Fortinet (NASDAQ:FTNT) Shares Down 1.5% – Time to Sell?

Fortinet, Inc. (NASDAQ:FTNT) traded down 1.5% on Tuesday . The company traded as low as $89.67 and last traded at $90.49. 1,540,185 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 5,493,108 shares. The stock had previously closed at $91.88.

Analyst Ratings Changes

FTNT has been the topic of several recent research reports. Raymond James boosted their price target on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Morgan Stanley lifted their price objective on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday. Stifel Nicolaus raised their target price on shares of Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday. Finally, Robert W. Baird boosted their price target on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $87.10.

Fortinet Stock Performance

The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock has a 50 day moving average of $81.10 and a 200 day moving average of $69.51. The company has a market capitalization of $69.58 billion, a price-to-earnings ratio of 46.00, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 18.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Fortinet

Several hedge funds have recently modified their holdings of FTNT. Price T Rowe Associates Inc. MD raised its holdings 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 valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. Swedbank AB bought a new position in Fortinet in the 1st quarter worth approximately $548,013,000. Marshall Wace LLP grew its stake in Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after buying an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp lifted 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 in the last quarter. Finally, FMR LLC boosted its holdings in shares of Fortinet by 276.3% in 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 period. 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.