Fortinet (NASDAQ:FTNT) Stock Price Up 1.6% – Still a Buy?

Shares of Fortinet, Inc. (NASDAQ:FTNT) were up 1.6% during mid-day trading on Monday . The company traded as high as $95.80 and last traded at $95.75. Approximately 865,308 shares were traded during trading, a decline of 84% from the average daily volume of 5,475,736 shares. The stock had previously closed at $94.20.

Analyst Upgrades and Downgrades

FTNT has been the topic of several recent research reports. Wells Fargo & Company increased their target price on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. UBS Group upped their price objective on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. BMO Capital Markets boosted their price objective on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. Royal Bank of Canada lifted their price target on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 7th. Finally, Mizuho lowered Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective on the stock. in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $79.52.

Fortinet Price Performance

The company has a market cap of $71.15 billion, a P/E ratio of 48.36, a PEG ratio of 2.82 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a fifty day moving average price of $80.76 and a two-hundred day moving average price of $69.32.

Insider Transactions at Fortinet

In other Fortinet news, 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 transaction of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FTNT. Price T Rowe Associates Inc. MD grew its holdings in shares of Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares during the last quarter. Swedbank AB bought a new stake in Fortinet during the 1st quarter valued at $548,013,000. Marshall Wace LLP raised its holdings in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares in the last quarter. Finally, FMR LLC increased its position in shares of Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after acquiring an additional 2,705,767 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

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.