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
|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|
|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|
|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|