Fortinet (NASDAQ:FTNT) Trading Down 1.8% – Should You Sell?

Shares of Fortinet, Inc. (NASDAQ:FTNT) traded down 1.8% on Tuesday . The stock traded as low as $103.93 and last traded at $104.59. 1,476,705 shares traded hands during trading, a decline of 69% from the average session volume of 4,820,292 shares. The stock had previously closed at $106.54.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Scotiabank increased their price target on shares of Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a report on Friday, February 7th. Bank of America lifted their price objective on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. Finally, Rosenblatt Securities raised their target price on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, February 7th. One investment 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. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $103.72.

Fortinet Stock Performance

The stock has a market cap of $81.88 billion, a price-to-earnings ratio of 47.12, a PEG ratio of 4.19 and a beta of 1.01. The firm has a fifty day moving average of $101.51 and a 200 day moving average of $90.23. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Neukom purchased 355 shares of the 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 transaction, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 87,120 shares of company stock worth $8,991,409. 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. Edmond DE Rothschild Holding S.A. acquired a new position in Fortinet during the 4th quarter worth $27,000. Ashton Thomas Securities LLC purchased a new stake in Fortinet in the third quarter valued at $26,000. Oarsman Capital Inc. lifted its holdings in shares of Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after purchasing an additional 272 shares during the last quarter. Graney & King LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $43,000. Finally, Banque Transatlantique SA acquired a new stake in Fortinet during the 4th quarter worth $43,000. Institutional investors and hedge funds 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.