Fortinet (NASDAQ:FTNT) Stock Price Up 0.1% – Should You Buy?

Fortinet, Inc. (NASDAQ:FTNT)’s share price shot up 0.1% during mid-day trading on Friday . The company traded as high as $108.26 and last traded at $107.15. 885,233 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 4,551,823 shares. The stock had previously closed at $107.09.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on FTNT shares. TD Cowen increased their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. JPMorgan Chase & Co. increased their target price on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Citigroup lifted their price target on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. Finally, Bank of America raised their target price on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $103.72.

Fortinet Stock Up 0.9 %

The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm’s fifty day moving average is $101.31 and its 200-day moving average is $89.87. The stock has a market capitalization of $83.06 billion, a PE ratio of 47.79, a PEG ratio of 4.19 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 22,916 shares of the stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the sale, the chief executive officer now directly owns 48,983,683 shares in the company, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom acquired 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 87,120 shares of company stock worth $8,991,409 over the last 90 days. Company insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Several hedge funds have recently bought and sold shares of FTNT. Manchester Capital Management LLC boosted its stake in shares of Fortinet by 13.5% during the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after acquiring an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC lifted its position in Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after buying an additional 107 shares during the period. Fielder Capital Group LLC boosted its stake in Fortinet by 1.6% in the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after buying an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC grew its holdings in Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after buying an additional 114 shares during the period. Finally, CIBC Private Wealth Group LLC increased its stake in shares of Fortinet by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock valued at $902,000 after acquiring an additional 116 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.