Susquehanna Cuts Fortinet (NASDAQ:FTNT) Price Target to $65.00

Fortinet (NASDAQ:FTNT) had its price target cut by investment analysts at Susquehanna from $80.00 to $65.00 in a report issued on Monday, Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Susquehanna’s target price suggests a potential upside of 9.37% from the company’s current price.

FTNT has been the topic of a number of other reports. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Friday, May 3rd. JPMorgan Chase & Co. cut their target price on Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Citigroup lowered shares of Fortinet from a “buy” rating to a “neutral” rating and upped their price target for the stock from $60.00 to $62.00 in a research report on Tuesday, January 9th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, May 3rd. Finally, Cantor Fitzgerald decreased their target price on shares of Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $70.37.

Fortinet Stock Performance

Shares of FTNT opened at $59.43 on Monday. 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 has a 12-month low of $44.12 and a 12-month high of $81.24. The business’s fifty day moving average price is $67.13 and its 200 day moving average price is $61.98. The stock has a market capitalization of $45.36 billion, a PE ratio of 38.84, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08.

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

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 46,084 shares of the firm’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 completion of the transaction, the chief executive officer now directly owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were 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 of the company’s stock, valued at approximately $3,578,767,976.66. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value 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 approximately $700,705,320.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 118,480 shares of company stock valued at $8,021,556. 17.54% of the stock is owned by corporate insiders.

Institutional Trading of Fortinet

Several institutional investors have recently made changes to their positions in FTNT. Vima LLC acquired a new stake in shares of Fortinet during the 4th quarter valued at $25,000. Rise Advisors LLC raised its holdings in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after acquiring an additional 217 shares in the last quarter. Headinvest LLC acquired a new stake in Fortinet during the third quarter valued at $29,000. Atwood & Palmer Inc. purchased a new position in Fortinet in the fourth quarter valued at about $29,000. Finally, Creekmur Asset Management LLC acquired a new position in Fortinet in the 4th quarter worth about $32,000. 83.71% of the stock is currently 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.