Fortinet (NASDAQ:FTNT) PT Lowered to $70.00

Fortinet (NASDAQ:FTNT) had its target price decreased by research analysts at Jefferies Financial Group from $75.00 to $70.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “hold” rating on the software maker’s stock. Jefferies Financial Group’s target price points to a potential upside of 8.33% from the stock’s previous close.

A number of other equities analysts also recently issued reports on FTNT. Royal Bank of Canada raised their price objective on Fortinet from $60.00 to $71.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 7th. UBS Group raised their target price on Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 10th. BMO Capital Markets raised their target price on Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $65.00 target price on shares of Fortinet in a research note on Wednesday. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $75.00 target price on shares of Fortinet in a research note on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $72.19.

Fortinet Trading Down 0.1 %

Fortinet stock traded down $0.04 during trading hours on Thursday, hitting $64.62. The stock had a trading volume of 534,632 shares, compared to its average volume of 5,889,876. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The stock has a market cap of $49.31 billion, a price-to-earnings ratio of 44.31, a P/E/G ratio of 2.86 and a beta of 1.08. Fortinet has a one year low of $44.12 and a one year high of $81.24. The business’s 50 day simple moving average is $68.72 and its 200-day simple moving average is $61.50.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period last year, the company earned $0.38 earnings per share. The business’s quarterly revenue was up 10.3% on a year-over-year basis. On average, equities analysts predict that Fortinet will post 1.39 EPS for the current fiscal year.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 38,369 shares of the stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,694 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Michael Xie sold 38,369 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. In the last three months, insiders sold 132,139 shares of company stock worth $8,977,876. 17.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Penserra Capital Management LLC raised its position in shares of Fortinet by 6.6% in the 1st quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock worth $226,000 after acquiring an additional 41 shares in the last quarter. Evergreen Capital Management LLC lifted its position in Fortinet by 5.2% during the first quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock valued at $295,000 after purchasing an additional 43 shares in the last quarter. Douglass Winthrop Advisors LLC lifted its position in Fortinet by 6.1% during the first quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock valued at $296,000 after purchasing an additional 50 shares in the last quarter. Covestor Ltd lifted its position in Fortinet by 53.3% during the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after purchasing an additional 57 shares in the last quarter. Finally, Sawtooth Solutions LLC lifted its position in Fortinet by 3.7% during the first quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock valued at $640,000 after purchasing an additional 66 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

About Fortinet

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.