Fortinet Inc (NASDAQ:FTNT) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $119.50 and last traded at $117.49, with a volume of 1121200 shares. The stock had previously closed at $117.49.

Several research analysts recently issued reports on FTNT shares. Royal Bank of Canada reissued a “neutral” rating and set a $109.00 target price (up from $100.00) on shares of Fortinet in a research note on Tuesday, November 19th. BMO Capital Markets increased their target price on shares of Fortinet to $115.00 and gave the stock a “market perform” rating in a research note on Wednesday, November 20th. Goldman Sachs Group started coverage on shares of Fortinet in a research note on Tuesday, November 12th. They set a “buy” rating and a $113.00 target price on the stock. Monness Crespi & Hardt increased their target price on shares of Fortinet from $110.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, Evercore ISI set a $90.00 target price on shares of Fortinet and gave the stock a “hold” rating in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Fortinet currently has a consensus rating of “Hold” and an average target price of $107.91.

The stock has a market capitalization of $20.18 billion, a P/E ratio of 52.05, a price-to-earnings-growth ratio of 4.79 and a beta of 1.18. The business’s 50 day simple moving average is $109.56 and its two-hundred day simple moving average is $90.83.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, October 31st. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.11. Fortinet had a net margin of 19.23% and a return on equity of 25.46%. The firm had revenue of $547.50 million for the quarter, compared to analyst estimates of $533.55 million. During the same period last year, the firm earned $0.49 earnings per share. The business’s quarterly revenue was up 20.6% compared to the same quarter last year. Research analysts expect that Fortinet Inc will post 1.62 EPS for the current year.

In related news, VP Michael Xie sold 100,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $103.66, for a total transaction of $10,366,000.00. Following the transaction, the vice president now directly owns 6,306,828 shares of the company’s stock, valued at $653,765,790.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Whittle sold 2,466 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $107.81, for a total transaction of $265,859.46. Following the transaction, the executive vice president now directly owns 9,309 shares in the company, valued at $1,003,603.29. The disclosure for this sale can be found here. Insiders have sold 117,961 shares of company stock worth $12,193,482 over the last three months. 17.20% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in FTNT. Carroll Financial Associates Inc. bought a new position in shares of Fortinet during the fourth quarter valued at about $32,000. Allred Capital Management LLC bought a new position in shares of Fortinet during the fourth quarter valued at about $38,000. CENTRAL TRUST Co bought a new position in shares of Fortinet during the third quarter valued at about $45,000. Lenox Wealth Advisors LLC lifted its position in shares of Fortinet by 63.7% during the fourth quarter. Lenox Wealth Advisors LLC now owns 501 shares of the software maker’s stock valued at $53,000 after purchasing an additional 195 shares in the last quarter. Finally, North Star Investment Management Corp. bought a new position in shares of Fortinet during the third quarter valued at about $62,000. 69.93% of the stock is currently owned by institutional investors.

Fortinet Company Profile (NASDAQ:FTNT)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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