Fortinet Inc (NASDAQ:FTNT)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $95.59 and last traded at $95.21, with a volume of 1486342 shares changing hands. The stock had previously closed at $92.71.

Several research firms recently issued reports on FTNT. OTR Global upgraded Fortinet to a “positive” rating in a report on Monday. BidaskClub upgraded Fortinet from a “buy” rating to a “strong-buy” rating in a report on Saturday. Zacks Investment Research cut Fortinet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 9th. Mizuho assumed coverage on Fortinet in a report on Tuesday, March 26th. They set a “neutral” rating and a $90.00 target price on the stock. Finally, First Analysis upgraded Fortinet from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $80.00 to $92.00 in a report on Friday, February 8th. Two analysts have rated the stock with a sell rating, seventeen have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $81.26.

The firm has a market cap of $15.30 billion, a price-to-earnings ratio of 84.27, a PEG ratio of 4.27 and a beta of 0.90.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, February 6th. The software maker reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.11. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The business had revenue of $507.00 million for the quarter, compared to analysts’ expectations of $496.33 million. During the same quarter in the previous year, the business posted $0.32 EPS. Fortinet’s revenue for the quarter was up 21.7% on a year-over-year basis. Sell-side analysts expect that Fortinet Inc will post 1.25 earnings per share for the current year.

In other news, VP John Whittle sold 1,250 shares of Fortinet stock in a transaction dated Friday, February 1st. The stock was sold at an average price of $78.20, for a total transaction of $97,750.00. Following the transaction, the vice president now owns 10,559 shares in the company, valued at approximately $825,713.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christopher B. Paisley sold 1,000 shares of Fortinet stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $83.18, for a total value of $83,180.00. Following the transaction, the director now owns 73,621 shares in the company, valued at approximately $6,123,794.78. The disclosure for this sale can be found here. Insiders have sold a total of 196,499 shares of company stock worth $16,309,857 in the last quarter. 17.70% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. Sumitomo Mitsui Asset Management Company LTD raised its position in Fortinet by 1.6% in the 4th quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,549 shares of the software maker’s stock valued at $672,000 after buying an additional 150 shares during the last quarter. Reliance Trust Co. of Delaware raised its position in Fortinet by 4.8% in the 4th quarter. Reliance Trust Co. of Delaware now owns 4,358 shares of the software maker’s stock valued at $307,000 after buying an additional 200 shares during the last quarter. Utah Retirement Systems raised its position in Fortinet by 0.8% in the 4th quarter. Utah Retirement Systems now owns 25,971 shares of the software maker’s stock valued at $1,830,000 after buying an additional 200 shares during the last quarter. IFM Investors Pty Ltd raised its position in Fortinet by 2.4% in the 4th quarter. IFM Investors Pty Ltd now owns 8,965 shares of the software maker’s stock valued at $631,000 after buying an additional 208 shares during the last quarter. Finally, Brown Advisory Inc. raised its position in Fortinet by 1.1% in the 4th quarter. Brown Advisory Inc. now owns 20,630 shares of the software maker’s stock valued at $1,453,000 after buying an additional 228 shares during the last quarter. Institutional investors and hedge funds own 74.74% of the company’s stock.

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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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