Fortinet (NASDAQ:FTNT) Lowered to “Hold” at StockNews.com

StockNews.com lowered shares of Fortinet (NASDAQ:FTNTFree Report) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

FTNT has been the subject of a number of other reports. JPMorgan Chase & Co. increased their price target on Fortinet from $52.00 to $56.00 and gave the company a neutral rating in a research report on Monday, December 11th. TheStreet lowered Fortinet from a b rating to a c+ rating in a research report on Thursday, November 2nd. HSBC reaffirmed a hold rating and set a $49.00 target price (down from $75.00) on shares of Fortinet in a research report on Monday, November 6th. Morgan Stanley decreased their target price on Fortinet from $75.00 to $60.00 and set an overweight rating for the company in a research report on Friday, November 3rd. Finally, Rosenblatt Securities decreased their target price on Fortinet from $75.00 to $65.00 and set a buy rating for the company in a research report on Friday, November 3rd. Twenty-one investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, Fortinet presently has a consensus rating of Hold and an average price target of $65.35.

Get Our Latest Research Report on FTNT

Fortinet Trading Up 0.3 %

NASDAQ FTNT opened at $62.44 on Wednesday. The firm has a market capitalization of $47.95 billion, a P/E ratio of 43.06, a PEG ratio of 2.54 and a beta of 1.09. The business has a fifty day simple moving average of $55.12 and a 200 day simple moving average of $61.00. Fortinet has a 12 month low of $44.12 and a 12 month high of $81.24. The company has a current ratio of 1.30, a quick ratio of 1.17 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNTGet Free Report) last released its quarterly earnings results on Thursday, November 2nd. The software maker reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.05. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.35 billion. Fortinet had a return on equity of 3,361.82% and a net margin of 22.25%. Fortinet’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.28 EPS. On average, analysts predict that Fortinet will post 1.29 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 46,733 shares of the business’s stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total value of $2,809,587.96. Following the completion of the sale, the chief executive officer now owns 51,701,091 shares in the company, valued at approximately $3,108,269,590.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Fortinet news, VP Michael Xie sold 25,885 shares of the business’s stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $51.29, for a total value of $1,327,641.65. Following the completion of the sale, the vice president now owns 29,907,018 shares in the company, valued at $1,533,930,953.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 46,733 shares of the business’s stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total value of $2,809,587.96. Following the completion of the sale, the chief executive officer now owns 51,701,091 shares of the company’s stock, valued at approximately $3,108,269,590.92. The disclosure for this sale can be found here. Insiders sold 126,416 shares of company stock worth $7,025,948 in the last quarter. 17.54% of the stock is owned by insiders.

Institutional Trading of Fortinet

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fund Management at Engine No. 1 LLC lifted its position in Fortinet by 7.9% in the second quarter. Fund Management at Engine No. 1 LLC now owns 8,486 shares of the software maker’s stock valued at $641,000 after purchasing an additional 620 shares during the last quarter. Handelsbanken Fonder AB increased its stake in shares of Fortinet by 4.2% during the second quarter. Handelsbanken Fonder AB now owns 198,363 shares of the software maker’s stock valued at $14,994,000 after buying an additional 7,997 shares during the period. IFM Investors Pty Ltd increased its stake in shares of Fortinet by 7.1% during the second quarter. IFM Investors Pty Ltd now owns 133,639 shares of the software maker’s stock valued at $10,102,000 after buying an additional 8,874 shares during the period. First Merchants Corp increased its stake in shares of Fortinet by 27.7% during the third quarter. First Merchants Corp now owns 104,974 shares of the software maker’s stock valued at $6,160,000 after buying an additional 22,754 shares during the period. Finally, Truist Financial Corp increased its stake in shares of Fortinet by 9.6% during the second quarter. Truist Financial Corp now owns 75,744 shares of the software maker’s stock valued at $5,725,000 after buying an additional 6,622 shares during the period. Institutional investors own 65.00% of the company’s stock.

About Fortinet

(Get Free Report)

Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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