Truist Financial Trims Fortinet (NASDAQ:FTNT) Target Price to $70.00

Fortinet (NASDAQ:FTNT) had its target price cut by Truist Financial from $80.00 to $70.00 in a report published on Friday, Benzinga reports. They currently have a buy rating on the software maker’s stock.

FTNT has been the topic of a number of other research reports. Robert W. Baird reduced their price objective on Fortinet from $81.00 to $75.00 and set an outperform rating on the stock in a research note on Friday. Jefferies Financial Group decreased their price target on Fortinet from $75.00 to $70.00 and set a hold rating for the company in a report on Thursday, April 18th. Susquehanna reissued a neutral rating and set a $80.00 target price on shares of Fortinet in a research report on Wednesday, April 3rd. Piper Sandler dropped their price target on shares of Fortinet from $75.00 to $70.00 and set a neutral rating on the stock in a research note on Friday. Finally, Wedbush reissued an outperform rating and issued a $86.00 price objective on shares of Fortinet in a research report on Wednesday, May 1st. Two 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 presently has an average rating of Hold and an average price target of $70.37.

Fortinet Stock Performance

NASDAQ FTNT opened at $58.81 on Friday. The business’s 50-day simple moving average is $67.34 and its 200-day simple moving average is $61.96. The firm has a market capitalization of $44.89 billion, a P/E 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 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 released its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the previous year, the firm earned $0.29 earnings per share. Fortinet’s revenue for the quarter was up 7.2% on a year-over-year basis. Equities analysts predict that Fortinet will post 1.4 EPS for the current year.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction that occurred 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 owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a filing with the SEC, 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 stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction dated 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 directly owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The disclosure for this sale can be found here. Insiders sold 118,480 shares of company stock valued at $8,021,556 in the last ninety days. Company insiders own 17.54% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vima LLC bought a new stake in shares of Fortinet during the 4th quarter worth $25,000. Rise Advisors LLC increased its stake in Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares in the last quarter. Headinvest LLC purchased a new position in Fortinet in the 3rd quarter worth about $29,000. Atwood & Palmer Inc. acquired a new stake in Fortinet during the 4th quarter worth about $29,000. Finally, Creekmur Asset Management LLC purchased a new stake in Fortinet during the fourth quarter valued at about $32,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

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.