Fortinet stock is trading -18.51% below its average target price of $75.47 after dropping -5.7% during today's morning session. Analysts are giving the Large-Cap Computer Equipment company an average rating of hold and target prices ranging from $50.0 to $91.5 per share.
The stock has an average amount of shares sold short at 2.2%, and a short ratio of 3.04. The company's insiders own 17.5% of its outstanding shares, which indicates a strong alignment between management and shareholder interests. Finally, we also note that an average number of institutional investors are invested in the stock, with 69.8% of Fortinet's shares being owned by this investor type.
Institutions Invested in Fortinet
| Date Reported | Holder | Percentage | Shares | Value |
|---|---|---|---|---|
| 2023-12-31 | Vanguard Group Inc | 9% | 67,273,216 | $4,137,302,784 |
| 2023-12-31 | Blackrock Inc. | 7% | 54,207,379 | $3,333,753,808 |
| 2023-12-31 | State Street Corporation | 3% | 26,601,877 | $1,636,015,435 |
| 2023-12-31 | Alliancebernstein L.P. | 3% | 25,913,304 | $1,593,668,196 |
| 2024-03-31 | Bank Of New York Mellon Corporation | 2% | 18,049,018 | $1,110,014,607 |
| 2023-12-31 | Geode Capital Management, LLC | 2% | 14,239,428 | $875,724,822 |
| 2024-03-31 | Nordea Investment Management AB | 1% | 8,795,102 | $540,898,773 |
| 2023-12-31 | Morgan Stanley | 1% | 7,967,861 | $490,023,451 |
| 2023-12-31 | Fundsmith LLP | 1% | 7,331,844 | $450,908,406 |
| 2023-12-31 | Invesco Ltd. | 1% | 7,249,588 | $445,849,662 |
Besides an analyst consensus of some upside potential, other market factors point to there being mixed market sentiment on Fortinet.
