Fortinet (NASDAQ:FTNT) Earns Neutral Rating from Cantor Fitzgerald

Cantor Fitzgerald restated their neutral rating on shares of Fortinet (NASDAQ:FTNTFree Report) in a research note issued to investors on Wednesday, Benzinga reports. Cantor Fitzgerald currently has a $75.00 price target on the software maker’s stock, up from their previous price target of $50.00. Cantor Fitzgerald also issued estimates for Fortinet’s FY2024 earnings at $1.36 EPS.

Other analysts have also recently issued reports about the company. Mizuho increased their price target on Fortinet from $60.00 to $70.00 and gave the stock a neutral rating in a research report on Wednesday. StockNews.com cut Fortinet from a buy rating to a hold rating in a research report on Wednesday, January 10th. William Blair cut Fortinet from an outperform rating to a market perform rating in a research report on Friday, November 3rd. HSBC cut Fortinet from a hold rating to a reduce rating and set a $57.00 target price on the stock. in a research report on Wednesday. Finally, Needham & Company LLC assumed coverage on Fortinet in a research report on Wednesday, October 25th. They issued a hold rating on the stock. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has an average rating of Hold and an average price target of $71.13.

Read Our Latest Research Report on FTNT

Fortinet Trading Up 3.8 %

NASDAQ:FTNT opened at $70.44 on Wednesday. The company has a quick ratio of 1.17, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The business’s 50 day moving average is $60.53 and its two-hundred day moving average is $59.49. Fortinet has a 52 week low of $44.12 and a 52 week high of $81.24. The company has a market cap of $54.09 billion, a PE ratio of 48.58, a P/E/G ratio of 2.88 and a beta of 1.09.

Fortinet (NASDAQ:FTNTGet Free Report) last announced its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The business’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.38 EPS. On average, analysts predict that Fortinet will post 1.35 EPS for the current year.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 5,100 shares of the firm’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $51.00, for a total value of $260,100.00. Following the completion of the sale, the chief financial officer now owns 4,586 shares of the company’s stock, valued at $233,886. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Keith Jensen sold 5,100 shares of the firm’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $51.00, for a total value of $260,100.00. Following the completion of the sale, the chief financial officer now owns 4,586 shares of the company’s stock, valued at $233,886. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William H. Neukom acquired 664 shares of the business’s stock in a transaction that occurred on Wednesday, December 6th. The shares were purchased at an average price of $52.62 per share, with a total value of $34,939.68. Following the completion of the acquisition, the director now owns 293,041 shares of the company’s stock, valued at approximately $15,419,817.42. The disclosure for this purchase can be found here. Insiders sold a total of 148,332 shares of company stock valued at $8,704,410 over the last quarter. Company insiders own 17.54% of the company’s stock.

Institutional Trading of Fortinet

Hedge funds and other institutional investors have recently modified their holdings of the company. Headinvest LLC purchased a new stake in shares of Fortinet during the third quarter worth $29,000. Atwood & Palmer Inc. purchased a new stake in shares of Fortinet during the fourth quarter worth $29,000. GeoWealth Management LLC bought a new position in Fortinet during the second quarter valued at about $30,000. Retirement Group LLC bought a new position in Fortinet during the fourth quarter valued at about $30,000. Finally, Resurgent Financial Advisors LLC bought a new position in Fortinet during the fourth quarter valued at about $31,000. 65.00% of the stock is currently owned by hedge funds and other institutional investors.

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.

Further Reading

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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