Fortinet Inc. (NASDAQ:FTNT) saw strong trading volume on Monday . 2,583,736 shares were traded during mid-day trading, an increase of 63% from the previous session’s volume of 1,589,795 shares.The stock last traded at $36.57 and had previously closed at $35.76.

Several analysts have recently issued reports on the company. Piper Jaffray Cos. restated a “neutral” rating and issued a $33.00 price objective (up from $30.00) on shares of Fortinet in a research report on Wednesday, April 27th. Stifel Nicolaus downgraded Fortinet from a “buy” rating to a “hold” rating in a research report on Wednesday, April 27th. FBR & Co restated an “outperform” rating and issued a $41.00 price objective (up from $35.00) on shares of Fortinet in a research report on Wednesday, April 27th. Oppenheimer Holdings Inc. restated a “buy” rating and issued a $50.00 price objective on shares of Fortinet in a research report on Thursday, June 9th. Finally, Pacific Crest restated a “hold” rating on shares of Fortinet in a research report on Sunday, May 22nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $38.79.

The stock has a market cap of $6.28 billion and a P/E ratio of 2031.67. The company has a 50-day moving average price of $33.43 and a 200-day moving average price of $30.49.

In related news, VP John Whittle sold 1,435 shares of the company’s stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $32.48, for a total value of $46,608.80. Following the completion of the transaction, the vice president now directly owns 6,866 shares of the company’s stock, valued at approximately $223,007.68. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Keith Jensen sold 1,100 shares of the company’s stock in a transaction on Friday, May 6th. The stock was sold at an average price of $31.60, for a total transaction of $34,760.00. Following the completion of the transaction, the chief accounting officer now directly owns 218 shares of the company’s stock, valued at $6,888.80. The disclosure for this sale can be found here.

A number of institutional investors recently made changes to their positions in FTNT. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Fortinet by 1.1% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 42,453 shares of the company’s stock worth $1,323,000 after buying an additional 455 shares during the last quarter. Comerica Bank raised its position in shares of Fortinet by 1.3% in the fourth quarter. Comerica Bank now owns 106,251 shares of the company’s stock worth $3,040,000 after buying an additional 1,402 shares during the last quarter. Gamco Investors INC. ET AL raised its position in shares of Fortinet by 3.5% in the fourth quarter. Gamco Investors INC. ET AL now owns 74,800 shares of the company’s stock worth $2,332,000 after buying an additional 2,500 shares during the last quarter. Mutual of America Capital Management LLC raised its position in shares of Fortinet by 3.2% in the fourth quarter. Mutual of America Capital Management LLC now owns 99,926 shares of the company’s stock worth $3,115,000 after buying an additional 3,110 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in shares of Fortinet by 1.7% in the fourth quarter. California Public Employees Retirement System now owns 333,300 shares of the company’s stock worth $10,389,000 after buying an additional 5,700 shares during the last quarter.

Fortinet, Inc provides cyber security solutions to enterprises, service providers and government organizations across the world. The Company’s flagship network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.

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