Fortinet (NASDAQ:FTNT) PT Lowered to $70.00 at Jefferies Financial Group

Fortinet (NASDAQ:FTNT) had its price target lowered by analysts at Jefferies Financial Group from $75.00 to $70.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “hold” rating on the software maker’s stock. Jefferies Financial Group’s target price points to a potential upside of 10.41% from the stock’s previous close.

FTNT has been the topic of a number of other research reports. Wedbush boosted their target price on shares of Fortinet from $75.00 to $86.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. Mizuho boosted their price target on shares of Fortinet from $60.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, February 7th. UBS Group boosted their price target on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, January 10th. HSBC lowered shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price target for the company. in a research report on Wednesday, February 7th. Finally, Susquehanna restated a “neutral” rating and set a $80.00 price target on shares of Fortinet in a research report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $72.19.

Fortinet Trading Down 1.0 %

Shares of FTNT stock opened at $63.40 on Thursday. The company’s fifty day simple moving average is $68.50 and its two-hundred day simple moving average is $61.55. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. Fortinet has a 1 year low of $44.12 and a 1 year high of $81.24. The stock has a market capitalization of $48.38 billion, a price-to-earnings ratio of 43.72, a PEG ratio of 2.87 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the previous year, the firm posted $0.38 EPS. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. As a group, analysts anticipate that Fortinet will post 1.39 earnings per share for the current year.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the sale, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the completion of the transaction, the chief executive officer now directly owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold a total of 132,139 shares of company stock valued at $8,977,876 over the last three months. 17.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fortinet

Hedge funds and other institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Fortinet by 24.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker’s stock valued at $133,738,000 after buying an additional 76,027 shares during the period. Raymond James Trust N.A. increased its position in shares of Fortinet by 24.0% during the first quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker’s stock valued at $779,000 after buying an additional 441 shares during the period. Zions Bancorporation N.A. increased its position in shares of Fortinet by 20.4% during the first quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock valued at $147,000 after buying an additional 73 shares during the period. Brown Brothers Harriman & Co. increased its position in shares of Fortinet by 209.4% during the first quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker’s stock valued at $530,000 after buying an additional 1,049 shares during the period. Finally, Covestor Ltd increased its position in shares of Fortinet by 53.3% during the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after buying an additional 57 shares during the period. 83.71% of the stock is owned by 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.