FTNT Was Down Today. What Is Up?

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
The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.