Fortinet (NASDAQ:FTNT) PT Lowered to $70.00 at BMO Capital Markets

Fortinet (NASDAQ:FTNT) had its target price reduced by BMO Capital Markets from $82.00 to $70.00 in a research report released on Friday morning, Benzinga reports. BMO Capital Markets currently has a market perform rating on the software maker’s stock.

FTNT has been the subject of several other research reports. Cantor Fitzgerald cut their price objective on Fortinet from $65.00 to $55.00 and set a neutral rating for the company in a research report on Friday. Capital One Financial downgraded Fortinet from an overweight rating to an equal weight rating in a report on Wednesday, January 17th. Scotiabank upped their price objective on Fortinet from $70.00 to $90.00 and gave the stock a sector outperform rating in a report on Wednesday, February 7th. UBS Group upped their price objective on Fortinet from $55.00 to $65.00 and gave the stock a neutral rating in a report on Wednesday, January 10th. Finally, Evercore ISI reduced their price objective on Fortinet from $72.00 to $67.00 and set an in-line rating on the stock in a report on Friday. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of Hold and a consensus price target of $70.37.

Fortinet Stock Down 0.1 %

Shares of NASDAQ:FTNT traded down $0.07 on Friday, reaching $58.81. The company had a trading volume of 14,471,111 shares, compared to its average volume of 5,978,480. Fortinet has a twelve month low of $44.12 and a twelve month high of $81.24. The stock has a 50-day moving average price of $67.53 and a 200 day moving average price of $61.95. The stock has a market capitalization of $44.89 billion, a P/E ratio of 38.48, a P/E/G ratio of 2.60 and a beta of 1.08. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the previous year, the firm earned $0.29 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. On average, equities analysts expect that Fortinet will post 1.4 EPS for the current year.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 24,710 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the transaction, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the transaction, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Over the last quarter, insiders sold 118,480 shares of company stock worth $8,021,556. 17.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Vima LLC acquired a new stake in Fortinet in the 4th quarter worth approximately $25,000. Rise Advisors LLC increased its holdings in shares of Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares in the last quarter. Headinvest LLC purchased a new position in shares of Fortinet during the 3rd quarter valued at approximately $29,000. Atwood & Palmer Inc. purchased a new stake in Fortinet in the 4th quarter worth $29,000. Finally, Creekmur Asset Management LLC purchased a new stake in Fortinet in the 4th quarter worth $32,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Company Profile

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.