Fortinet (NASDAQ:FTNT) Trading Down 4.6% - What's Next?

Shares of Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) were down 4.6% during trading on Thursday . The company traded as low as $102.38 and last traded at $102.65. Approximately 2,101,805 shares were traded during trading, a decline of 57% from the average daily volume of 4,858,948 shares. The stock had previously closed at $107.65.

Analysts Set New Price Targets

A number of research analysts have recently commented on FTNT shares. DZ Bank upgraded Fortinet from a "strong sell" rating to a "hold" rating in a report on Thursday, May 8th. Cantor Fitzgerald cut their price target on Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Stifel Nicolaus cut their price target on Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a report on Thursday, May 8th. UBS Group cut their price target on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Finally, Wells Fargo & Company cut their target price on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Fortinet has an average rating of "Hold" and a consensus target price of $105.62.

Fortinet Stock Down 1.1%

The firm has a fifty day moving average price of $103.23 and a 200 day moving average price of $100.99. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. The company has a market cap of $75.82 billion, a P/E ratio of 40.77, a PEG ratio of 3.42 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. The company had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.43 earnings per share. Equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 3,546 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the sale, the vice president owned 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the sale, the chief executive officer owned 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.20% of the company's stock.

Institutional Trading of Fortinet

Several institutional investors and hedge funds have recently added to or reduced their stakes in FTNT. Eagle Capital Management LLC raised its holdings in Fortinet by 1.6% during the 4th quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock worth $2,473,000 after purchasing an additional 404 shares during the last quarter. Brighton Jones LLC raised its holdings in Fortinet by 2.2% during the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after purchasing an additional 221 shares during the last quarter. Proficio Capital Partners LLC raised its holdings in Fortinet by 95.3% during the 4th quarter. Proficio Capital Partners LLC now owns 5,793 shares of the software maker's stock worth $547,000 after purchasing an additional 2,827 shares during the last quarter. Sequoia Financial Advisors LLC boosted its holdings in Fortinet by 30.4% during the fourth quarter. Sequoia Financial Advisors LLC now owns 15,714 shares of the software maker's stock worth $1,485,000 after buying an additional 3,659 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in Fortinet by 243.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,480 shares of the software maker's stock worth $234,000 after buying an additional 1,757 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

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.