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 $87.47 and last traded at $87.43, with a volume of 71567 shares trading hands. The stock had previously closed at $86.15.

Several research firms recently issued reports on FTNT. Zacks Investment Research cut Fortinet from a “buy” rating to a “hold” rating in a research report on Tuesday, July 24th. Cowen cut Fortinet from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 19th. They noted that the move was a valuation call. Oppenheimer upped their price objective on Fortinet from $70.00 to $82.00 and gave the company an “outperform” rating in a research report on Thursday, August 2nd. Credit Suisse Group upped their price objective on Fortinet from $43.00 to $52.00 and gave the company an “underperform” rating in a research report on Thursday, August 2nd. Finally, Monness Crespi & Hardt upped their price objective on Fortinet from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, July 31st. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $67.30.

The firm has a market cap of $14.46 billion, a price-to-earnings ratio of 170.27, a price-to-earnings-growth ratio of 5.29 and a beta of 0.62.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, August 1st. The software maker reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.22. The firm had revenue of $441.30 million for the quarter, compared to analysts’ expectations of $425.66 million. Fortinet had a return on equity of 17.51% and a net margin of 5.43%. The company’s revenue was up 21.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.27 EPS. research analysts expect that Fortinet Inc will post 0.96 EPS for the current fiscal year.

In other news, Director Ming Hsieh sold 7,015 shares of the stock in a transaction on Friday, September 7th. The stock was sold at an average price of $85.50, for a total transaction of $599,782.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP John Whittle sold 1,250 shares of the stock in a transaction on Monday, June 18th. The shares were sold at an average price of $64.98, for a total value of $81,225.00. Following the transaction, the vice president now directly owns 9,309 shares in the company, valued at $604,898.82. The disclosure for this sale can be found here. Insiders have sold a total of 180,570 shares of company stock worth $13,329,000 over the last three months. Insiders own 17.70% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FTNT. Blue Harbour Group L.P. purchased a new stake in shares of Fortinet in the 1st quarter worth $146,798,000. Schroder Investment Management Group increased its stake in shares of Fortinet by 411.0% in the 2nd quarter. Schroder Investment Management Group now owns 1,370,987 shares of the software maker’s stock worth $36,654,000 after purchasing an additional 1,102,708 shares in the last quarter. Altshuler Shaham Ltd purchased a new stake in shares of Fortinet in the 2nd quarter worth $66,610,000. Bank of Montreal Can increased its stake in shares of Fortinet by 51.0% in the 2nd quarter. Bank of Montreal Can now owns 2,031,225 shares of the software maker’s stock worth $126,808,000 after purchasing an additional 685,767 shares in the last quarter. Finally, Contour Asset Management LLC purchased a new stake in shares of Fortinet in the 1st quarter worth $35,733,000. 71.21% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Company Profile (NASDAQ:FTNT)

Fortinet, Inc provides broad, automated, and integrated 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 WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.

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