fortinet, Inc. (NASDAQ:FTNT) hit a new 52-week high during trading on Tuesday . The company traded as high as $114.52 and last traded at $114.25, with a volume of 665405 shares traded. The stock had previously closed at $111.64.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FTNT. Bank of America increased their price objective on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Wells Fargo & Company boosted their price objective on shares of Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. Susquehanna lifted their price target on Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a report on Monday, February 10th. Truist Financial reiterated a “buy” rating and set a $105.00 price objective (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Finally, The Goldman Sachs Group raised their price objective on Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $103.72.

Fortinet Stock Up 2.3 %

The stock has a market capitalization of $87.57 billion, a price-to-earnings ratio of 50.56, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The business’s 50-day moving average is $99.23 and its two-hundred day moving average is $87.56.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. Equities analysts anticipate that Fortinet, Inc. will post 2.05 EPS for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 63,610 shares of company stock worth $6,083,029 over the last quarter. 18.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Cape Cod Five Cents Savings Bank boosted its stake in shares of Fortinet by 1.9% in the 4th quarter. Cape Cod Five Cents Savings Bank now owns 64,436 shares of the software maker’s stock valued at $4,997,000 after buying an additional 1,194 shares during the period. Vise Technologies Inc. lifted its stake in Fortinet by 31.5% in the fourth quarter. Vise Technologies Inc. now owns 11,268 shares of the software maker’s stock worth $1,065,000 after acquiring an additional 2,698 shares during the last quarter. Cornerstone Advisory LLC purchased a new stake in shares of Fortinet in the 4th quarter valued at approximately $194,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of Fortinet by 14.9% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker’s stock valued at $11,763,000 after purchasing an additional 16,139 shares in the last quarter. Finally, Focus Partners Advisor Solutions LLC lifted its position in shares of Fortinet by 42.8% during the 4th quarter. Focus Partners Advisor Solutions LLC now owns 18,146 shares of the software maker’s stock worth $1,714,000 after purchasing an additional 5,439 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

About Fortinet

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.