Fortinet (NASDAQ:FTNT) Given Neutral Rating at Guggenheim

Guggenheim reaffirmed their neutral rating on shares of Fortinet (NASDAQ:FTNT) in a research note released on Friday,Benzinga reports.

FTNT has been the topic of a number of other research reports. The Goldman Sachs Group boosted their target price on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a report on Thursday, January 2nd. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and lifted their target price for the company from $83.00 to $111.00 in a report on Monday, November 11th. Barclays raised their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Finally, KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus price target of $101.43.

Fortinet Trading Up 2.8 %

NASDAQ FTNT opened at $107.66 on Friday. The business’s fifty day moving average is $97.38 and its 200-day moving average is $84.56. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock has a market capitalization of $82.52 billion, a price-to-earnings ratio of 47.64, a PEG ratio of 2.75 and a beta of 1.01. Fortinet has a one year low of $54.57 and a one year high of $110.53.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. Equities research analysts predict that Fortinet will post 2.05 EPS for the current year.

Insider Activity

In related news, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This represents a 79.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortinet

Several institutional investors and hedge funds have recently modified their holdings of FTNT. Sequoia Financial Advisors LLC raised its stake in Fortinet by 30.4% in the fourth quarter. Sequoia Financial Advisors LLC now owns 15,714 shares of the software maker’s stock worth $1,485,000 after buying an additional 3,659 shares in the last quarter. Saturna Capital Corp bought a new position in shares of Fortinet in the 4th quarter worth approximately $727,000. Prosperity Wealth Management Inc. purchased a new position in shares of Fortinet in the 4th quarter valued at approximately $400,000. Avantax Planning Partners Inc. bought a new stake in shares of Fortinet during the fourth quarter valued at approximately $265,000. Finally, Miller Financial Services LLC purchased a new stake in Fortinet in the fourth quarter worth $330,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

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.