This morning we watched Fortinet drop -1.5% to a price of $48.07 per share. The large-cap Software company is now trading -31.77% below its average target price of $70.45. Analysts have set target prices ranging from $58.2 to $85 per share for Fortinet, and have given the stock an average rating of buy.
Fortinet's short interest — meaning the percentage of the share float that is being shorted — is lower than average at 1.4%. The stock's short ratio is 1.87. Since 18.74% of the company's shares are owned by insiders, we can infer that there is a degree of alignment between management and shareholder interests.
Another number to watch is the company's rate of institutional share ownership, which now stands at 70.3%. In conclusion, we believe there is positive market sentiment regarding Fortinet.
Institutions Invested in Fortinet
| Holder | Shares | Date Reported | Percentage | Value |
|---|---|---|---|---|
| Vanguard Group, Inc. (The) | 67,375,293 | 2022-06-29 | 9% | $3,812,094,077 |
| Price (T.Rowe) Associates Inc | 52,995,764 | 2022-06-29 | 7% | $2,998,500,327 |
| Blackrock Inc. | 52,869,973 | 2022-06-29 | 7% | $2,991,383,072 |
| State Street Corporation | 25,872,049 | 2022-06-29 | 3% | $1,463,840,532 |
| Bank Of New York Mellon Corporation | 21,234,628 | 2022-06-29 | 3% | $1,201,455,252 |
| AllianceBernstein, L.P. | 19,737,497 | 2022-06-29 | 2% | $1,116,747,580 |
| Geode Capital Management, LLC | 15,093,559 | 2022-06-29 | 2% | $853,993,568 |
| Ameriprise Financial, Inc. | 13,250,814 | 2022-06-29 | 2% | $749,731,056 |
| Altshuler Shaham Ltd | 9,842,735 | 2022-06-29 | 1% | $556,901,946 |
| FMR, LLC | 7,416,167 | 2022-06-29 | 1% | $419,606,728 |
