Fortinet (NASDAQ:FTNT) Stock Price Down 4.6% – Here’s Why

Shares of Fortinet, Inc. (NASDAQ:FTNT) fell 4.6% during mid-day trading on Monday . The company traded as low as $96.50 and last traded at $96.60. 1,203,574 shares were traded during trading, a decline of 75% from the average session volume of 4,797,259 shares. The stock had previously closed at $101.28.

Analyst Ratings Changes

A number of research firms have recently commented on FTNT. Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. JPMorgan Chase & Co. raised their target price on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Susquehanna upped their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Finally, Jefferies Financial Group raised their price target on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has issued 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 Price Performance

The firm has a market cap of $73.85 billion, a P/E ratio of 42.50, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The firm’s 50 day moving average is $102.06 and its 200 day moving average is $91.04.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping 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%. As a group, analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom acquired 328 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average cost of $106.33 per share, with a total value of $34,876.24. Following the transaction, the director now owns 300,006 shares of the company’s stock, valued at $31,899,637.98. The trade was a 0.11 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 completion of the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. This represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 87,120 shares of company stock valued at $8,991,409 in the last quarter. 18.00% of the stock is owned by insiders.

Institutional Trading of Fortinet

A number of large investors have recently made changes to their positions in FTNT. Manchester Capital Management LLC lifted its position in Fortinet by 13.5% during the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after purchasing an additional 100 shares during the period. Fifth Third Wealth Advisors LLC lifted its holdings in shares of Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after buying an additional 107 shares during the period. Fielder Capital Group LLC boosted its stake in shares of Fortinet by 1.6% in the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after buying an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC boosted its position in Fortinet by 1.4% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after purchasing an additional 114 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its stake in shares of Fortinet by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock valued at $902,000 after purchasing an additional 116 shares during the period. 83.71% of the stock is currently owned by 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.