Fortinet (NASDAQ:FTNT) Stock Price Up 0.4% – Still a Buy?

Fortinet, Inc. (NASDAQ:FTNT) shares rose 0.4% during mid-day trading on Wednesday . The company traded as high as $99.59 and last traded at $99.58. Approximately 962,109 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 5,462,407 shares. The stock had previously closed at $99.15.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on FTNT shares. Susquehanna increased their target price on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. UBS Group raised their price objective on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. TD Cowen lifted their price target on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Wells Fargo & Company lifted their price target on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Finally, StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $79.52.

Fortinet Stock Performance

The company has a 50-day moving average price of $80.38 and a two-hundred day moving average price of $69.03. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $72.40 billion, a P/E ratio of 47.71, a price-to-earnings-growth ratio of 2.93 and a beta of 1.00.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was 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 $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Eastern Bank bought a new stake in Fortinet during the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet in the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC lifted its stake in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. Oakworth Capital Inc. purchased a new position in Fortinet in the second quarter valued at approximately $33,000. Finally, Versant Capital Management Inc lifted its stake in Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after purchasing an additional 238 shares during the last quarter. 83.71% of the stock is 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.