Fortinet, Inc. (NASDAQ:FTNT – Get Rating) was the recipient of a large growth in short interest during the month of December. As of December 30th, there was short interest totalling 14,530,000 shares, a growth of 11.2% from the December 15th total of 13,070,000 shares. Based on an average daily volume of 5,350,000 shares, the short-interest ratio is currently 2.7 days.
Fortinet Stock Up 2.5 %
Fortinet stock opened at $50.51 on Tuesday. The stock has a market capitalization of $39.46 billion, a PE ratio of 55.75, a price-to-earnings-growth ratio of 2.59 and a beta of 1.13. Fortinet has a twelve month low of $42.61 and a twelve month high of $71.52. The company has a 50 day moving average of $50.92 and a 200-day moving average of $52.43.
Fortinet (NASDAQ:FTNT – Get Rating) last released its quarterly earnings results on Wednesday, November 2nd. The software maker reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.08. The company had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Fortinet had a net margin of 18.12% and a return on equity of 9,183.04%. The business’s quarterly revenue was up 32.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.15 earnings per share. Equities analysts anticipate that Fortinet will post 0.9 EPS for the current fiscal year.
Analysts Set New Price Targets
Insider Activity at Fortinet
In other Fortinet news, VP John Whittle sold 3,125 shares of the business’s stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $55.00, for a total value of $171,875.00. Following the completion of the transaction, the vice president now directly owns 12,876 shares of the company’s stock, valued at $708,180. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 18.80% of the stock is currently owned by insiders.
Institutional Trading of Fortinet
A number of institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its position in shares of Fortinet by 395.4% in the second quarter. Price T Rowe Associates Inc. MD now owns 52,995,764 shares of the software maker’s stock worth $2,998,500,000 after purchasing an additional 42,299,029 shares in the last quarter. State Street Corp lifted its position in shares of Fortinet by 380.5% in the second quarter. State Street Corp now owns 25,872,049 shares of the software maker’s stock worth $1,463,841,000 after purchasing an additional 20,487,614 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Fortinet by 17.2% in the third quarter. Alliancebernstein L.P. now owns 23,140,642 shares of the software maker’s stock worth $1,136,900,000 after purchasing an additional 3,403,145 shares in the last quarter. FMR LLC raised its position in Fortinet by 148.6% during the second quarter. FMR LLC now owns 7,416,167 shares of the software maker’s stock worth $419,606,000 after acquiring an additional 4,433,565 shares in the last quarter. Finally, Northern Trust Corp raised its position in Fortinet by 363.9% during the second quarter. Northern Trust Corp now owns 6,811,189 shares of the software maker’s stock worth $385,377,000 after acquiring an additional 5,343,055 shares in the last quarter. Institutional investors own 64.35% of the company’s stock.
Fortinet Company Profile
Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.
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