Fortinet (NASDAQ:FTNT) Hits New 52-Week High at $119.50
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.
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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