Fortinet (NASDAQ:FTNT) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Fortinet (NASDAQ:FTNT) from a buy rating to a hold rating in a research note issued to investors on Thursday morning.

Other equities analysts have also issued reports about the company. Citigroup lowered Fortinet from a buy rating to a neutral rating and lifted their price objective for the stock from $60.00 to $62.00 in a research note on Tuesday, January 9th. Truist Financial boosted their price target on shares of Fortinet from $60.00 to $80.00 and gave the company a buy rating in a research note on Wednesday, February 7th. DZ Bank lowered Fortinet from a hold rating to a sell rating and set a $60.00 target price on the stock. in a report on Thursday, February 8th. Cantor Fitzgerald reaffirmed a neutral rating and issued a $65.00 price objective on shares of Fortinet in a research report on Wednesday. Finally, UBS Group boosted their price target on shares of Fortinet from $55.00 to $65.00 and gave the stock a neutral rating in a report on Wednesday, January 10th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $72.19.

Fortinet Trading Down 1.0 %

NASDAQ FTNT opened at $64.03 on Thursday. Fortinet has a twelve month low of $44.12 and a twelve month high of $81.24. The business’s fifty day moving average is $68.64 and its 200 day moving average is $61.52. 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 company has a market cap of $48.86 billion, a price-to-earnings ratio of 44.16, a price-to-earnings-growth ratio of 2.87 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.41 billion. During the same period last year, the firm posted $0.38 earnings per share. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. As a group, sell-side analysts expect that Fortinet will post 1.39 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Covestor Ltd grew its stake in shares of Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after purchasing an additional 57 shares during the last quarter. Rise Advisors LLC grew its stake in Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares during the period. Zions Bancorporation N.A. raised its holdings in Fortinet by 20.4% in the first quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock worth $147,000 after purchasing an additional 73 shares in the last quarter. Vima LLC purchased a new position in Fortinet during the fourth quarter valued at $25,000. Finally, Atwood & Palmer Inc. purchased a new position in Fortinet during the 4th quarter valued at about $29,000. 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.