Fortinet (NASDAQ:FTNT) Sets New 12-Month High – What’s Next?

Fortinet, Inc. (NASDAQ:FTNT)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $101.00 and last traded at $98.47, with a volume of 605261 shares changing hands. The stock had previously closed at $97.47.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Bank of America boosted 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. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. The Goldman Sachs Group upped their target price on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Thursday. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a research note on Thursday, December 19th. Finally, Truist Financial restated a “buy” rating and set a $105.00 target price (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $94.35.

Fortinet Stock Performance

The firm has a market cap of $75.25 billion, a price-to-earnings ratio of 49.59, a PEG ratio of 2.76 and a beta of 1.00. The stock’s fifty day moving average is $92.91 and its two-hundred day moving average is $78.11. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 transaction of $1,908,610.23. Following the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,123 shares of company stock worth $6,227,201. 18.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fortinet

A number of institutional investors have recently added to or reduced their stakes in the company. Eastern Bank acquired a new stake in shares of Fortinet in the third quarter valued at $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet in the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC boosted its position in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares in the last quarter. City State Bank raised its holdings in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC acquired a new stake in Fortinet during the third quarter valued at approximately $46,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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.