Fortinet (NASDAQ:FTNT) Upgraded at StockNews.com

StockNews.com upgraded shares of Fortinet (NASDAQ:FTNTFree Report) from a hold rating to a buy rating in a report released on Wednesday morning.

FTNT has been the subject of several other research reports. Scotiabank increased their price objective on shares of Fortinet from $70.00 to $90.00 and gave the stock a sector outperform rating in a research report on Wednesday, February 7th. Piper Sandler reissued a neutral rating and set a $75.00 price objective on shares of Fortinet in a research report on Wednesday, April 3rd. Rosenblatt Securities restated a buy rating and set a $85.00 target price on shares of Fortinet in a report on Wednesday, April 3rd. Wedbush increased their target price on shares of Fortinet from $75.00 to $86.00 and gave the stock an outperform rating in a report on Wednesday, February 7th. Finally, Mizuho increased their target price on shares of Fortinet from $60.00 to $70.00 and gave the stock a neutral rating in a report on Wednesday, February 7th. Two 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $72.35.

Check Out Our Latest Analysis on FTNT

Fortinet Stock Down 2.6 %

Shares of NASDAQ FTNT opened at $66.45 on Wednesday. The stock has a market cap of $50.70 billion, a P/E ratio of 45.83, a P/E/G ratio of 3.03 and a beta of 1.08. Fortinet has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The firm has a 50 day moving average price of $68.91 and a 200 day moving average price of $61.37.

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

Insider Activity

In related 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 transaction of $3,183,021.88. Following the transaction, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Fortinet news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 transaction 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 disclosure for this sale can be found here. Insiders have sold 108,147 shares of company stock valued at $7,424,394 over the last ninety days. 17.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fortinet

Hedge funds have recently bought and sold shares of the company. Vima LLC bought a new position in Fortinet in the 4th quarter valued at about $25,000. Rise Advisors LLC boosted its stake in shares of Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares in the last quarter. Headinvest LLC acquired a new stake in shares of Fortinet in the 3rd quarter valued at approximately $29,000. Atwood & Palmer Inc. acquired a new stake in shares of Fortinet in the 4th quarter valued at approximately $29,000. Finally, Retirement Group LLC acquired a new stake in shares of Fortinet in the 4th quarter valued at approximately $30,000. 83.71% of the stock is owned by institutional investors.

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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