Fortinet (NASDAQ:FTNT) Hits New 52-Week High at $194.01

Fortinet, Inc. (NASDAQ:FTNT) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $194.01 and last traded at $193.68, with a volume of 11861 shares trading hands. The stock had previously closed at $191.27.

FTNT has been the subject of a number of research analyst reports. Piper Sandler raised their target price on Fortinet from $150.00 to $175.00 and gave the company a “neutral” rating in a research note on Tuesday, March 16th. The Goldman Sachs Group lifted their price objective on Fortinet from $152.00 to $169.00 and gave the company a “buy” rating in a research note on Friday, January 8th. JPMorgan Chase & Co. cut Fortinet from a “neutral” rating to an “underweight” rating and set a $140.00 price objective for the company. in a research note on Wednesday, December 9th. Royal Bank of Canada lifted their price objective on Fortinet from $162.00 to $175.00 and gave the company a “sector perform” rating in a research note on Tuesday, March 16th. Finally, Monness Crespi & Hardt lifted their price objective on Fortinet from $175.00 to $195.00 and gave the company a “buy” rating in a research note on Tuesday, March 16th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have assigned a buy rating to the stock. Fortinet currently has a consensus rating of “Hold” and a consensus price target of $160.16.

The company has a fifty day simple moving average of $176.88 and a 200-day simple moving average of $144.36. The firm has a market cap of $31.47 billion, a P/E ratio of 71.68, a price-to-earnings-growth ratio of 4.04 and a beta of 1.10.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 4th. The software maker reported $1.06 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.35. Fortinet had a return on equity of 48.30% and a net margin of 18.50%. The business had revenue of $748.00 million during the quarter, compared to analyst estimates of $722.37 million. On average, sell-side analysts forecast that Fortinet, Inc. will post 2.33 earnings per share for the current fiscal year.

In other Fortinet news, VP John Whittle sold 2,540 shares of the business’s stock in a transaction that occurred on Thursday, January 21st. The stock was sold at an average price of $151.36, for a total transaction of $384,454.40. Following the sale, the vice president now directly owns 625 shares of the company’s stock, valued at $94,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith Jensen sold 10,185 shares of the business’s stock in a transaction that occurred on Thursday, February 25th. The stock was sold at an average price of $168.58, for a total value of $1,716,987.30. Following the sale, the chief financial officer now directly owns 2,088 shares in the company, valued at $351,995.04. The disclosure for this sale can be found here. Insiders sold 71,231 shares of company stock worth $11,876,249 over the last 90 days. Company insiders own 17.20% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Alliancebernstein L.P. grew its stake in Fortinet by 18.7% in the fourth quarter. Alliancebernstein L.P. now owns 4,626,812 shares of the software maker’s stock worth $687,220,000 after purchasing an additional 727,949 shares in the last quarter. UBS Asset Management Americas Inc. lifted its position in Fortinet by 104.5% during the 4th quarter. UBS Asset Management Americas Inc. now owns 1,786,730 shares of the software maker’s stock worth $265,383,000 after acquiring an additional 912,854 shares during the period. Norges Bank acquired a new stake in Fortinet during the 4th quarter worth about $211,918,000. Bank of New York Mellon Corp lifted its position in Fortinet by 12.3% during the 4th quarter. Bank of New York Mellon Corp now owns 1,262,271 shares of the software maker’s stock worth $187,486,000 after acquiring an additional 138,331 shares during the period. Finally, Morgan Stanley lifted its position in Fortinet by 50.0% during the 4th quarter. Morgan Stanley now owns 878,173 shares of the software maker’s stock worth $130,434,000 after acquiring an additional 292,871 shares during the period. 67.77% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Company Profile (NASDAQ:FTNT)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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