UBS Group Lowers Fortinet (NASDAQ:FTNT) Price Target to $65.00

Fortinet (NASDAQ:FTNTGet Rating) had its target price dropped by equities research analysts at UBS Group from $68.00 to $65.00 in a note issued to investors on Thursday, MarketBeat reports. The brokerage presently has a “neutral” rating on the software maker’s stock. UBS Group’s price target indicates a potential upside of 21.75% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Tuesday. Mizuho upgraded Fortinet from a “neutral” rating to a “buy” rating and upped their price objective for the company from $68.00 to $70.00 in a report on Thursday, May 5th. Citigroup dropped their price objective on Fortinet from $81.00 to $78.00 and set a “buy” rating for the company in a report on Friday, July 22nd. Barclays lowered their price target on Fortinet to $80.00 and set an “overweight” rating for the company in a report on Tuesday, June 28th. Finally, Wedbush lowered their price target on Fortinet from $74.00 to $68.00 in a report on Thursday, May 5th. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $72.01.

Fortinet Price Performance

Fortinet stock opened at $53.39 on Thursday. The company has a debt-to-equity ratio of 4.24, a quick ratio of 1.20 and a current ratio of 1.12. The firm has a market cap of $42.85 billion, a P/E ratio of 65.91, a P/E/G ratio of 3.82 and a beta of 1.14. The business’s fifty day moving average is $62.78 and its two-hundred day moving average is $61.86. Fortinet has a 52 week low of $48.73 and a 52 week high of $74.35.

Fortinet (NASDAQ:FTNTGet Rating) last released its earnings results on Wednesday, May 4th. The software maker reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.07. The company had revenue of $954.80 million during the quarter, compared to the consensus estimate of $886.45 million. Fortinet had a return on equity of 128.66% and a net margin of 17.66%. The firm’s quarterly revenue was up 34.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.11 earnings per share. Equities research analysts forecast that Fortinet will post 0.76 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 1,653 shares of the firm’s stock in a transaction on Monday, May 9th. The stock was sold at an average price of $248.85, for a total value of $411,349.05. Following the sale, the vice president now owns 5,954,424 shares of the company’s stock, valued at approximately $1,481,758,412.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Michael Xie sold 1,653 shares of the firm’s stock in a transaction on Monday, May 9th. The stock was sold at an average price of $248.85, for a total transaction of $411,349.05. Following the sale, the vice president now owns 5,954,424 shares of the company’s stock, valued at approximately $1,481,758,412.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 7,888 shares of Fortinet stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $284.10, for a total value of $2,240,980.80. Following the transaction, the chief financial officer now directly owns 883 shares in the company, valued at $250,860.30. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,132 shares of company stock valued at $3,528,902. 18.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FTNT. Motley Fool Asset Management LLC raised its position in shares of Fortinet by 3.0% in the 4th quarter. Motley Fool Asset Management LLC now owns 4,248 shares of the software maker’s stock worth $1,527,000 after acquiring an additional 124 shares in the last quarter. Banque Pictet & Cie SA bought a new stake in Fortinet in the 4th quarter valued at about $3,365,000. Ashfield Capital Partners LLC increased its position in Fortinet by 1.4% in the 4th quarter. Ashfield Capital Partners LLC now owns 59,138 shares of the software maker’s stock valued at $21,254,000 after buying an additional 810 shares in the last quarter. Checchi Capital Advisers LLC bought a new stake in Fortinet in the 4th quarter valued at about $234,000. Finally, Advisor Resource Council bought a new stake in Fortinet in the 4th quarter valued at about $221,000. 67.47% of the stock is owned by institutional investors and hedge funds.

Fortinet Company Profile

(Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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