Fortinet (NASDAQ:FTNT) Given New $75.00 Price Target at Barclays

Fortinet (NASDAQ:FTNT) had its target price reduced by Barclays from $80.00 to $75.00 in a research report released on Friday morning, Benzinga reports. Barclays currently has an equal weight rating on the software maker’s stock.

Other analysts also recently issued research reports about the company. Needham & Company LLC reaffirmed a hold rating on shares of Fortinet in a research note on Friday. Mizuho cut their target price on Fortinet from $70.00 to $66.00 and set a neutral rating on the stock in a research report on Friday. Truist Financial boosted their target price on Fortinet from $60.00 to $80.00 and gave the company a buy rating in a research report on Wednesday, February 7th. HSBC downgraded Fortinet from a hold rating to a reduce rating and set a $57.00 target price on the stock. in a research report on Wednesday, February 7th. Finally, Jefferies Financial Group cut their target price on Fortinet from $75.00 to $70.00 and set a hold rating on the stock in a research report on Thursday, April 18th. Two investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $70.37.

Fortinet Trading Down 0.1 %

Shares of FTNT stock opened at $58.81 on Friday. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. Fortinet has a 12-month low of $44.12 and a 12-month high of $81.24. The stock’s 50-day moving average price is $67.34 and its 200-day moving average price is $61.96. The stock has a market capitalization of $44.89 billion, a price-to-earnings ratio of 38.44, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the previous year, the company posted $0.29 EPS. The company’s revenue was up 7.2% compared to the same quarter last year. Equities research analysts predict that Fortinet will post 1.4 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 24,710 shares of the company’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 of the company’s stock, valued at approximately $700,705,320.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, VP Michael Xie sold 24,710 shares of the company’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 of the company’s stock, valued at approximately $700,705,320.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 46,084 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the transaction, the chief executive officer now directly owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The disclosure for this sale can be found here. Insiders have sold 118,480 shares of company stock valued at $8,021,556 in the last ninety days. Corporate insiders own 17.54% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FTNT. Nordea Investment Management AB increased its holdings in shares of Fortinet by 156.8% in the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after purchasing an additional 5,765,174 shares during the period. Norges Bank purchased a new stake in Fortinet in the 4th quarter worth approximately $203,501,000. Sarasin & Partners LLP acquired a new stake in shares of Fortinet during the 1st quarter worth approximately $120,746,000. DSM Capital Partners LLC acquired a new stake in shares of Fortinet during the 3rd quarter worth approximately $75,698,000. Finally, Public Sector Pension Investment Board increased its holdings in shares of Fortinet by 358.1% during the 3rd quarter. Public Sector Pension Investment Board now owns 1,644,139 shares of the software maker’s stock valued at $96,478,000 after purchasing an additional 1,285,197 shares in the last quarter. 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.