Fortinet (NASDAQ:FTNT) Shares Up 0.4%

Fortinet, Inc. (NASDAQ:FTNT) traded up 0.4% during trading on Tuesday . The company traded as high as $75.47 and last traded at $75.47. 377,703 shares were traded during mid-day trading, a decline of 94% from the average session volume of 5,813,638 shares. The stock had previously closed at $75.18.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Scotiabank lifted their target price on shares of Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, August 7th. BMO Capital Markets lifted their price objective on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Wednesday, August 7th. Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Finally, UBS Group raised their price objective on shares of Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $71.31.

Fortinet Stock Performance

The stock’s 50-day moving average price is $63.33 and its 200-day moving average price is $64.40. The company has a market capitalization of $57.76 billion, a price-to-earnings ratio of 49.42, a P/E/G 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 earnings per share for the quarter, beating 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 firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the firm posted $0.31 EPS. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. Analysts anticipate that Fortinet, Inc. will post 1.47 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Michael Xie sold 24,712 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Fortinet news, 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 transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the sale, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,608 shares of company stock worth $7,132,649. 18.00% of the stock is owned by corporate insiders.

Institutional Trading of Fortinet

A number of institutional investors have recently modified their holdings of FTNT. Parallel Advisors LLC grew its stake in Fortinet by 2.0% during the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after buying an additional 148 shares during the period. Simplicity Wealth LLC increased its holdings in Fortinet by 2.2% in the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after purchasing an additional 174 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its position in Fortinet by 22.4% in the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock valued at $67,000 after purchasing an additional 180 shares during the period. Werlinich Asset Management LLC lifted its stake in shares of Fortinet by 1.7% during the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after purchasing an additional 180 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC boosted its position in shares of Fortinet by 0.9% in the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock worth $1,456,000 after buying an additional 185 shares during the period. Hedge funds and other 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.