Fortinet (NASDAQ:FTNT) Stock Price Up 1.6% – Still a Buy?

Shares of Fortinet, Inc. (NASDAQ:FTNT) shot up 1.6% during mid-day trading on Monday . The company traded as high as $95.80 and last traded at $95.75. 865,308 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 5,475,736 shares. The stock had previously closed at $94.20.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of analyst reports. Truist Financial increased their target price on shares of Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft increased their price objective on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday. BMO Capital Markets boosted their target price on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target for the company in a research note on Thursday, August 8th. Finally, Barclays boosted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $87.43.

Fortinet Stock Performance

The business’s fifty day moving average price is $81.39 and its 200-day moving average price is $69.73. The stock has a market cap of $69.59 billion, a PE ratio of 45.85, a P/E/G ratio of 2.82 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. 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 the SEC website. 18.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortinet

Several institutional investors have recently made changes to their positions in FTNT. Apollon Wealth Management LLC raised its holdings in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares during the period. Forsta AP Fonden raised its stake in shares of Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares during the period. Sarasin & Partners LLP raised its stake in shares of Fortinet by 22.4% in the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after buying an additional 395,477 shares during the period. Cetera Investment Advisers lifted its position in shares of Fortinet by 543.5% during the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after buying an additional 132,871 shares in the last quarter. Finally, Empower Advisory Group LLC grew its stake in shares of Fortinet by 4.2% during the 3rd quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after acquiring an additional 40,277 shares during the period. 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.