Fortinet (NASDAQ:FTNT) Hits New 52-Week High – What’s Next?

Fortinet, Inc. (NASDAQ:FTNT) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $114.52 and last traded at $114.25, with a volume of 665405 shares trading hands. The stock had previously closed at $111.64.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent research reports. Mizuho raised their price target on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Wedbush boosted their target price on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Raymond James reissued a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Citigroup upped their target price on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $103.72.

Fortinet Price Performance

The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock has a market cap of $87.52 billion, a PE ratio of 50.53, a P/E/G ratio of 4.19 and a beta of 1.01. The company has a fifty day moving average of $99.56 and a 200-day moving average of $87.75.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. The trade was a 79.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 63,610 shares of company stock worth $6,083,029 over the last three months. Insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Institutional investors and hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its stake in shares of Fortinet by 29.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock valued at $11,829,000 after acquiring an additional 34,727 shares during the last quarter. Raleigh Capital Management Inc. grew its holdings in shares of Fortinet by 413.5% during the third quarter. Raleigh Capital Management Inc. now owns 950 shares of the software maker’s stock worth $74,000 after buying an additional 765 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in shares of Fortinet by 8.2% in the third quarter. Sequoia Financial Advisors LLC now owns 12,055 shares of the software maker’s stock valued at $935,000 after buying an additional 917 shares during the last quarter. Signaturefd LLC lifted its stake in shares of Fortinet by 3.1% during the third quarter. Signaturefd LLC now owns 15,672 shares of the software maker’s stock valued at $1,215,000 after buying an additional 476 shares during the period. Finally, Eastern Bank acquired a new stake in shares of Fortinet during the third quarter worth $25,000. Institutional investors and hedge funds 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.