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

Fortinet, Inc. (NASDAQ:FTNT)’s share price shot up 0.4% during trading on Wednesday . The company traded as high as $99.59 and last traded at $99.58. 962,109 shares traded hands during trading, a decline of 82% from the average session volume of 5,462,407 shares. The stock had previously closed at $99.15.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of research reports. Cantor Fitzgerald increased their price objective on Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. Piper Sandler increased their price objective on Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Raymond James increased their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Finally, Robert W. Baird increased their price objective on Fortinet from $80.00 to $88.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $79.52.

Fortinet Trading Down 1.0 %

The stock has a fifty day moving average of $79.59 and a 200-day moving average of $68.65. 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 market cap of $75.21 billion, a PE ratio of 50.66, a PEG ratio of 2.96 and a beta of 1.00.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was 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 of the company’s stock, valued at approximately $4,005,692,751.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 18.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fortinet

Several hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its position 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 acquiring an additional 30,542,551 shares during the last quarter. Swedbank AB purchased a new position in shares of Fortinet during the first quarter worth approximately $548,013,000. Marshall Wace LLP grew its position in shares of 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 acquiring an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp grew its position in shares of Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after acquiring an additional 2,802,446 shares during the last quarter. Finally, FMR LLC grew 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 worth $285,790,000 after acquiring an additional 2,705,767 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other 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.