Fortinet, Inc. (NASDAQ:FTNT – Get Rating) was the target of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 9,120,000 shares, a growth of 7.9% from the August 15th total of 8,450,000 shares. Based on an average daily volume of 5,460,000 shares, the days-to-cover ratio is currently 1.7 days.
Fortinet Trading Up 0.6 %
Shares of FTNT stock opened at $50.74 on Tuesday. The company has a current ratio of 1.12, a quick ratio of 1.05 and a debt-to-equity ratio of 4.24. The stock has a market cap of $40.01 billion, a P/E ratio of 62.64, a price-to-earnings-growth ratio of 3.58 and a beta of 1.20. The stock has a 50 day simple moving average of $54.19 and a 200 day simple moving average of $59.57. Fortinet has a 1 year low of $47.37 and a 1 year high of $74.35.
Wall Street Analysts Forecast Growth
FTNT has been the subject of a number of research reports. BMO Capital Markets decreased their price objective on Fortinet from $70.00 to $68.00 and set an “outperform” rating for the company in a report on Thursday, August 4th. Wells Fargo & Company decreased their price objective on Fortinet from $80.00 to $70.00 and set an “overweight” rating for the company in a report on Monday, July 18th. StockNews.com downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday, September 13th. Barclays decreased their price objective on Fortinet from $80.00 to $77.00 and set an “overweight” rating for the company in a report on Thursday, August 4th. Finally, Citigroup reduced their price target on Fortinet from $81.00 to $78.00 and set a “buy” rating for the company in a research report on Friday, July 22nd. Six research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $71.84.
Insider Activity at Fortinet
Institutional Investors Weigh In On Fortinet
Several institutional investors have recently made changes to their positions in FTNT. Rise Advisors LLC bought a new stake in Fortinet during the fourth quarter worth $25,000. GW&K Investment Management LLC acquired a new stake in Fortinet in the first quarter valued at $25,000. Atwood & Palmer Inc. acquired a new stake in Fortinet in the first quarter valued at $26,000. American National Bank increased its holdings in Fortinet by 275.0% in the second quarter. American National Bank now owns 465 shares of the software maker’s stock valued at $26,000 after purchasing an additional 341 shares during the period. Finally, Strategic Asset Management LLC grew its holdings in Fortinet by 400.0% during the 2nd quarter. Strategic Asset Management LLC now owns 500 shares of the software maker’s stock worth $28,000 after acquiring an additional 400 shares during the period. 65.72% of the stock is currently owned by institutional investors.
Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. 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.
- Get a free copy of the StockNews.com research report on Fortinet (FTNT)
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