AllianceBernstein LP recently announced the acquisition of new stake in Fortinet Inc. (NASDAQ:FTNT). The institutional investor has increased its shareholding in the Technology company by 17.24% to 23.14 million shares with purchase of 3.4 million shares. This fresh investment now brings its stake to 2.94% valued currently at $1.32 billion. In addition, T. Rowe Price Investment Manageme raised its holdings by 16.14 million to 16.14 million shares. And Columbia Management Investment Ad has lifted its position by 2.27% or 0.29 million shares – to 13.27 million shares.
With over 5.72 million Fortinet Inc. (FTNT) shares trading Tuesday and a closing price of $51.59 on the day, the dollar volume was approximately $294.87 million. The shares have shown a negative half year performance of -12.30% and its price on 11/29/22 lost nearly -0.94%. Currently, there are 786.20M common shares owned by the public and among those 633.43M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 31 analysts who have offered their price forecasts for FTNT have a consensus price objective of $65.81. The analysts have set the share’s price value over the next 12 months at a high of $85.00 and a low of $54.00. The average price target is 20.63% above its recent price level and an upside to the estimated low will see the stock gain 4.46% over that period. But an upside of 39.31% will see the stock hit the forecast high price target while median target price for the stock is $64.00.
Insiders at the company have transacted a total of 228 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 103 of these insider trades were purchases, accounting for 599,677 shares. Insider sales of the common stock occurred on 125 occasions, with total insider shares sold totaling 205,699 shares.
The top 3 mutual fund holders in Fortinet Inc. are Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and Invesco QQQ Trust. Vanguard Total Stock Market Index owns 20.11 million shares of the company’s stock, all valued at over $1.15 billion. The company bought an additional 96052.0 shares recently to bring their total holdings to about 2.55% of the shares outstanding. Vanguard 500 Index Fund bought 0.14 million shares to see its total holdings expand to 14.97 million shares valued at over $855.93 million and representing 1.90% of the shares outstanding. Invesco QQQ Trust sold 10470.0 shares to bring its total holdings to over 11.42 million shares at a value of $652.61 million. Invesco QQQ Trust now owns shares totaling to 1.45% of the shares outstanding.
Shares of Fortinet Inc. (NASDAQ: FTNT) opened at $52.25, up $0.17 from a prior closing price of $52.08. However, the script later moved the day high at 52.30, down -0.94%. The company’s stock has a 5-day price change of -1.40% and 5.20% over the past three months. FTNT shares are trading -28.23% year to date (YTD), with the 12-month market performance down to -24.86% lower. It has a 12-month low price of $42.61 and touched a high of $74.35 over the same period. FTNT has an average intraday trading volume of 5.50 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -2.14%, -0.59%, and -9.41% respectively.
Institutional ownership of Fortinet Inc. (NASDAQ: FTNT) shares accounts for 67.80% of the company’s 786.20M shares outstanding. Mutual fund holders own 27.27%, while other institutional holders and individual stakeholders account for 39.29% and 17.36% respectively.
It has a market capitalization of $39.50B and a beta (3y monthly) value of 1.14. The stock’s trailing 12-month PE ratio is 56.63, while the earnings-per-share (ttm) stands at $0.91. The company has a PEG of 2.42 and a Quick Ratio of 1.00. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.63% over the week and 4.15% over the month.
Analysts forecast that Fortinet Inc. (FTNT) will achieve an EPS of $0.27 for the current quarter, $0.35 for the next quarter and $1.31 for 2023. The lowest estimate earnings-per-share for the quarter is $0.27 while analysts give the company a high EPS estimate of $0.28. Comparatively, EPS for the current quarter was $0.2 a year ago. Earnings per share for the fiscal year are expected to increase by 24.70%, and 21.35% over the next financial year. EPS should shrink at an annualized rate of 23.38% over the next five years, compared to 81.90% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 31 brokerage firm advisors rate Fortinet Inc. (FTNT) as a “Strong Buy” at a consensus score of 1.80. Specifically, 20 Wall Street analysts polled rate the stock as a buy, while 6 of the 31 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the FTNT, a number of firms have released research notes about the stock. Robert W. Baird stated their Outperform rating for the stock in a research note on October 19, 2022, with the firm’s price target at $70. Morgan Stanley coverage for the Fortinet Inc. (FTNT) stock in a research note released on October 10, 2022 offered a Overweight rating with a price target of $69. SMBC Nikko was of a view on October 07, 2022 that the stock is Outperform, while MKM Partners gave the stock Buy rating on September 16, 2022, issuing a price target of $70. Jefferies on their part issued Buy rating on September 15, 2022.