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

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

Analyst Ratings Changes

Several research analysts have recently weighed in on FTNT shares. Wedbush upped their price target on shares of Fortinet from $78.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Barclays increased their target price on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Susquehanna increased their target price on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Piper Sandler increased their target price on Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $79.52.

Fortinet Stock Down 3.5 %

The company’s fifty day moving average price is $80.38 and its 200-day moving average price is $69.03. The stock has a market capitalization of $72.40 billion, a PE ratio of 47.71, a price-to-earnings-growth ratio of 2.93 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Insider Activity

In related news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Fortinet

A number of hedge funds have recently added to or reduced their stakes in the company. Erste Asset Management GmbH purchased a new position in Fortinet in the 3rd quarter worth approximately $93,000. True Wealth Design LLC raised its stake in Fortinet by 7,054.5% during the 3rd quarter. True Wealth Design LLC now owns 1,574 shares of the software maker’s stock valued at $122,000 after buying an additional 1,552 shares during the last quarter. Maverick Capital Ltd. purchased a new stake in Fortinet during the 3rd quarter valued at $1,128,000. PDT Partners LLC raised its stake in Fortinet by 33.0% during the 3rd quarter. PDT Partners LLC now owns 99,329 shares of the software maker’s stock valued at $7,703,000 after buying an additional 24,641 shares during the last quarter. Finally, Captrust Financial Advisors raised its stake in Fortinet by 21.0% during the 3rd quarter. Captrust Financial Advisors now owns 50,096 shares of the software maker’s stock valued at $3,885,000 after buying an additional 8,708 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.