Fortinet (NASDAQ:FTNT) Sets New 1-Year High – Here’s What Happened

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

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Robert W. Baird raised their price objective on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Raymond James upped their target price on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, November 8th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a research note on Thursday, December 19th. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and increased their target price for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $105.00 price target (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $94.35.

Fortinet Stock Down 2.1 %

The company’s 50 day moving average price is $93.58 and its two-hundred day moving average price is $78.66. The firm has a market cap of $73.53 billion, a PE ratio of 48.45, a PEG ratio of 2.76 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was bought at an average price 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 approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 68,123 shares of company stock worth $6,227,201. 18.00% of the stock is owned by corporate insiders.

Institutional Trading of Fortinet

Hedge funds have recently bought and sold shares of the stock. State Street Corp increased its holdings in shares of Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after buying an additional 766,135 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Fortinet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after buying an additional 354,692 shares during the last quarter. Marshall Wace LLP grew its holdings in Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Fortinet by 10.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock valued at $448,854,000 after purchasing an additional 542,727 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Fortinet by 15.0% during the 2nd quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock valued at $302,941,000 after purchasing an additional 657,400 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

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.