Fortinet (NASDAQ:FTNT) Given “Neutral” Rating at Susquehanna

Fortinet (NASDAQ:FTNTGet Free Report)‘s stock had its “neutral” rating reiterated by equities researchers at Susquehanna in a report released on Wednesday, Benzinga reports. They presently have a $80.00 target price on the software maker’s stock. Susquehanna’s price objective points to a potential upside of 16.19% from the company’s current price.

Several other brokerages have also commented on FTNT. HSBC lowered shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price target on the stock. in a research note on Wednesday, February 7th. JPMorgan Chase & Co. raised their price target on shares of Fortinet from $52.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, December 11th. Scotiabank increased their price objective on shares of Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a report on Wednesday, February 7th. Royal Bank of Canada increased their price objective on shares of Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a report on Wednesday, February 7th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $75.00 price objective (up from $50.00) on shares of Fortinet in a report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus target price of $71.55.

View Our Latest Stock Report on Fortinet

Fortinet Stock Performance

Shares of FTNT stock opened at $68.85 on Wednesday. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. Fortinet has a one year low of $44.12 and a one year high of $81.24. The company’s 50-day simple moving average is $68.46 and its 200-day simple moving average is $60.83. The stock has a market capitalization of $52.53 billion, a price-to-earnings ratio of 47.48, a PEG ratio of 3.01 and a beta of 1.08.

Fortinet (NASDAQ:FTNTGet Free Report) last issued its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping the consensus estimate of $0.43 by $0.08. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.38 earnings per share. Equities analysts anticipate that Fortinet will post 1.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other 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 value of $3,183,021.88. Following the sale, the chief executive officer now owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold 154,880 shares of company stock worth $10,233,981 over the last 90 days. Corporate insiders own 17.54% of the company’s stock.

Institutional Investors Weigh In On Fortinet

Institutional investors and hedge funds have recently made changes to their positions in the company. Penserra Capital Management LLC raised its stake in Fortinet by 6.6% in the 1st quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock valued at $226,000 after acquiring an additional 41 shares during the period. Evergreen Capital Management LLC increased its position in Fortinet by 5.2% during the 1st quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock worth $295,000 after buying an additional 43 shares during the period. Douglass Winthrop Advisors LLC increased its position in Fortinet by 6.1% during the 1st quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock worth $296,000 after buying an additional 50 shares during the period. Covestor Ltd increased its position in Fortinet by 53.3% during the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after buying an additional 57 shares during the period. Finally, Sawtooth Solutions LLC grew its holdings in shares of Fortinet by 3.7% during the 1st quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock worth $640,000 after purchasing an additional 66 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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