Fortinet (NASDAQ:FTNT) Hits New 12-Month Low - What's Next?

Shares of Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $100.34 and last traded at $103.76, with a volume of 5436826 shares trading hands. The stock had previously closed at $104.21.

Wall Street Analyst Weigh In

Several research firms have weighed in on FTNT. Baird R W downgraded Fortinet from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd. Raymond James reiterated a "market perform" rating on shares of Fortinet in a research report on Tuesday, January 14th. The Goldman Sachs Group raised their price target on shares of Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Morgan Stanley cut their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Stifel Nicolaus raised their target price on shares of Fortinet from $103.00 to $115.00 and gave the stock a "hold" rating in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $106.03.

Fortinet Trading Up 1.9 %

The firm's 50 day simple moving average is $98.64 and its two-hundred day simple moving average is $96.70. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The stock has a market cap of $81.65 billion, a P/E ratio of 46.98, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the firm's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the transaction, the chief financial officer now owns 4,736 shares of the company's stock, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kenneth A. Goldman sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the sale, the director now directly owns 18,612 shares of the company's stock, valued at approximately $1,861,200. This represents a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 576,944 shares of company stock worth $56,944,064. Insiders own 18.00% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FTNT. Saturna Capital Corp raised its position in shares of Fortinet by 56.8% during the first quarter. Saturna Capital Corp now owns 12,070 shares of the software maker's stock worth $1,162,000 after purchasing an additional 4,370 shares during the period. Asset Advisors Investment Management LLC raised its holdings in Fortinet by 150.6% during the 1st quarter. Asset Advisors Investment Management LLC now owns 17,280 shares of the software maker's stock worth $1,663,000 after buying an additional 10,385 shares during the period. Mechanics Financial Corp purchased a new stake in Fortinet during the first quarter valued at about $36,000. Cullen Frost Bankers Inc. boosted its holdings in shares of Fortinet by 1.8% in the first quarter. Cullen Frost Bankers Inc. now owns 15,726 shares of the software maker's stock worth $1,514,000 after buying an additional 272 shares during the period. Finally, Parcion Private Wealth LLC increased its position in shares of Fortinet by 51.2% in the first quarter. Parcion Private Wealth LLC now owns 11,600 shares of the software maker's stock worth $1,117,000 after acquiring an additional 3,927 shares in the last quarter. Institutional investors and hedge funds 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.