Fortinet (NASDAQ:FTNT) PT Lowered to $70.00 at BMO Capital Markets

Fortinet (NASDAQ:FTNT) had its price target lowered by BMO Capital Markets from $82.00 to $70.00 in a research report report published on Friday, Benzinga reports. The firm currently has a market perform rating on the software maker’s stock.

FTNT has been the subject of a number of other research reports. Jefferies Financial Group lowered their price target on Fortinet from $75.00 to $70.00 and set a hold rating for the company in a research report on Thursday, April 18th. The Goldman Sachs Group upped their price target on Fortinet from $60.00 to $85.00 and gave the company a buy rating in a research report on Thursday, February 8th. Mizuho lowered their price target on Fortinet from $70.00 to $66.00 and set a neutral rating for the company in a research report on Friday. Scotiabank upped their price target on Fortinet from $70.00 to $90.00 and gave the company a sector outperform rating in a research report on Wednesday, February 7th. Finally, StockNews.com lowered Fortinet from a buy rating to a hold rating in a research report on Thursday, April 18th. Two 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $70.37.

Fortinet Trading Down 0.1 %

Shares of FTNT stock opened at $58.81 on Friday. The stock has a market capitalization of $44.89 billion, a PE ratio of 38.44, a P/E/G ratio of 2.60 and a beta of 1.08. Fortinet has a 1-year low of $44.12 and a 1-year high of $81.24. The business has a 50-day moving average of $67.34 and a 200 day moving average of $61.96. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. Fortinet’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.29 EPS. As a group, sell-side analysts anticipate that Fortinet will post 1.4 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 46,084 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the sale, the chief executive officer now directly owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Fortinet news, VP Michael Xie sold 24,710 shares of the stock in a transaction on 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 sale, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the transaction, the chief executive officer now owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The disclosure for this sale can be found here. In the last three months, insiders have sold 118,480 shares of company stock worth $8,021,556. Insiders own 17.54% of the company’s stock.

Hedge Funds Weigh In On Fortinet

A number of institutional investors and hedge funds have recently modified their holdings of FTNT. Commonwealth Equity Services LLC boosted its stake in shares of Fortinet by 7.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 129,130 shares of the software maker’s stock worth $7,577,000 after buying an additional 8,402 shares during the last quarter. Pinnacle Associates Ltd. boosted its stake in shares of Fortinet by 26.6% in the 3rd quarter. Pinnacle Associates Ltd. now owns 5,717 shares of the software maker’s stock worth $335,000 after buying an additional 1,201 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Fortinet by 5.9% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 123,042 shares of the software maker’s stock worth $7,220,000 after buying an additional 6,815 shares during the last quarter. Mn Services Vermogensbeheer B.V. boosted its stake in shares of Fortinet by 1.3% in the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 321,490 shares of the software maker’s stock worth $18,865,000 after buying an additional 4,000 shares during the last quarter. Finally, Forsta AP Fonden boosted its stake in shares of Fortinet by 3.7% in the 3rd quarter. Forsta AP Fonden now owns 134,600 shares of the software maker’s stock worth $7,898,000 after buying an additional 4,800 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other 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.