Fortinet, Inc. (NASDAQ:FTNT) Given Consensus Recommendation of “Hold” by Analysts

Fortinet, Inc. (NASDAQ:FTNT) has been assigned an average recommendation of “Hold” from the thirty-six ratings firms that are currently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, twenty-eight have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $90.3704.

Several analysts have commented on the company. Erste Group Bank cut Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 14th. Piper Sandler dropped their price target on shares of Fortinet from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. Hsbc Global Res downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 7th. Jefferies Financial Group decreased their price target on shares of Fortinet from $85.00 to $80.00 and set a “hold” rating on the stock in a report on Thursday, November 6th. Finally, Wedbush dropped their price objective on Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Thursday, August 7th.

Insider Activity

In other news, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction of $306,835.38. Following the completion of the sale, the vice president owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $4,445,911,452.29. The trade was a 0.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 17.20% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Large investors have recently made changes to their positions in the business. Allworth Financial LP boosted its position in Fortinet by 6.1% during the 3rd quarter. Allworth Financial LP now owns 19,871 shares of the software maker’s stock worth $1,671,000 after purchasing an additional 1,139 shares during the period. IFP Advisors Inc raised its holdings in shares of Fortinet by 13.6% during the 3rd quarter. IFP Advisors Inc now owns 73,609 shares of the software maker’s stock valued at $6,189,000 after buying an additional 8,802 shares during the period. Groupama Asset Managment acquired a new position in Fortinet during the 3rd quarter worth approximately $1,664,000. Cantor Fitzgerald L. P. purchased a new position in Fortinet in the 3rd quarter worth approximately $909,000. Finally, CIBC Bancorp USA Inc. purchased a new position in Fortinet in the 3rd quarter worth approximately $9,912,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Up 2.9%

Shares of FTNT stock opened at $85.18 on Friday. The company has a market capitalization of $63.34 billion, a price-to-earnings ratio of 35.05, a PEG ratio of 3.13 and a beta of 1.10. The company has a current ratio of 1.03, a quick ratio of 0.94 and a debt-to-equity ratio of 0.68. The firm has a 50-day moving average price of $83.45 and a 200 day moving average price of $90.30. Fortinet has a twelve month low of $70.12 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.11. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the previous year, the firm posted $0.63 EPS. Fortinet’s revenue was up 14.4% on a year-over-year basis. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. Research analysts forecast that Fortinet will post 2.09 earnings per share for the current fiscal year.

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.