Fortinet (NASDAQ:FTNT) Shares Down 1.2% – What’s Next?

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

Analysts Set New Price Targets

FTNT has been the topic of a number of recent analyst reports. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Monday. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Susquehanna lifted their target price on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Rosenblatt Securities lifted their target price 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, DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target for the company in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $79.52.

Fortinet Price Performance

The company has a market capitalization of $72.04 billion, a PE ratio of 47.14, a price-to-earnings-growth ratio of 2.93 and a beta of 1.00. The company’s 50 day simple moving average is $80.38 and its 200 day simple moving average is $69.03. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Insider Activity

In other news, CEO Ken Xie sold 23,538 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Hedge funds have recently modified their holdings of the stock. Eastern Bank acquired a new stake in shares of Fortinet during the third quarter worth $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet during the third quarter worth $26,000. Private Wealth Management Group LLC raised its position in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares in the last quarter. Oakworth Capital Inc. purchased a new position in Fortinet in the second quarter worth $33,000. Finally, Versant Capital Management Inc raised its position in Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after acquiring an additional 238 shares in the last quarter. 83.71% of the stock is 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.