Fortinet (NASDAQ:FTNT) Stock Price Down 1.8% – Time to Sell?

Fortinet, Inc. (NASDAQ:FTNT)’s stock price dropped 1.8% during mid-day trading on Tuesday . The company traded as low as $103.93 and last traded at $104.59. Approximately 1,476,705 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 4,820,292 shares. The stock had previously closed at $106.54.

Analysts Set New Price Targets

FTNT has been the topic of several recent research reports. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Citigroup raised their price objective on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Wells Fargo & Company lifted their price objective on Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Mizuho increased their target price on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Finally, The Goldman Sachs Group raised their price target on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $103.72.

Fortinet Trading Down 0.1 %

The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The firm has a market cap of $81.88 billion, a price-to-earnings ratio of 47.12, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01. The business’s 50-day moving average price is $101.51 and its two-hundred day moving average price is $90.23.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now 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 in the last 90 days. 18.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTNT. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet in the 3rd quarter worth about $26,000. Edmond DE Rothschild Holding S.A. acquired a new stake in Fortinet during the 4th quarter worth approximately $27,000. Oarsman Capital Inc. raised its holdings in Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after buying an additional 272 shares during the period. Graney & King LLC acquired a new position in Fortinet during the fourth quarter valued at approximately $43,000. Finally, Banque Transatlantique SA purchased a new stake in Fortinet during the fourth quarter worth approximately $43,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.