Fortinet (NASDAQ:FTNT) PT Lowered to $73.00

Fortinet (NASDAQ:FTNT) had its price objective decreased by equities researchers at Morgan Stanley from $81.00 to $73.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the software maker’s stock. Morgan Stanley’s target price points to a potential upside of 23.98% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. HSBC downgraded shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 target price for the company. in a research note on Wednesday, February 7th. Stifel Nicolaus upped their price target on shares of Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a report on Wednesday, February 7th. DZ Bank cut shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 target price for the company. in a report on Thursday, February 8th. StockNews.com cut shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, April 18th. Finally, BMO Capital Markets increased their target price on shares of Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a report on Wednesday, February 7th. Two 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $70.68.

Fortinet Trading Down 9.7 %

FTNT opened at $58.88 on Friday. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The company has a market cap of $44.94 billion, a price-to-earnings ratio of 38.48, a price-to-earnings-growth ratio of 2.61 and a beta of 1.08. The firm has a 50 day simple moving average of $67.53 and a 200 day simple moving average of $61.90. Fortinet has a fifty-two week low of $44.12 and a fifty-two week high of $81.24.

Fortinet (NASDAQ:FTNT) last posted 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. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 5,061.85%. Fortinet’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.29 earnings per share. On average, sell-side analysts anticipate that Fortinet will post 1.4 earnings per share for the current year.

Insider Activity

In other news, CEO Ken Xie sold 23,694 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $3,471,825,357. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The disclosure for this sale can be found here. Insiders have sold 118,480 shares of company stock valued at $8,021,556 over the last ninety days. 17.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fortinet

Hedge funds have recently bought and sold shares of the business. Cito Capital Group LLC bought a new position in Fortinet during the third quarter worth about $660,000. Vontobel Holding Ltd. grew its stake in Fortinet by 7.3% during the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after buying an additional 34,582 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its stake in Fortinet by 2,092.4% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after buying an additional 38,751 shares in the last quarter. Alamar Capital Management LLC grew its stake in Fortinet by 12.5% during the third quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock worth $3,743,000 after buying an additional 7,110 shares in the last quarter. Finally, Marshall Financial Group LLC acquired a new stake in Fortinet during the fourth quarter worth about $1,487,000. 83.71% of the stock is owned by institutional investors.

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.