Fortinet (FTNT) Hits New 1-Year High and Low at $57.98

Fortinet Inc (NASDAQ:FTNT) shares hit a new 52-week high and low during trading on Wednesday . The stock traded as low as $57.98 and last traded at $57.72, with a volume of 246869 shares traded. The stock had previously closed at $57.67.

Several research firms have issued reports on FTNT. Barclays upped their price target on shares of Fortinet from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 6th. Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research report on Tuesday, February 13th. Monness Crespi & Hardt reaffirmed a “buy” rating and set a $56.00 price target (up from $50.00) on shares of Fortinet in a research report on Wednesday, February 28th. Citigroup upped their price target on shares of Fortinet from $45.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, Deutsche Bank lowered shares of Fortinet from a “buy” rating to a “hold” rating and set a $46.00 price target on the stock. in a research report on Tuesday, January 23rd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $50.58.

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The stock has a market cap of $9,659.71, a price-to-earnings ratio of 102.66, a PEG ratio of 4.62 and a beta of 0.71.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Monday, February 5th. The software maker reported $0.32 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.03. The company had revenue of $416.70 million for the quarter, compared to analyst estimates of $409.04 million. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. The company’s revenue was up 14.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.30 earnings per share. research analysts forecast that Fortinet Inc will post 0.74 EPS for the current fiscal year.

In related news, VP John Whittle sold 624 shares of the firm’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $54.44, for a total transaction of $33,970.56. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Ken Xie sold 89,423 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $45.08, for a total transaction of $4,031,188.84. Following the transaction, the chief executive officer now directly owns 12,608,811 shares in the company, valued at $568,405,199.88. The disclosure for this sale can be found here. Insiders sold 156,190 shares of company stock worth $7,114,541 over the last three months. Insiders own 16.40% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. LS Investment Advisors LLC increased its position in Fortinet by 8.2% during the fourth quarter. LS Investment Advisors LLC now owns 16,168 shares of the software maker’s stock worth $706,000 after acquiring an additional 1,229 shares during the period. American Century Companies Inc. increased its position in Fortinet by 5.3% during the fourth quarter. American Century Companies Inc. now owns 24,786 shares of the software maker’s stock worth $1,083,000 after acquiring an additional 1,244 shares during the period. Amalgamated Bank increased its position in Fortinet by 4.4% during the fourth quarter. Amalgamated Bank now owns 30,653 shares of the software maker’s stock worth $1,339,000 after acquiring an additional 1,287 shares during the period. Xact Kapitalforvaltning AB increased its position in Fortinet by 17.8% during the fourth quarter. Xact Kapitalforvaltning AB now owns 14,051 shares of the software maker’s stock worth $614,000 after acquiring an additional 2,125 shares during the period. Finally, Flinton Capital Management LLC increased its position in Fortinet by 25.4% during the fourth quarter. Flinton Capital Management LLC now owns 10,512 shares of the software maker’s stock worth $459,000 after acquiring an additional 2,128 shares during the period. 68.82% of the stock is currently owned by institutional investors and hedge funds.

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Fortinet Company Profile

Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.

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