Fortinet (NASDAQ:FTNT) Trading Up 1.6% – Time to Buy?

Fortinet, Inc. (NASDAQ:FTNT)’s stock price was up 1.6% on Tuesday . The stock traded as high as $98.75 and last traded at $98.75. Approximately 1,574,972 shares were traded during trading, a decline of 71% from the average daily volume of 5,457,518 shares. The stock had previously closed at $97.18.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research note on Monday. Rosenblatt Securities lifted their price target on shares of Fortinet from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday. Robert W. Baird upped their target price on Fortinet from $80.00 to $88.00 and gave the stock an “outperform” rating in a report on Friday. Finally, DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average target price of $79.52.

Fortinet Price Performance

The firm’s 50 day simple moving average is $79.15 and its 200 day simple moving average is $68.40. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The stock has a market capitalization of $75.84 billion, a PE ratio of 49.87, a P/E/G ratio of 3.24 and a beta of 1.00.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders sold 70,538 shares of company stock worth $5,403,559. 18.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortinet

Institutional investors have recently modified their holdings of the business. Empowered Funds LLC lifted its stake in Fortinet by 12.4% during the 1st quarter. Empowered Funds LLC now owns 29,500 shares of the software maker’s stock valued at $2,015,000 after acquiring an additional 3,258 shares during the period. Sei Investments Co. raised its holdings in shares of Fortinet by 10.5% during the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock valued at $9,488,000 after purchasing an additional 13,178 shares during the last quarter. NorthRock Partners LLC bought a new position in Fortinet during the first quarter valued at approximately $280,000. Meeder Advisory Services Inc. boosted its holdings in Fortinet by 13.9% in the first quarter. Meeder Advisory Services Inc. now owns 8,898 shares of the software maker’s stock worth $608,000 after purchasing an additional 1,084 shares during the last quarter. Finally, QRG Capital Management Inc. grew its position in Fortinet by 5.7% in the 1st quarter. QRG Capital Management Inc. now owns 35,974 shares of the software maker’s stock worth $2,457,000 after purchasing an additional 1,954 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

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.