Fortinet (NASDAQ:FTNT) Reaches New 52-Week High – Should You Buy?

Fortinet, Inc. (NASDAQ:FTNT) shares reached a new 52-week high during mid-day trading on Monday . The company 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

Several analysts have recently weighed in on FTNT shares. Wedbush lifted their price objective on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. JPMorgan Chase & Co. upped their price target on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. UBS Group upped their price target on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, Truist Financial reiterated a “buy” rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $94.35.

Fortinet Stock Down 2.1 %

The firm has a 50-day moving average of $93.58 and a 200 day moving average of $78.66. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock has a market capitalization of $73.53 billion, a price-to-earnings ratio of 48.45, a PEG ratio of 2.76 and a beta of 1.00.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was 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 directly owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 68,123 shares of company stock valued at $6,227,201. Insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of hedge funds have recently made changes to their positions in FTNT. Eastern Bank acquired a new stake in Fortinet during the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC lifted its holdings in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank lifted its holdings in Fortinet by 900.0% during 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 during the last quarter. Finally, Paladin Wealth LLC acquired a new stake in Fortinet during the 3rd quarter worth approximately $46,000. 83.71% of the stock is owned by institutional investors and hedge funds.

About Fortinet

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.