Fortinet (NASDAQ:FTNT) Shares Down 4.6% – Here’s What Happened

Shares of Fortinet, Inc. (NASDAQ:FTNT) dropped 4.6% during trading on Monday . The company traded as low as $96.50 and last traded at $96.60. Approximately 1,203,574 shares changed hands during trading, a decline of 75% from the average daily volume of 4,797,259 shares. The stock had previously closed at $101.28.

Analysts Set New Price Targets

Several research analysts recently weighed in on FTNT shares. Deutsche Bank Aktiengesellschaft increased their target price on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a report on Thursday, December 19th. TD Cowen increased their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Baird R W cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Finally, Piper Sandler reissued an “overweight” rating and issued a $135.00 target price (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $103.72.

Fortinet Trading Up 2.3 %

The stock has a market cap of $75.57 billion, a P/E ratio of 43.49, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The firm’s 50 day simple moving average is $102.15 and its two-hundred day simple moving average is $91.36. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates 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, equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction 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 directly owns 4,736 shares of the company’s stock, valued at $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 620,904 shares of company stock valued at $61,138,694. Insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Ashton Thomas Securities LLC bought a new position in Fortinet in the 3rd quarter worth approximately $26,000. Edmond DE Rothschild Holding S.A. bought a new position in shares of Fortinet in the fourth quarter worth $27,000. Oarsman Capital Inc. increased its holdings in shares of Fortinet by 188.9% during the fourth 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 period. Graney & King LLC bought a new stake in shares of Fortinet during the fourth quarter valued at about $43,000. Finally, Banque Transatlantique SA acquired a new stake in Fortinet in the fourth quarter worth about $43,000. Institutional investors 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.