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

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) shares 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.

Wall Street Analyst Weigh In

A number of analysts recently commented on FTNT shares. UBS Group decreased their price objective on Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Wall Street Zen lowered Fortinet from a "buy" rating to a "hold" rating in a research note on Saturday, June 28th. Robert W. Baird increased their price objective on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Roth Capital set a $103.00 price objective on Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. Finally, Morgan Stanley decreased their price target on Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $105.62.

Fortinet Trading Down 1.1%

The firm has a market capitalization of $75.82 billion, a PE ratio of 40.77, a P/E/G ratio of 3.46 and a beta of 1.06. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The firm has a fifty day moving average of $103.23 and a 200 day moving average of $100.97.

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, beating the consensus estimate of $0.53 by $0.05. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company's revenue was up 13.8% on a year-over-year basis. During the same period last year, the business posted $0.43 EPS. Equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 158,488 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William H. Neukom acquired 335 shares of the stock in a transaction on Friday, June 6th. The shares were acquired at an average price of $104.22 per share, with a total value of $34,913.70. Following the purchase, the director owned 301,471 shares in the company, valued at $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 17.20% of the company's stock.

Institutional Investors Weigh In On Fortinet

Hedge funds have recently bought and sold shares of the business. Ritholtz Wealth Management grew its stake in Fortinet by 38.4% during the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock valued at $654,000 after purchasing an additional 1,885 shares in the last quarter. Dynamic Advisor Solutions LLC acquired a new stake in Fortinet during the 1st quarter valued at approximately $216,000. Wealth Enhancement Advisory Services LLC grew its stake in Fortinet by 40.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock valued at $12,650,000 after purchasing an additional 38,080 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Fortinet by 14.9% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock valued at $11,763,000 after purchasing an additional 16,139 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Fortinet by 18.9% during the 1st quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker's stock valued at $1,928,000 after purchasing an additional 3,189 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

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.