Fortinet (NASDAQ:FTNT) Price Target Lowered to $62.00 at Wells Fargo & Company

Fortinet (NASDAQ:FTNT) had its target price trimmed by Wells Fargo & Company from $70.00 to $62.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an equal weight rating on the software maker’s stock.

FTNT has been the topic of several other reports. DZ Bank lowered Fortinet from a hold rating to a sell rating and set a $60.00 price objective on the stock. in a research report on Thursday, February 8th. Susquehanna reissued a neutral rating and set a $80.00 price target on shares of Fortinet in a research report on Wednesday, April 3rd. BMO Capital Markets dropped their price objective on shares of Fortinet from $82.00 to $70.00 and set a market perform rating on the stock in a research note on Friday. Capital One Financial cut shares of Fortinet from an overweight rating to an equal weight rating in a research report on Wednesday, January 17th. Finally, Wedbush reaffirmed an outperform rating and set a $86.00 price target on shares of Fortinet in a research note on Wednesday, May 1st. Two equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Hold and an average price target of $70.87.

Fortinet Stock Performance

NASDAQ 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. Fortinet has a 1-year low of $44.12 and a 1-year high of $81.24. The firm has a market capitalization of $44.94 billion, a P/E ratio of 38.48, a P/E/G ratio of 2.61 and a beta of 1.08. The business’s 50-day simple moving average is $67.53 and its 200-day simple moving average is $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, beating 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 firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same period in the previous year, the company posted $0.29 earnings per share. Fortinet’s revenue was up 7.2% compared to the same quarter last year. Equities analysts predict that Fortinet will post 1.4 EPS for the current year.

Insider Activity

In other news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the sale, 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 can be accessed through the SEC website. In other news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction 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 approximately $700,705,320.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 118,480 shares of company stock worth $8,021,556. Insiders own 17.54% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Nordea Investment Management AB grew its stake in Fortinet by 156.8% during the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after acquiring an additional 5,765,174 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Fortinet by 1.3% during the third quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock worth $508,411,000 after purchasing an additional 108,548 shares during the period. Invesco Ltd. grew its position in Fortinet by 5.1% during the third quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock valued at $328,350,000 after purchasing an additional 269,202 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Fortinet by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock valued at $222,345,000 after buying an additional 153,119 shares during the period. Finally, Norges Bank purchased a new stake in Fortinet in the 4th quarter worth approximately $203,501,000. 83.71% of the stock is owned by institutional investors and hedge funds.

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.