Fortinet (NASDAQ:FTNT) PT Lowered to $70.00

Fortinet (NASDAQ:FTNT) had its price objective decreased by analysts at Truist Financial from $80.00 to $70.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Truist Financial’s price objective points to a potential upside of 18.89% from the company’s previous close.

FTNT has been the topic of several other research reports. Mizuho cut their price objective on Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a report on Friday. HSBC lowered shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price target on the stock. in a research note on Wednesday, February 7th. Morgan Stanley raised their price objective on shares of Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. Jefferies Financial Group reduced their target price on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research note on Thursday, April 18th. Finally, DZ Bank downgraded Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price target on the stock. in a research note on Thursday, February 8th. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $70.68.

Fortinet Trading Down 9.7 %

Fortinet stock traded down $6.32 during midday trading on Friday, hitting $58.88. 15,896,615 shares of the stock were exchanged, compared to its average volume of 4,338,557. Fortinet has a 52 week low of $44.12 and a 52 week high of $81.24. 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 stock has a market capitalization of $44.94 billion, a PE ratio of 38.48, a P/E/G ratio of 2.61 and a beta of 1.08. The company has a fifty day simple moving average of $67.53 and a two-hundred day simple moving average of $61.92.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 5,061.85%. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same period last year, the firm posted $0.29 earnings per share. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. Equities research analysts anticipate that Fortinet will post 1.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The disclosure for this sale can be found here. Insiders have sold 118,480 shares of company stock worth $8,021,556 in the last 90 days. Company insiders own 17.54% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Rise Advisors LLC raised its position in shares of Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares in the last quarter. Vima LLC bought a new position in Fortinet in the fourth quarter valued at approximately $25,000. Atwood & Palmer Inc. acquired a new position in Fortinet during the fourth quarter valued at approximately $29,000. Headinvest LLC bought a new stake in Fortinet during the third quarter worth $29,000. Finally, Creekmur Asset Management LLC acquired a new stake in shares of Fortinet in the 4th quarter valued at $32,000. Institutional investors and hedge funds 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.