Fortinet (NASDAQ:FTNT) Price Target Cut to $55.00

Fortinet (NASDAQ:FTNT) had its price objective reduced by Cantor Fitzgerald from $65.00 to $55.00 in a research report released on Friday morning, Benzinga reports. They currently have a neutral rating on the software maker’s stock. Cantor Fitzgerald also issued estimates for Fortinet’s FY2024 earnings at $1.46 EPS.

Other research analysts have also issued reports about the company. Daiwa Capital Markets raised Fortinet from a neutral rating to an outperform rating and set a $75.00 target price on the stock in a report on Tuesday, February 13th. Susquehanna reiterated a neutral rating and issued a $80.00 target price on shares of Fortinet in a report on Wednesday, April 3rd. Mizuho reduced their target price on shares of Fortinet from $70.00 to $66.00 and set a neutral rating for the company in a report on Friday. Needham & Company LLC reaffirmed a hold rating on shares of Fortinet in a report on Friday. Finally, Jefferies Financial Group reduced their price objective on Fortinet from $75.00 to $70.00 and set a hold rating for the company in a research note on Thursday, April 18th. 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 stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of Hold and a consensus target price of $70.37.

Fortinet Stock Down 0.1 %

Fortinet stock opened at $58.81 on Friday. The company’s 50-day moving average price is $67.34 and its two-hundred day moving average price is $61.96. The stock has a market cap of $44.89 billion, a price-to-earnings ratio of 38.44, a PEG ratio of 2.60 and a beta of 1.08. Fortinet has a 52 week low of $44.12 and a 52 week high of $81.24. 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 (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the previous year, the company earned $0.29 earnings per share. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, analysts expect that Fortinet will post 1.4 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction 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 transaction, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. Insiders have sold a total of 118,480 shares of company stock worth $8,021,556 over the last three months. Corporate insiders own 17.54% of the company’s stock.

Institutional Investors Weigh In On Fortinet

A number of institutional investors have recently added to or reduced their stakes in the company. Vima LLC acquired a new stake in shares of Fortinet during the 4th quarter worth approximately $25,000. Rise Advisors LLC lifted its position in Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares during the period. Headinvest LLC acquired a new stake in Fortinet during the third quarter worth $29,000. Atwood & Palmer Inc. bought a new stake in Fortinet in the 4th quarter valued at $29,000. Finally, Creekmur Asset Management LLC acquired a new position in shares of Fortinet in the 4th quarter valued at $32,000. 83.71% of the stock is owned by institutional investors and hedge funds.

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.