Fortinet (NASDAQ:FTNT) Shares Down 1.3% – Here’s Why

Shares of Fortinet, Inc. (NASDAQ:FTNT) traded down 1.3% during mid-day trading on Monday . The company traded as low as $107.33 and last traded at $108.59. 2,165,906 shares traded hands during trading, a decline of 53% from the average session volume of 4,595,874 shares. The stock had previously closed at $110.02.

Analyst Ratings Changes

FTNT has been the subject of a number of recent analyst reports. Morgan Stanley boosted their price objective on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Rosenblatt Securities upped their price objective on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Wedbush lifted their target price on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. Finally, BMO Capital Markets lifted their price objective on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. One 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $103.72.

Fortinet Stock Down 1.2 %

The stock has a market capitalization of $83.30 billion, a price-to-earnings ratio of 48.10, a P/E/G ratio of 4.19 and a beta of 1.01. The business has a 50-day moving average of $100.12 and a 200-day moving average of $88.67. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

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

Insiders Place Their Bets

In related news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 87,110 shares of company stock worth $8,751,689 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FTNT. American Trust lifted its holdings in Fortinet by 20.5% during the 4th quarter. American Trust now owns 3,828 shares of the software maker’s stock worth $362,000 after buying an additional 652 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Fortinet by 135.9% during the fourth quarter. Mackenzie Financial Corp now owns 138,827 shares of the software maker’s stock worth $13,116,000 after acquiring an additional 79,985 shares during the period. Westfuller Advisors LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at $215,000. Toronto Dominion Bank boosted its holdings in Fortinet by 6.7% in the fourth quarter. Toronto Dominion Bank now owns 381,766 shares of the software maker’s stock valued at $36,068,000 after purchasing an additional 24,132 shares during the period. Finally, Cache Advisors LLC acquired a new position in Fortinet during the 4th quarter worth $688,000. 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.